4 Unit Lake Side Investment Property

Multi-Family for Sale
Catylist Listing ID: 30795722
Property Subtypes: Duplex/Fourplex
Number of Units: 4 Units
Building Size (RSF): 7,054 SF
Gross Building Area: 7,504 SF
Gross Land Area: 0.73 Acres
Sale Price: $2,900,000
Unit Price: $725,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/10/2022

Overview / Comments

LAKE FRONT INVESTMENT - Unique lake side 4 unit multi-family investment property located on the shores of pristine Silver Lake in Madison, New Hampshire in eastern New Hampshire's Lake Region. This is an ideal investment for "short term" (Airbnb) rentals or for use as a Family Compound.

The property was renovated in 2016/2017 into 4 individual living units, currently all owner occupied. All units have individual kitchens, living space plus 2 bedrooms and 2.5 baths in each unit. Size of the units range from 1,100 +/- SF to 1,750 +/- SF. Every unit has multiple decks/patio space with direct views of the lake. The two (2) second floor units are 2 story town style units with second floor master bedrooms and bathrooms with multi-level decks. The building has a full basement with 4 individual secured storage units plus enough room for a recreational pool table or other table top games.

The property has 324' of lake frontage with 4 individual boat slips providing easy access to all recreational boating activities that Silver Lake has to offer. There is on-site parking to accommodate 8 cars plus room for overflow parking. There is also an on-site dumpster for common trash removal. The property is serviced by well water, on-site septic and propane gas. Each unit is separately metered for electricity and propane. (Furnishings and potential for boat purchase are not part of the real estate sale but can be purchased separately.)

This is an ideal "1031 Exchange" property allowing for a tax deferred reinvestment into a commercial property with direct lake frontage and boat access. Note: There is a NH DOT Rail Road Easement that extends along the lake frontage of this property, see site plan and deed for details.

All prospects are to be pre-qualified buyers and showings are to be accompanied by the Listing Broker, contact Mike Harrington @ 603-785-8601.

Additional Details

Nearest MSA: Laconia
County: Carroll
Submarket/Township: Lakes Region
Submarket Type: Suburban
Taxing Authority: Madison
Tax ID/APN: 000118-000009
Zoning: VILLAGE DISTRICT - WATER CONSERVATION DISTRICT
Property Located Between: North Conway and Ossipee
Highway Access: Easy highway access from Route 16 or I-93 to Route 104 to Route 25 East through Meredith and Moultonborough.
Site Description: The property has 324' of lake frontage with four (4) boat slips the land is mostly level, sloping to the water, is cleared with a paved surface parking area located to the front and side of the building. The surface parking area has space for some overflow parking and a common trash dumpster.
Area Description: Madison has a small urban population of approximately 2,600 people, it includes the village of Silver Lake and the village district of Eidelweiss. The town is located in eastern New Hampshire's Lake Region and is approximately 12 miles to North Conway by car.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 3
Year Built: 2007
Year Renovated: 2016
Construction/Siding: Wood Frame
Exterior Description: The exterior of the property is in excellent condition and consists of landscaped grass area around the building to the slope side of the shoreline. In the front of the building there is a surface paved parking area. On the south side of the building there is a secured outdoor patio for use by Unit 1 and a second floor deck above the patio area for use by Unit 3.
Parking Type: Surface
Parking Description: The property has a paved surface parking area with 8 designated spaces plus additional area for over flow parking.
Total Parking Spaces: 8
Laundry: In Each Unit
Sprinklers: Dry
Heat Type: Propane
Heat Source: Central, Other
Fuel: Propane
Air Conditioning: Other
Internet Access: Cable
Interior Description: The interior of the property is in excellent condition, all four units we renovated in 2016. Each unit has been individually decorated and are in ready to rent/occupy condition. There is a wide center stairway that separates the units from right to left and top to bottom. (Two units on each side of the building) The basement has 4 individual secured storage units and has vacant space for additional storage or for recreational uses.
Zoning Description: Village District - Water Conservation District
Lot Frontage: 324'
Lot Depth: 103'
Water Service: Well
Sewer Type: Septic
Easements: Other
Easements Description: NH DOT Rail Road Easement, see site plan for detail
Land Ownership: Warranty Deed
Legal Description: See Deed

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 1,415 5,395
Median Age: 46.22 48.11
Households: 608 2,380

Contact

Photograph of Listing Agent

Mike Harrington, CRE, CCIM

Harrington & Company NECPE Member
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