Catylist ID:
#30876912
Church has potential Multifamily conversion if Town approves Variance
Special Purpose
for Sale
Sale Pending
| Catylist Listing ID: | 30876912 |
| Status: | Pending |
| Building Size (RSF): | 3,328 SF |
| Gross Building Area: | 6,656 SF |
| Gross Land Area: | 0.22 Acres |
| Sale Price: | $500,000 |
| Property Use Type: | Investment, Vacant/Owner-User |
| Usable Size (USF): | 4,992 SF |
| Sale Terms: | Cash to Seller, Purchase Money Mortgage |
| Last Updated: | 9/3/2024 |
Overview / Comments
|
New Listing 5 Depot St. Merrimack, NH $500,000. *BUILDING IS CURRENTLY A CHURCH, & NOT A MULTIFAMILY. SUGGESTED MULTIFAMILY CONVERSION IDEAS & FINANCIAL PRO-FORMA PROJECTIONS PROVIDED MAYBE POSSIBLE WITH TOWN APPROVAL.* 3,328 sq ft beautiful building with 9' - 12'+ high ceilings throughout & natural woodwork would be great converting to a Luxurious 4+ Unit Residential Multifamily with 2+ Bedrooms each Apt, if Town Approves. Zoned Residential with Multifamilies allowed (if Town Approves your proposed Variance), like the huge 8 Unit Multifamily neighbor. Neighborhood has Single-Family Houses, Multifamily's, Condos, Commercial properties. Would make a great Dance Studio, Martial Arts School, Office Building, or other use types with a Variance approved by the Town. See attached Town Zoning Ordinances Doc & Check with Town on uses. Public Water & Public Sewer. Around 20 concrete Parking Spaces. Huge covered Wrap Around Porch. Roof is 3 Years New. 200 Amp Circuit Breakers. Fire Box with alarm sensors. Oil Furnace Forced Hot Air Heat. Since Air Ducts & Vents already exist, easily add Central Air in future. Electric Hot Water Tank. Full Kitchen. 2 Half-Bathrooms. Possibly up to an extra 1,664 sq ft Unfinished on 3rd floor attic with high ceilings and windows. Finishing the attic on 3rd floor would possibly make up to a Total of 4,992 sq ft. Dry Dirt Floor Unfinished Basement is 1,664 sq ft, and is good for storage. Buyers responsible for doing their own due diligence in regards to verifying any info provided, research, inspections if any, measurements of building or street frontage (200'+/-ish street frontage is a very rough guesstimate), checking with the town for any potential future uses, hiring architectural engineer, surveyor engineer, etc when applying for any Change-of-Use, Zoning Variance, Floor Plans Approvals, etc. No open houses. No Showings on Sundays. Do NOT drive-by or Trespass walk around the property, or approach any church goers, workers, etc. Assisted Showings by appointment Only after you provide Proof of Cash or Hard Money Private Loan Letter dated within 30 days, or Pre-Approval Letter for 25% down Commercial Loan or 35% down Special Portfolio Loan. Financials provided are rental income Pro-Forma Projections based on comps from MLS, Zillow, etc for $2,400 Monthly Rent for a new luxurious 2 Bedroom Apartment Nothing included. 4 Apartments x $2,400 = $9,600 Monthly Gross x 12 Months = $115,200 Annual Gross Rental Income. Public Water & Sewer Guesstimate of $1,400 Annual Total + 2,800 guesstimated Annual Property Insurance + $11,000 Guesstimated Annual Property Taxes = $15,200 Total Annual guesstimated expenses. $115,200 - $15,200 = $100,000+/-ish guesstimated Annual Net income. That would support a flip re-sale price of $1,000,000+/-ish which would be a great high 10% Cap Rate for the buyer you flip it to! If your Buyer is thinking an easy $1,000,000 re-sale market value for a new renovated 4 Unit Multifamily with 2 Bedrooms each brand new luxury Apartment. Or $500,000 + $200,000+/-ish in renovations to create 4 luxurious materials apartments, your Buyer has plenty of room to make a lot of money on a flip. Or if they decide to retain for the high annual rental net income for their own investment property portfolio, their $700,000+/-ish all-in-price would be around 14+% Cap Rate based on the projected $100,000 Annual Net profit income. |
Attachments & Media
Financials
| Finance Data Year | 2024 |
|---|---|
| Real Estate Taxes - Annual($) | $0 (Annual) |
Additional Details
| Nearest MSA: | Manchester-Nashua |
| County: | Hillsborough |
| Taxing Authority: | Merrimack, NH |
| Tax ID/APN: | 6E-1-0017-0000 |
| Zoning: | RESIDENTIAL |
| Property Located Between: | Corner Lot on Depot St. & Pleasant St. |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Daniel Webster Highway next block over. |
| Highway Access: | Route 3 F.E. Turnpike to Exit 12. To D.W. Hwy, to Depot Street. |
| Airports: | Manchester, Nashua, Logan in Boston, Portsmouth, Concord, etc. |
| Site Description: | Level, Open, Corner Lot. Public Water & Sewer. Street Frontage is estimated to be around 200+/-ish feet. |
| Total Number of Buildings: | 1 |
| Number of Stories: | 2 |
| Typical SF / Floor: | 1,664 SF |
| Property Condition: | Good |
| Year Built: | 1903 |
| Roof Type: | Gable |
| Construction/Siding: | Wood Siding |
| Exterior Description: | Huge covered Wrap around porch. 3 existing Entrances for Egress. Lawn Yard. 0.22 Acre Lot feels and appears bigger. Shed. Corner Lot. 20+/-ish Concrete Parking Spots along the Street Frontage on Depot Street & Pleasant Street. |
| Parking Ratio: | 20 (per 1000 SF) |
| Parking Type: | Surface |
| Parking Description: | 20+/-ish Concrete Parking Spots along Depot Street and Pleasant Street. Single Car pull-in. No shuffling vehicles to get in or out. |
| Sprinklers: | None |
| Heat Type: | Oil |
| Heat Source: | Central |
| Air Conditioning: | Other |
| Internet Access: | Cable, Gigabit, Fiber Optic |
| Interior Description: | Classic Victorian with natural wood work and 9' - 12'+ feet very high ceilings throughout both floors. |
| Zoning Description: | Residential. There are Single Family Houses, Multifamilies, Commercial Properties, Condos in the neighborhood on Depot Street & Pleasant Street and surrounding blocks in the neighborhood. |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 7,575 | 29,926 | 68,194 |
| Median Age: | 38.97 | 39.5 | 40.48 |
| Households: | 2,925 | 10,716 | 24,250 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Moody's assume any liability for errors or omissions. |
