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.

Property Features