STONEHENGE APARTMENTS Litchfield, NH 15 Woodland Drive€¦ · 01/07/2020 · Stonehenge...

STONEHENGE APARTMENTS Litchfield, NH

www.elmgroveinvestments.com

15 Woodland Drive

STONEHENGE APARTMENTS


NON-ENDORSEMENT AND DISCLAIMER NOTICE

CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be review only by the party receiving it from Elm Grove Realty and should not be made available to any other person or entity without the written consent of Elm Grove Realty. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Elm Grove Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Elm Grove Realty has not verified, and will not verify, any of the information contained herein, nor has Elm Grove Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT ELM GROVE REALTY FOR MORE DETAILS OR TO ARRANGE AN APPOINTMENT.

ELM GROVE REALTY, LLC

440 HANOVER STREET

MANCHESTER, NH 03104


TABLE OF CONTENTSINVESTMENT OVERVIEW

Investment Overview

Property Summary

Property Map

Aerial Map

FINANCIAL ANALYSIS

Rent Roll

Operating Statement

Matthew LefebvreElm Grove Realty

440 Hanover Street,Manchester, NH 03104

Direct: 603-554-2309 Office: 603-505-4900

[email protected] www.elmgroveinvestments.com

2

3

5

6

SECTION 1

8

9

SECTION 2


INVESTMENT

OVERVIEW

1


INVESTMENT OVERVIEW

Elm Grove Realty is pleased to present Stonehenge Apartments in Litchfield, NH available for sale. Stonehenge Apartments is located on a 2.37 acre lot in a quiet suburban setting while still being located only 2 miles from the highway. Built in 1970, this 18 unit building is comprised of 17 2BR apartments and 1 1BR apartment of which, 16 units have been recently remodeled. Remodeled units boast many upgrades including stainless steel appliances, granite countertops, bamboo flooring, and modern layouts.

Many units are under market rent and with strategic rent increases, cash flow could be substantially increased for this investment. Rents for the 2BR apartments currently range between $1,050/mo - $1,425/mo with a projected market rent of $1,410/mo. Additionally, this property features an on-site laundry room creating additional income for the property.

INVESTMENT HIGHLIGHTS• 16 apartments have been fully

renovated in the last 3 years

• Coin-operated laundry room on-site allowing for additional income

• Percentage of units below-market rent, allowing for a new owner to increase income with no additional capital invested

• 41 parking spaces on-site, for a parking ratio of 2.28 spaces per unit

• High efficiency systems yielding low operating expenses

www.elmgroveinvestments.com 2

MAJOR EMPLOYERS

Elliot Hospital

SNHU

PC Connection

Skillsoft

# of Employees

4,000

3,400

2,500

2,133

5-Miles

65,693

23,153

$117,349

7 Miles

12 Miles

49 Miles

LOCATION

Manchester, NH

Nashua, NH

Boston, MA

DEMOGRAPHICS

2019 Population

2019 Households

2019 Average Household Income



SITE DESCRIPTIONNumber of Units

Number of Buildings

Number of Stories

Year Built/Renovated

Gross Building Area

Net Rentable Area

Lot Size

Parking

CONSTRUCTIONExterior

Foundation

Parking Surface

Roofing

Windows

MECHANICALHeating

Cooling

Heat Fuel

Water/Sewer

3

PROPERTY SUMMARY

15 Woodland Drive, Litchfield, NH 03052

Stonehenge Apartments is a recently renovated, garden-style apartment complex located in the quiet town of Litchfield, New Hampshire. Made up of 1 1BR apartment and 17 2BR apartments, many units have received recent renovations and have strong rent potential. While unit condition is similar, many rents are low and a new owner could increase the cash flow of the property with very little necessary renovation.The property is heated by three forced hot water natural gas boilers and cooled by individual wall air conditioning units. Tenants are responsible for their own electric and cooling bill, while the landlord is responsible for heat, hot water, water, and sewer. The on-site laundry room provides additional income for the complex. Located on a quiet side street, Stonehenge Litchfield is set on a two acre parcel with plenty of green space for residents to enjoy but surrounded by trees for privacy. The property has 41 parking spaces; a ratio of over 2.25 spaces per unit.

18

3

2.5

1970/2017

12,306 SF

12,306 SF

2.37 acres

41 spaces, 2.27 spaces/unit

Brick Veneer / Vinyl Siding

Poured Concrete

Asphalt

Asphalt Shingle

Vinyl Replacement

Forced Hot Water Baseboard

Wall Unit Air Conditioner

Natural Gas

Municipal / Septic

LISTING INFORMATIONAsking Price

Pro Forma Gross Rental Income

Pro Forma Net Operating Income

Pro Forma Cap Rate

Unit Mix1 Bed / 1 Bath

2 Bed / 1 Bath

# of Units

$2,700,000

$301,380

$189,052

7.00%

1

1718


PROPERTY PHOTOS



PROPERTY MAP



AERIAL MAP




FINANCIAL

ANALYSIS

7



RENT ROLL 07/01/2020

Category Pro Forma

Gross Potential Rent

Vacancy

DelinquencyNet Rental Income

Laundry & Other Income

Effective Gross Income

Taxes $25,575

Insurance $3,741Electricity $4,504

Water & Sewer $6,860

Trash Removal $2,652

Lawn & Snow $8,946

Repairs & Maintenance $12,600

Management $8,499

Payroll $5,666

Administrative $2,700



OPERATING STATEMENT

Figures are estimated based off of operating norms. It is recommended that Buyer perform all of their own due diligence. Costs may vary greatly according to management style. Neither broker nor owner makes any representation of accuracy of estimates.

Per Unit Notes Current Per

Unit Notes

Operating Expenses

Net Operating Income

Net Operating Income

Asking Price

Capitalization Rate

$25,575

$3,741$4,504

$6,860

$2,652

$8,946

$12,600

$8,144

$5,429

$2,700

$118

$17

$21

$32

$12

$41

$750

3.00%

2.00%

$150

$118

$17$21

$32

$12

$41

$750

3.00%

2.00%

$150

2019 Actual

2019 Actual

2019 Actual

2019 Actual

2020 Projected

2019 Actual

Estimated

Estimated Market Rate

Estimated

Estimated

2019 Actual

2019 Actual2019 Actual

2019 Actual

2020 Projected

2019 Actual

Estimated

Estimated Market Rate

Estimated

Estimated

$97,165 $450 $96,573 $447

$301,380 $1,395 $288,780 $1,337

$189,052 $875 $177,801 $823

($15,069)

($3,014)

$283,297

$2,920

$286,217

($14,439)

($2,888)

$271,453

$2,920

$274,373

5.00%

1.00%

$1,312

$14

$1,325

5.00%

1.00%

$1,257

$14

$1,270

Estimated

Estimated

2019 Actual

Estimated

Estimated

2019 Actual

Proforma Rents Current Rents (under market)

$2,700,000

$189,052

7.00%

$2,700,000

$177,801

6.59%

Estimated Estimated

Projected Cap Rate Projected Cap Rate

Asking Price Asking Price

Estimated

Proforma EGI Estimated EGI

Estimated

Cap Ex / Replacement Reserves $4,500 $250 Estimated $4,500 $250 Estimated

Proforma at Market Rents / Proforma at Current Rents

Gas $10,922 $51 2019 Actual $10,922 $51 2019 Actual

STONEHENGE APARTMENTS Litchfield, NH 15 Woodland Drive€¦ · 01/07/2020 · Stonehenge...

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