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Listed by Matthew Lefebvre • Downtown Realty
$2,600,000
Est. payment /mo
21,044 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 21,044 sqft
Price per Sqft $123
MLS Listing ID 5099780
Construction Status Existing
Year Built 1974
Annual Tax Amount $24,584
Tax Year 2025
Lot Size 1.100 Acres
Acres 1.1
Property Description
We are pleased to present Elmwood Apartments, a well-located 30-unit multifamily investment opportunity in Lancaster, NH, offering strong in-place cash flow with clear paths to additional upside. Priced at $2,600,000, the property is running a 9.17% cap rate on current in-place NOI, with proforma upside to roughly 11.13% as units turn to market rent. Built in 1974, the property consists of four wood-frame buildings on concrete slab foundations situated on ±1.1 acres, offering a diverse unit mix of nineteen 1BD/1BA, five 2BD/1BA, four 3BD/1.5BA, and two 4BD/1.5BA townhouse-style units totaling approximately 21,000 SF. Ownership has invested in electrical upgrades across all four buildings, including new underground feeder lines and upgraded main panels. Additional upside exists in the on-site laundry facilities. The machines are currently leased rather than owned, meaning ownership carries no maintenance or service responsibility, but also isn't capturing any income from this ancillary revenue stream, a clear opportunity for a new owner to add NOI. Lancaster serves as the Coos County seat and is considered the gateway to the Great North Woods region, anchoring the North Country's civic and commercial activity. The broader White Mountains region draws hundreds of thousands of visitors annually and sits at the heart of New Hampshire's hospitality and tourism industry, supporting steady demand for local workforce housing. The town's historic downtown, seasonal tourism draw, and year-round outdoor recreation contribute to a stable base of renters tied to local employers, healthcare, and the surrounding service economy. With durable in-place income, embedded rent growth potential, and an untapped ancillary revenue opportunity, Elmwood Apartments offers a compelling entry point into Northern New England multifamily.
Location
State NH
County Nh-coos
Area Nh-Coos
Zoning C-Commercial
Interior
Cooling None
Exterior
Utilities Available Other
Waterfront Description No
View Y/N No
View No
Roof Type Asphalt Shingle
Building
Story 2
Sewer Public
Architectural Style Multi-Family
Construction Status Existing
Others
Virtual Tour https://www.hommati.com/3DTour-AerialVideo/unbranded/4-Williams-St-Lancaster-Nh-03584--HPI74547591
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Josh Gray
Agent | License ID: 067254, 080080, 082.0135079
Agent License ID: 067254, 080080, 082.0135079