Active real-estate-and-business needs-renovation
← Back to all sites

309 Main Street

Price
$1,045,000.00
Listing Tags
value-add
Beds
38
Size
11998 sqft
Type
Single Family
309 Main Street

Overview

309 Main Street is a rare opportunity to acquire a landmark historic property in Brockton, Massachusetts with exceptional recovery housing potential. The home needs approximately $100,000 in primarily cosmetic renovations, after which we believe it may support a value of more than $1.3 million as residential real estate and more than $2 million on an income basis. Under conservative underwriting that assumes 20% vacancy, the projected sober living operation is expected to generate approximately $8,000 per month after operating expenses, assuming financing. For a qualified buyer, the acquisition may also be structured as a no-money-down purchase through owner financing.

Lease and Income Structure

309 Main Street is a substantial historic home in Brockton, Massachusetts, ideally suited for conversion into a men's sober living residence. Brockton remains a strong market for recovery housing, with significant demand for structured, safe, and accountable options for men in recovery. This property offers the scale, location, and layout to meet that demand while creating a compelling real estate and operating opportunity for the right buyer.

The renovation scope is estimated at approximately $100,000 and is expected to be primarily cosmetic. The property already has the presence and character of a landmark residence, with a size and architectural quality that are difficult to replicate. Once renovated, we believe the home may be worth more than $1.3 million as a completed residential property and more than $2 million on an income basis. Assuming a 20% vacancy factor, the sober living operation is projected to produce approximately $8,000 per month after operating expenses, assuming financing.

The home carries notable historic significance. Known as the Gardner J. Kingman House, it is a Queen Anne-style residence built in 1886 and designed by local architect Wesley Lyng Minor. According to the Wikipedia page on the property, it was the first brick residence built in Brockton and is listed on the National Register of Historic Places. The home was later converted for commercial use and served for many years as a funeral home.

This is a unique opportunity to restore a beautiful historic property while creating urgently needed recovery housing in a strong Massachusetts market. For a qualified buyer, the acquisition may be structured as a no-money-down transaction through owner financing, making it an unusually accessible opportunity for an operator or investor prepared to complete the renovations and bring the home into service.

Property Financials
Bed Data
Private Beds 1
Shared Beds 37
Total Beds 38
Vacancy Rate (estimated) 20%
House Mentors 1
Revenue-Producing Beds 29.00
Weekly Rent $180.00
Intake Fee $200.00
Revenue (Annual)
Total Potential Rent Income $355,680.00
Less: Vacancy & Loss $71,136.00
Less: Mentor Rent Credit $9,360.00
Plus: Intake Fee Revenue $12,000.00
Plus: Laundry Service Revenue $6,240.00
Total Revenue $293,424.00
Expenses (Annual)
Operating Expenses $58,563.00
Property Taxes $17,218.00
Property Insurance $7,200.00
Operator Compensation $48,000.00
Total Expenses $130,981.00
Net Income
Net Operating Income $162,443.00
Valuation
Capitalization Rate 10%
Value on Cap Rate $1,624,430.00

Work Needed

This property needs a moderate amount of work, with the final scope dependent on the buyer's vision for the home. The improvements are expected to be primarily cosmetic and can be tailored to the buyer's intended configuration, finish level, and operating plan. A buyer may choose a lighter refresh to bring the home into service, or invest more extensively to maximize long-term value and resident experience. We estimate a typical completion budget in the range of $100,000, though the ultimate cost will depend on the scope the buyer elects to pursue.