Multifamily Package- 13 Units

Undisclosed Address, Dover, NH 03820
Multi-Family for Sale
Catylist Listing ID: 30745403
Property Subtypes: Duplex/Fourplex
Number of Units: 13 Units
Building Size (RSF): 14,380 SF
Sale Price: $2,200,000
Unit Price: $169,230.77 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.3%
Average Occupancy Rate: 100
Last Updated: 7/7/2021

Overview / Comments

This is a presentation of a 3-property portfolio. Included are two 4-unit properties in Dover and a 5-unit property in Somersworth, NH. Each property is 100% occupied with an increasingly strong tenant base. The owners have done improvements across each property including finishes, kitchens, flooring, utility systems, carpeting, and paint.

There are some leases in place, but most other tenants are TAW. Tenants pay their own utilities.

26-28 Lincoln Street, Dover: Spent $125,000 renovating four of the units with new kitchen cabinets, granite countertops, new flooring and carpet, new bathrooms with a new shower, vanity, and toilet in each. The entire exterior was painted.

35 Mt Vernon Street, Somersworth: Spent $120,000 fully renovating two of the apartments including refinishing the floors and partially renovating the other three apartments with new paint, flooring, carpeting, and appliances.

85 Belknap Street, Dover: All of the heating systems and electrical work was recently done. As well as new kitchens and bathrooms were completed just before we bought it. We spent about $20,000 repainting the entrance and refinishing the floors.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $37,441 (Annual)
Gross Operating Income $225,480 (Annual)
Net Operating Income $160,670 (Annual)
Actual or Proforma Year Actual

Additional Details

Tax ID/APN: 12122-000000
Zoning: SRES
Percent Occupied: 100%
Property Located Between: Outside Downtown Dover & Somersworth
Highway Access: Yes.
Airports: N/A
Site Description: Rural, neighborhood settings
Area Description: Dover has recently benefitted from a brand new High School, expanded highway access, and significant public & private investment in roadways & infrastructure.
Total Number of Buildings: 3
Property Condition: Excellent
Number of Stories: 2
Year Built: 1900
Year Renovated: 2017
Roof Type: Gable
Construction/Siding: Wood Frame
Exterior Description: Clapboard and wood siding has been maintained
Parking Type: Surface
Parking Description: Ample parking for each unit to have at least one car + street parking available at each property.
Total Parking Spaces: 20
Laundry: In Each Unit
Sprinklers: None
Heat Type: Natural Gas, Propane
Heat Source: Baseboard, Central
Fuel: Gas
Air Conditioning: Window Unit, Other
Internet Access: Cable
Interior Description: See general description.
Zoning Description: Residential
Lot Frontage: 35
Water Service: Municipal
Sewer Type: Municipal

Contact

Photograph of Listing Agent

Andrew Samonas

Samonas Realty NECPE Member
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