VERY DESIRABLE INVESTMENT PROPERTY FOR SALE

Office for Sale
Catylist Listing ID: 30572776
Property Subtypes: Governmental, Institutional, Mixed Use, Net Leased, Office Building, Other
Building Size (RSF): 10,372 SF
Gross Building Area: 10,479 SF
Gross Land Area: 0.47 Acres
Sale Price: $1,250,000
Unit Price: $120.52 PSF
Ceiling: 10 ft.
Property Use Type: Investment
Building Name: CARRIGAIN COMMONS
Class of Space: Class B
Sale Terms: Cash to Seller
Last Updated: 5/19/2020

Overview / Comments

FULLY LEASED INVESTMENT PROPERTY.
All photos are of the MAIN BUILDING unless referenced The Carriage House.

Very Historic Office building for sale. This fully Leased Investment property is located almost at the junction of Interstate 393 on North Main Street.
Carrigain Commons was at one time one of the grandest residences in Concord. The Federal style building what used to be a duplex house was built around 1799 by Philip and Obediah Carrigain. Philip Carrigain served as NH's Secretary of State between 1805 and 1809 and made the first official map of the state in 1816. He also coined the term "Granite State" in a poem written to welcome General Lafayette to NH in 1825. During the War of 1812, it was used for barracks for soldiers readying to defend the northern frontiers of the seacoast. In 1982, after a number of years of neglect, the Greater Concord Chamber of Commerce renovated the building for their headquarters. There is a lot more history!

There are two buildings consisting of the 3-story Main Building of 9,135 +/- SF and charming 2-story detached Carriage House of 1,344 SF.
Main Building: 1st Fl: 3,266 +/- SF, 2nd Fl: 3,266 +/- SF, 3rd Fr: 2,603 +/- SF
Basement: 2,692 +/- SF with bathroom. Elevator serves all 3 Floors, Front and rear stairs service all 3 floors and basement.
Carriage House: one tenant using both floors - each floor 672 +/- SF.

Main Building: There are 5 gas furnaces - FHA and A/C:
4 located in basement - 2 for the 1st Floor (ages 2002 and 1998)
2 for the 2nd Floor (ages 2001 and 2007)
(A/C condensers are outside)
Brand new large furnace for 3rd Floor in May of 2019 for $13,000! (A/C condenser on roof)
Hot water heater in basement.
Carriage House: There is one gas/central A/C furnace in basement.

Same electric, central heating and cooling on same meter. All utilities are included in Tenant's Rent. 400 Amp Electric Service.

Several Tenants have been leasing for over 10 years, many on remaining short term leases with increases due. See income and expenses and Tenant Roster upon signing of a NDA. Tenants include beautiful Pure Indulgence Day Spa, an insurance agency, BDP Technology Solutions, Central NH Employment Services, and Accion Group Consultants.

New Elevator shaft 10+/- years ago - $100,000 +/-
Beautiful exposed beams on 3rd Floor of Main Building and 2nd Floor of Carriage House!
Mainly double hung windows.
Foundations:
Main Building: brick, stone & granite
Carriage House: concrete.

Main Building: 1st Floor: there are approximately 8 private rooms, and 1 conference room among the 2 Tenants.
2nd Floor: approximately 7 private rooms and arge conference room among the 2 Tenants.
3rd Floor: BDP Technology Solutions occupies the entire floor with approximately 5 offices, IT room, large conference room and large cube area.

Most of the Tenants have been leasing for over 10 years and are on short term or month to month leases and have no desire to relocate. GREAT UPSIDE POTENTIAL!

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $23,718 (Annual)
Gross Operating Income $152,706 (Annual)
Net Operating Income $75,000 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Concord
County: Merrimack
Tax ID/APN: 59/ 1/ 3//
Zoning: CU - URBAN COMMERCIAL DISTRICT
Property Located Between: Located at the end of North Main Street, one building away before Interstate 393
Property Visibility: Excellent
Highway Access: Minutes to Interstate 393 to Interstate 93 and walking distance to Downtown Concord.
Site Description: Highly visible yellow historic building with ample onsite parking. There are approximately 37 onsite paved parking spaces including handicap spaces and visitor spaces.
Total Number of Buildings: 2
Number of Stories: 3
Year Built: 1880
Year Renovated: 2016
Roof Type: Gable
Construction/Siding: HardiePlank Siding, Wood Frame, Wood Siding
Exterior Description: Very well maintained buildings. One-half of the detached Carriage House has HardiePlank exterior siding and one-half the Main Building has HardiePlank exterior siding done in 2013. Entire front of the Main building was recently painted (areas that do not have HardiePlank siding). New roof on Main Building in 2011 and new roof on Carriage House 2008. Brick walk way and drive leading to the buildings and the paved rear parking lot.
Parking Type: Surface
Parking Description: 37 onsite paved parking spaces to rear of the buildings.
Total Parking Spaces: 37
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Zoning Description: Many uses allowed in the CU zone - Urban Commercial District to include but not limited to medical, professional, multi-family, adult day care, museum, residential social center, private membership or social club and dance and music school.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,349 31,038 49,719
Median Age: 34.96 39.54 39.81
Households: 2,552 12,790 20,234

Contact

Photograph of Listing Agent

Wendy E. Keeler

Fairway Real Estate, LLC
NECPE Member
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