37 Franklin Street – Keene, NH
Strategic Narrative
Why We Did This Deal:
- Off-market purchase secured under market value = instant equity
- Strong rent roll with immediate potential for increases
- Cash-flowing from day one
What We Changed/Improved:
- Increased rents through better management and tenant repositioning
- No CapEx required, all gains through optimization
Biggest Wins / Lessons Learned:
- Off-market deals create the fastest path to equity growth
- Even without renovations, smart rent management can deliver significant NOI growth
Investment Snapshot
Purchase Price:
$455,000
Loan Amount (75% LTV):
$341,250
Equity Invested:
$113,750
CapEx Invested:
$0
Strategy:
Buy & Hold
Rent Performance
|
Unit Type |
At Purchase |
Current Rent |
Increase |
|
2-Bedroom |
$1,600 |
$1,745 |
+$145 |
|
1-Bedroom |
$1,450 |
$1,695 |
+$245 |
|
Studio |
$1,000 |
$1,134 |
+$134 |
|
1-Bedroom |
$1,200 |
$1,395 |
+$195 |
|
Total |
$5,250 |
$5,969 |
+13.7% |
Deal Type:
4-Unit Multifamily
Acquired:
August 2024 for $455,000
Current Valuation:
$650,000
Capital Stack:
Purchased in cash, refinanced at 75% LTV (loan: $341,250)
Financing Terms:
30-year amortization at 6.875% interest
