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189 Broad Street

Price
$675,000.00
Listing Tags
—
Beds
20
Size
4469 sqft
Type
Two-Family
189 Broad Street

Overview

189 Broad Street in Claremont, New Hampshire is an operating NHPRR-certified men’s recovery residence offered at $675,000. The 4,469+ sq. ft. single-family residence includes 9 bedrooms and 5 bathrooms, is currently stabilized with 12 beds, and has a documented development plan to expand capacity to up to 30 beds following installation of required fire protection systems.

Lease and Income Structure

189 Broad Street, Claremont, NH 03743 is an operating men’s recovery residence located in Claremont, New Hampshire. The property is offered for sale at $675,000 and is currently operated as an NHPRR-certified recovery residence.

The building contains approximately 4,469+ square feet with 9 bedrooms and 5 bathrooms. The property is currently stabilized with a 12-bed capacity and has a documented development plan to expand to up to 30 total beds, pending completion of required fire protection system improvements.

This offering presents a value-add recovery housing opportunity. Unlike a ground-up conversion, the property is already operating, certified, and serving residents. The primary opportunity is to complete targeted life-safety upgrades that would remove the current occupancy constraint and allow the home to operate at a higher capacity.

Key property details include:

  • Address: 189 Broad Street, Claremont, NH 03743
  • Asking Price: $675,000
  • Property Type: Single-family residence converted for recovery housing use
  • Certification: NHPRR Certified
  • Current Use: Operating men’s recovery residence
  • Building Size: 4,469+ sq. ft.
  • Bedrooms: 9
  • Bathrooms: 5
  • Current Capacity: 12 beds
  • Planned Capacity: Up to 30 beds
  • Renovation Budget: $110,000
  • Total Project Cost: $785,000
  • Projected Stabilized Value: $1,250,000
  • Projected Value Creation: $465,000
  • Residential Fallback Value: Approximately $800,000

The property may be well suited for a recovery housing operator, mission-driven investor, or buyer seeking an existing compliant home with operating income and expansion upside. The offering memorandum presents the property as an established recovery housing asset with a clear path to increased capacity through targeted fire protection and compliance upgrades.

Property Financials
Bed Data
Private Beds 2
Shared Beds 18
Total Beds 20
Vacancy Rate (estimated) 20%
House Mentors 1
Revenue-Producing Beds 15.00
Weekly Rent $180.00
Intake Fee $200.00
Revenue (Annual)
Total Potential Rent Income $187,200.00
Less: Vacancy & Loss $37,440.00
Less: Mentor Rent Credit $9,360.00
Plus: Intake Fee Revenue $6,400.00
Plus: Laundry Service Revenue $3,328.00
Total Revenue $150,128.00
Expenses (Annual)
Operating Expenses $25,343.00
Property Taxes $16,318.00
Property Insurance $2,750.00
Operator Compensation $24,000.00
Total Expenses $68,411.00
Net Income
Net Operating Income $81,717.00
Valuation
Capitalization Rate 10%
Value on Cap Rate $817,170.00

Work Needed

The property is currently operating and certified, but expansion beyond the current 12-bed capacity requires completion of life-safety improvements. The planned work is focused primarily on installing a full building fire sprinkler system and a full fire alarm system with monitoring and code-compliant notification. Additional compliance upgrades may be required through permitting and inspection, including potential work related to egress, fire-rated assemblies, emergency lighting, or other life-safety elements. The estimated development budget is $110,000, including approximately $90,000 for sprinkler and fire alarm installation and a $20,000 contingency for related compliance upgrades.