INTRODUCTION

Offered here are 3 Apartment Buildings. Fitch Manor and Spring St in Claremont NH and Appleton in Manchester NH for a total of 40 rental units.

Fitch Manor – $1,295,000
24 Units
NOI: $132,871

Spring St – $379,000
8 units & 7 Storage units
NOI: $43,303

Appleton St – $722,000
8 units (with potential for 9)
NOI: $61,597

FITCH MANOR APARTMENTS

OVERVIEW

The Fitch Manor Apartments located at 66 Myrtle Street, Claremont NH is comprised of 24 units (12-two bedroom, 12-one bedroom) units totaling 15,552 rentable square feet in a two story building built in 1975. Situated on a 1.11 acre site, there are 36 off street parking spaces. There is very little vacancy as units in the area are in high demand. The property sits in the middle of a residential area just outside of downtown Claremont.

Investment Highlights

Price: $1,295,000
Price/Unit: $53,958
GRM: 6.22
Proposed Loan Amount: $971,250
Initial Investment: $323,750
Interest Rate: 4.5%
Amortization: 30
Payments: $4,921

Property Summary

Number of Units: 24 – 12 One Bedroom & 12 Two Bedroom
Year Constructed: 1975
Parking: 30+ spaces
Heat: Electric, tenants pay all utilities
Air Conditioning: Window units only, provided by tenants
Hot Water: Electric, tenants pay
Roofs: Pitched-Asphalt Shingle
Site Size: 1.11 acre
Total Rentable: 15,552 sq

Income & Expenses Current

Gross Scheduled Rent: $208,152
Less: vacancy 3.5% ($8326)

Net Income: $199,825

Total Operating Income: $199,825

Expense Current (yearly)

Taxes: $28,008
Insurance: $5,148
Electric (common): $856
Water & Sewer: $9,372
Trash Collection: $3,588
Management Fee: 5% $9,991 (if you manage, this is your income)
Maintenance & Repairs: $9,991 (5%)
Heating Costs: $0

Total Expenses $66,954

Net Operating Income: $132,871

Less debt Service: $59,054 (based on 4.5% … mine is 6.02%, so your numbers would be much better)

Potential Net Cash Flow: $73,817 (if you paid cash, your NET CASH is $132,871 income per year)

Cash on Cash Return: 22.8%

Capitalization Rate: 10.26%

GMI: 6.22

Notes on Fitch Manor

Location: Claremont is part of the “Upper Valley” region of NH. It has a great economy due to Dartmouth College and Hanover NH and numerous hi tech companies. The Upper Valley is often sited as one of the best economies in NH
My personal realtor/advisor shows even better rental income numbers for a new owner. Here are his reasons: 1) A nuisance rent increase can be done for a small amount and tenants will not leave. My rents have stayed at a small amount below area rents, to have great occupancy.
I had new advanced CELLULAR BASED radio transmitter water meters installed help keep a close eye on water and sewer usage. SEE PICTURE TO LEFT
I have a great snow plowing deal with GRANITE STATE LAWNCARE, which I will keep in place for new purchaser for both Fitch and Spring st Apartments, at no cost to you.
my interest rates are 2 points higher than what you can get today with rates around 4.5% vs. the 6% in case you decide to finance part of purchase. This means your NET INCOME will be better than what I have in place
If we don’t have to include a realtor, we can save money on this deal
Fitch had all new insulation, roof, doors, windows, when I purchased
Many apartments with new paint and carpet in last 12 months when a tenant moved out

SPRING STREET APARTMENTS

OVERVIEW

The Spring Street Apartments are located at 12 Spring Street, Claremont NH is comprised of 8 units (2-three bedroom, 3-two bedroom, 3-one bedroom) units totaling 8200 rentable square feet in a three story building built in 1955. Situated on a .71 acre site, there are 12 off street parking spaces. There are also 8 rental garages/storage rooms. There is very little vacancy as units in the area are in high demand. The property sits in the middle of a residential area just outside of downtown Claremont.

Investment Highlights

Price: $389,000
Price/Unit: $48,625
GRM: 4.65
Proposed Loan Amount: $291,750
Initial Investment: $97,250
Interest Rate: 4.5%
Amortization: 30
Payments: $1,478

Property Summary

Number of units: 8
Year Constructed: 1955
Parking: 12
Heat: Oil, Propane
Air Conditioning: Window provide by tenants
Hot Water: Oil, owner pays
Roofs: Pitched-Asphalt Shingle
Site Size: .61 acre
Total Rentable: 8,200 sq

Income & Expenses Current

Gross Scheduled Rent: $83,796
Less: vacancy: 3.5% ($3000)

Net Income: $80,863
Plus Other Income: $3,000

Total Operating Income: $83,863

Expenses Current

Taxes: $11,640
Insurance: $5,446
Electric (common): $1,240
Water & Sewer: $1,860
Trash Collection: $1,296
Management Fee: 5% $4,043 (if you manage, this is your income)
Maintenance & Repairs: 5% $4,043
Heat: $7,992

