Mixed-Use Apartment and Retail
For Sale
$1,130,000
261 Union Avenue, Laconia, NH 03264
Nine-unit mixed-use property with eight 1-bedroom apartments and a 928 SF commercial space.
Property Size5,338 SF
Price / SF$211.69
Days on Market146
Property Features for 261 Union Avenue
General Information
Standard status
Active
Size
5,338 SF
Total Parking Spaces
6
Property subtype
Multi-family
Additional Details
Cap Rate
9.3%
Multifamily Units
8
Building Details
Year Built
1885
Listing Agency:
Gray Property Group,LLC
Listed By:
Nick Gray
(603) 770-1738
Source:
Nhrecprop
Added: May 18
Changed: Oct 10
Last Checked: Oct 10 at 12:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gray Property Group,LLC
Investment Insights
Based on property information with market context.
This nine-unit mixed-use building features eight 1-bedroom apartments plus a 928 SF commercial space. The property has undergone updates to several apartments and common areas, and the roof was replaced in 2021. All eight apartments are currently occupied.
Located on Union Ave in central Laconia, the building benefits from ample street parking nearby and includes six off-street parking spaces. The landlord pays for heat, hot water, cold water, and electricity.
The commercial space offers an additional income component alongside the residential units, with the property currently generating approximately $155,000 in pro forma gross revenue and about $105,000 in NOI based on the information provided.
Located on Union Ave in central Laconia, the building benefits from ample street parking nearby and includes six off-street parking spaces. The landlord pays for heat, hot water, cold water, and electricity.
The commercial space offers an additional income component alongside the residential units, with the property currently generating approximately $155,000 in pro forma gross revenue and about $105,000 in NOI based on the information provided.
Key Highlights
- 9‑unit mixed‑use property (1885) with eight 1‑bedroom apartments plus a 928 SF commercial space
- Roof replaced in 2021; updates to several apartments and common areas
- All 8 apartments are occupied; average residential rent is $1,432 per unit per month
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,617
Cap Rate
6.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,432,340
$1.4M
Cap Rate 7%
$1,023,100
$1.0M
Cap Rate 9%
$795,744
$795.7K
Market Conditions
NOI Build-Up for 5,338 SF
Gross rent
$134.5K $25.20/SF
− Vacancy
−$4.3K −$0.81/SF
EGI
$130.2K $24.39/SF
− OpEx
−$58.6K −$10.98/SF
NOI
$71.6K $13.42/SF
Area
Belknap County, NH
Vacancy
3.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,432,340
Cap Rate 7%
$1,023,100
Cap Rate 9%
$795,744
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$895.2K – $1.19M
NOI $71,617 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,858 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,276
Businesses Nearby
Explore this area
Business Placement
Demographics for 03264, NH
7,054
Population
2,720
Households
2.6
Avg Household Size
28
Median Age
50%
College-Educated
97%
High-School Grad
36.5 sq mi
ZIP Area
193
Density / Sq Mi
$75,600
Median Household Income
$28,856
Median Earnings
$1,178
Median Rent
$273,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit mixed-use property with eight 1-bedroom apartments and a 928 SF commercial space.
Where is this apartment building located?
The property is located at 261 Union Avenue Laconia, NH.
What is the asking price?
The asking price for this property is $1,130,000.
What are key features of this property?
This property features: 9‑unit mixed‑use property (1885) with eight 1‑bedroom apartments plus a 928 SF commercial space; Roof replaced in 2021; updates to several apartments and common areas; All 8 apartments are occupied; average residential rent is $1,432 per unit per month
