Big Multifamily For Sale Downtown

[FTL_Ian]

http://www.zillow.com/homedetails/80-Roxbury-St-Keene-NH-03431/2127479254_zpid/#{scid=hdp-site-map-bubble-address}

Neat-looking property at 80 Roxbury

Unique, One Of A Kind, In Town, mixed use property, w/commercial spaces & 2 great high end apartments. 2 story rear addition added in 1950's as assembly halls for Odd Fellows Lodge. Handicap ramp. 1st FLR Offices 1.315 SF, 2nd FLR Apt 5 RMS-2 BDR-1 BA & 1,315 SF, 3rd FLR Apt 4 RMS-2 BDR-1 BA & 1,155 SF, rear addition of 2 stories & 2 halls are 4,600 SF. Porches, huge roof garden, rear enclosed stairway, high ceilings, new windows in Apts. Permitted Uses: studio, office, lodging, 4 unit multi-fam

[Praetgeist!]

am I reading that chart wrong, or is the average Keene listing for the past year down from 205 to 185...and 80 Roxbury is listed at 355? 

[Chris]

Even bigger multifamily listing:
http://www.beangroup.com/real_estate/listings/Multifamily/NH/Keene/1224438?utm_source=prop_res-title&utm_medium=web&utm_campaign=bgcom-click-tracking
 

[FTL_Ian]

am I reading that chart wrong, or is the average Keene listing for the past year down from 205 to 185...and 80 Roxbury is listed at 355? 

80 Roxbury is a big house with added on meeting space - former Odd Fellows' hall.  Plus, it's right next to Central Sq., so it's prime real estate.

[Libertariat]

Why is this still on the market? Is there something horribly wrong with it? It seems like a pretty solid property from an investment perspective even if the taxes are confiscatory compared to other areas in New Hampshire (plus it would make a great place for liberty activists to gather if the KAC could handle the competition).

[FTL_Ian]

It would be an awesome KAC.  It's been on the market a long time.  Guess not every home buyer can use an old Odd Fellows' hall.   It's a very unusual property.

[MaineShark]

It's also difficult to get loans on "unusual" properties.  The banks often want a larger down-payment, which can be hard to raise, and shorter loan terms, which means larger monthly payments.

A number of banks won't go over 50% on a mixed-use property.  So, if this is selling for $300k, that means coming up with $150k, cash.  Most folks don't have that laying around...

[Taxinator]

Financing is problematic for purchases of multi-family buildings of 5 units or more. That loan is considered "commercial" even though it's residential use (for example, a 5 or 15 or 50 unit apartment building).

The easiest financing for most small investors is a 2, 3, or 4 unit multi-family building. The loans for these are in the same category as a single family home. You can get in with low down payments and low interest rates, particularly if it will be owner-occupied by the purchaser.