Total Expenses: $37,560

Net Operating Income $43,303

Less debt Service: $17,736 (based on 4.5% … mine is 6.02%, so your numbers would be much better)

Potential Net Cash Flow: $25,567 ($43,303 if you paid cash with no debt)

Cash on Cash Return: 26.2%

Capitalization Rate: 11.1%

GMI: 4.64

Location: Claremont is part of the “Upper Valley” region of NH. It has a great economy due to Dartmouth College and Hanover NH and numerous hi tech companies. The Upper Valley is often sited as one of the best economies in NH
My personal realtor/advisor shows even better rental income numbers for a new owner. Here are his reasons: 1) A nuisance rent increase can be done for a small amount and tenants will not leave. My rents have stayed at a small amount below area rents, to have great occupancy.
I had new advanced CELLULAR BASED radio transmitter water meters installed help keep a close eye on water and sewer usage. SEE PICTURE TO LEFT
I have a great snow plowing deal with GRANITE STATE LAWNCARE, which I will keep in place for new purchaser for both Fitch and Spring st Apartments, at no cost to you.
my interest rates are 2 points higher than what you can get today with rates around 4.5% vs. the 6% in case you decide to finance part of purchase. This means your NET INCOME will be better than what I have in place
If we don’t have to include a realtor, we can save money on this deal

APPLETON ESTATES APARTMENTS

OVERVIEW

The Appleton Street Apartments are located at 62 Appleton Street, Manchester NH is comprised of 8 units (3-three bedroom, 3-two bedroom, 2-one bedroom) units totaling 7240 rentable square feet in a three story building built in 1957. Situated on a .71 acre site, there are 14 off street parking spaces. There is a pay laundry mat on property for extra income and tenant convenience. There is very little vacancy as units in the area are in high demand. The property sits in the middle of a residential area just outside of downtown Manchester, in a place known as the “North End”, said to be the best part of Manchester NH. Majority of tenants pay their heat. City trash, no cost to owner.

Investment Highlights

Price: $727,000
Price/Unit: $90,875
GRM: 8.07
Proposed Loan Amount: $541,725
Initial Investment: $185,275
Interest Rate: 4.5%
Amortization: 30
Payments: $2,745

Property Summary

Number of units: 8
Year Constructed: 1957
Parking: 14
Heat: Oil, NG
Air Conditioning: Window provide by tenants
Hot Water: NG, tenant pays
Roofs: Pitched-Asphalt Shingle
Site Size: .71 acre
Total Rentable: 6,980 sq

Income & Expenses Current

Gross Scheduled Rent: $90,060
Less vacancy: 3.5% ($3,152)

Net Income: $86,908
Plus Other Income: $672

Total Operating Income: $87,580

Expenses Current

Taxes: $9,747
Insurance: $3,233
Electric: (common) $816
Water & Sewer: $2,005
Trash Collection: $0 (city provides)
Management Fee: 5% – $4,503 (if you manage, this is your income)
Maintenance & Repairs: 5% – $4,503
Heat: $1,176 (7 of 8 tenants pay their heat)

Total Expenses: $25,983

Net Operating Income: $61,597

Less debt Service: $32,940

Potential Net Cash Flow: $28,657 ($61,597 if you paid cash with no debt)

Cash on Cash Return: 15.4%

Capitalization Rate: 8.4%

GMI: 8.07

Tenants pay heat & hot water, decreasing expenses & increasing profits
Great off street parking, not so common in Manchester NH apartments
This apartment is located in the North End of Manchester NH, noted as being the “best” part of Manchester
Free trash pickup, decreasing expenses & increasing profits
On site laundry mat brings in additional income and makes tenants happy

OTHER INFO OF INTEREST

The Upper Valley – Claremont, Lebanon, Hanover NH

The Upper Valley offers the conveniences of city living with a small town atmosphere. Dartmouth-Hitchcock Medical Center is the major employer in The Upper Valley. And, there are many other technical and non-technical companies located in The Upper Valley and some larger companies are even Headquartered here. The Upper Valley is a great vacation area as well with ski-resorts and lakes close by. The Upper Valley is located to the south of the Connecticut River and located near the crossroads of two major interstates, I-89 and I-91.

The “North End” – Manchester NH

The North End of Manchester is considered the nicest part of Manchester. This is where many of the Law Firms and Accountant Firms and other Professional offices are found. There is a park in the area, and easy access to I93 and I293. Appleton St is right near Webster street and Elm Street which is close to Manchester public transportation. I also like that this apartment is 100 feet the fire station!

CLOSING THOUGHTS

If you took the money from the sale of your CA property, which I think you mentioned was $1.7M, here is your net operating incomes and total:

Fitch: Net Operating Income: $132,871
Spring: Net Operating Income $43,303
Appleton: Net Operating Income: $61,597

TOTAL INCOME FROM 3 BUILDING: $237,771 per year or $19,814.25/month after all expenses, so this would be a nice income to live off in addition to your other sources…

claremont2-downtown

common-man-claremont

ClaremontNH-downtown

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