Time is of the essence real estate deal in Lancaster, NH 16 unit Apt Building

  Good afternoon folks, this just came across my desk.  For those of you who don’t mind investing in NH…there is a 16 unit Apt building in Lancaster.  Currently not on MLS, it will be in 2 weeks…so, the time to move is now.  Renovation still needed about $20-$30k depending on how you proceed with electric and heating.  Asking price $270k Contact Bernadette@bostonariea.com with interest.

• 16 unit apartment building

• $60,000 of renovation and improvements completed July-September 2012

• 9 units renovated, all on separate utilities so tenant pays heat and electric

• Since renovation was complete had 6-8 units always occupied for an average of 7 units or roughly an 80% occupancy rate

• Average monthly rental income $4000 a month since renovation was completed

• Average monthly expenses of $1800 per month

• Current Income $4200 per month today.

• If all 9 renovated units were occupied Pro forma Income of $4900 per month

• 8 units plus office and storage space are unoccupied needing further renovation.

• Of those 8 units, 3 units are being updated now and will be ready to rent in 4 weeks

• The remaining 5 units plus office and storage space need complete renovating.  Could be made into larger units if combined (2/3 beds) or remain as smaller units (1 beds)

• Additional rental income from remaining units once renovated of $4200.  Fully renovated and rented 16 unit building with $9000+ monthly rental income potential.

• Unit breakdown: (renovated units) one 3 bedroom unit, one 2 bedroom unit, four 1 bedroom units, three efficiency units.

• Unit breakdown: (Units still needing renovation) three efficiency units (under renovation currently), remaining 5 units and office/storage area proposed to be combined into larger units.

• Current Rent Roll: $475 for efficiency (tenant pays utilities) $525-$550 for 1 bed (tenant pays utilities) $625 for 2 bed (tenant pays utilities) $725 for 3 bed (tenant pays utilities)

• Reliable Property Management in the area.  Once renovation is complete can take the building over and deal with marketing, filling vacancies, maintenance and rent collection.