879 -881 Main Street 879 - 881, Hopkinton, New Hampshire
879 -881 Main Street 879 - 881, Hopkinton, New Hampshire 03229 - Well maintained multi-family with 8 apartments. Located in the center of Contoocook village. This desirable area has a low inventory of rentals and the property has generally enjoyed strong occupancy with ease of replacing tenants. Tenants pay own electricity and boilers are individually metered so each tenant can be assessed their respective oil cost. 7/5%+ Cap rate based on current occupancy/expenses ($43,000 NOI) with potential for 8.5%+ with market rents. 10 yr IRR is 19%+ The property, known as The Davis Buildings, has been lovingly maintained for 22+ years by the owners who previously ran their insurance business from the property. Located in the heart of the Contoocook District portion of Hopkinton's growing downtown, referred to as the 'Fountain Square area' which is a vibrant mixed use live/work/play area. Amenities and unique features include intricate woodwork, extensive furniture-quality paneled wainscoting, hand carved railings, marble fireplaces, high ceilings, slate roof, paved, off site parking, and laundry. The property was a treasured asset and the tenants treated as friends, offering below market rents ranging from $625 - $955/month with few rent increases. Median rents for Merrimack county per NHHFA 2016 'rent survey' are $921/month for 1 bedroom and $1120 for 2 bedroom. (1) Hopkinton has a limited supply of rental units.
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Listing Courtesy of Concord Commercial Real Estate