879 -881 Main StreetHopkinton, NH 03229MLS Number 4625536

  • Price: $575,000
  • 144 Days on Market
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Federal 30-year interest rate: 4.03% last updated on May 25, 2017
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • 0.64Acreage
  • 1890Year Built
  • 5003Square Feet

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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.

Listed by Brenda Litchfield, CCIM of Concord Commercial Real Estate

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More Info

Basic Information

  • Modification Date05/23/2017
  • List Price$575,000
  • Date Listed2017-03-06T00:00:00
  • StatusActive With Contract
  • MLS Number4625536

Property

  • Property TypeCommercial Sale
  • ZoningVB-1
  • Lot Sqft27878
  • TypeInvestment, Multi-Family
  • Acreage0.64

Location

  • Zip03229
  • StateNH
  • Building Number879 -881
  • VillageContoocook
  • TownHopkinton
  • CountyMerrimack
  • Map101
  • AreaBusiness District, Near Golf Course, Near Skiing
  • StreetMain

Exterior

  • Parking Spaces0
  • RoofSlate
  • ExteriorAsbestos, Shingle

Building

  • Square Feet5003
  • Year Built1890
  • FoundationBrick, Granite
  • Units8
  • ConstructionWood Frame
  • Available Sqft5003

Interior

  • BasementFull, Stairs - Exterior, Stairs - Interior, Storage Space

Utilities

  • FuelOil
  • Heating CoolingRadiator

Other

  • Broker NameConcord Commercial Real Estate
  • Agent NameLitchfield, CCIM
  • bloggingNo
  • Book1958
  • Page1490
  • Delayed ShowingsNo
  • Number of Photos22
  • View Count10

Your Local Office

Lake Farm Realty

(603) 735 5444
164 Main Street,
Andover,, NH 03216
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Copyright 2017 Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice. This web site is updated daily.

 

 

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