91 Marlboro Street – Keene, NH
Strategic Narrative
Why We Did This Deal:
- Strong value-add opportunity with both residential and commercial upside
- Purchased at an attractive basis, targeting >1% rent-to-price ratio
- Popular local college bar as the commercial tenant → consistent rental income
- Opportunity to leverage cost segregation for tax savings
What We Changed/Improved:
- Renovated upstairs residential unit (new kitchen, flooring, paint)
- Added a bedroom to increase rent potential
Biggest Wins / Lessons Learned:
➡️ Even light CapEx and smart floorplan changes (adding a bedroom) can drive significant rent and value growth.
Investment Snapshot
Purchase Price:
$270,000
Current Valuation:
$350,000
CapEx Invested:
$30,000
Financing:
60% LTV loan
Plan:
Stabilize rents, capture tax benefits through cost segregation, hold long term
Rent Performance
| Unit |
At Purchase |
Current Rent |
Increase |
|
Unit 1 (Commercial Tenant – Local College Bar) |
$1,200 |
$1,800 |
+$600 |
|
Unit 2 (Residential) |
$1,200 |
$1,825 |
+$625 |
|
Total Rent Roll |
$2,400 |
$3,625 |
+51% |
Deal Type:
Mixed-Use (Commercial + Residential)
Acquired:
October 2024 for $270,000
Current Valuation:
$350,000
Capital Stack:
60% LTV financing
Strategy:
Buy & Hold
