The Red Tower is an iconic student housing property in the heart of downtown Durham and the University of New Hampshire campus! The portfolio includes 41 units/beds in 4 different buildings with consistent cash flow and significant NOI each of the last several years! The owner also reports no vacancies over the course of ownership! The package includes Lot 10, 11, 12 & 13 on the attached tax map...a total of 3.22 acres. The Red Tower sits on Lot 12 and there are three additional buildings on Lots 11 & 13. Lot 10 is an undeveloped 1.64-acre site that is ready for redevelopment! Church Hill Zoning allows for several uses to include conservation, single family, senior housing, senior care facility, nursing home, light manufacturing, office, religious, government, and surface or structured parking as an accessory to an allowed use. Additional student housing and/or market rate apartments are not permitted in the Church Hill Zone. However, the seller's engineer believes this lot could accommodate 36 units (by right / without a variance) of much needed 55+ housing. See attached renderings to show what this might look like. Enjoy the immediate and consistent cash flow from the existing student housing, while making plans to further develop Lot 10! Full engineering and financials are available for review upon request.
The Red Tower is an iconic student housing property in the heart of downtown Durham and the University of New Hampshire campus! The portfolio includes 41 units/beds in 4 different buildings with consistent cash flow and significant NOI each of the last several years! The owner also reports no vacancies over the course of ownership! The package includes Lot 10, 11, 12 & 13 on the attached tax map...a total of 3.22 acres. The Red Tower sits on Lot 12 and there are three additional buildings on Lots 11 & 13. Lot 10 is an undeveloped 1.64-acre site that is ready for redevelopment! Church Hill Zoning allows for several uses to include conservation, single family, senior housing, senior care facility, nursing home, light manufacturing, office, religious, government, and surface or structured parking as an accessory to an allowed use. Additional student housing and/or market rate apartments are not permitted in the Church Hill Zone. However, the seller's engineer believes this lot could accommodate 36 units (by right / without a variance) of much needed 55+ housing. See attached renderings to show what this might look like. Enjoy the immediate and consistent cash flow from the existing student housing, while making plans to further develop Lot 10! Full engineering and financials are available for review upon request.
