2 to 50 units · NH & northern MA

Talk to the buyer, not a broker.

We're principals. We buy small apartment buildings with our own capital, we operate what we buy, and we're not going to tie up your building and shop it to somebody else.

  • No listing, no signs, no marketing your building
  • No commission — you're not paying a broker
  • Occupied is fine; we never ask you to deliver it vacant
  • We underwrite your actual rents and expenses

Tell us about the building.

Goes straight to Paul. No broker, no drip campaign.

We'll come back with questions or a number, usually within a day.
Nothing you send gets shared with anyone.

Got it — thank you. We'll look at the building and come back to you personally, usually within a day. If you'd rather talk it through now, call or text (978) 502-6692.
How it works

Three steps, and your tenants never know.

No listing, no lockbox, no parade of buyers walking your hallways on a Saturday.

1

Send us the numbers

A rent roll and a rough idea of expenses is plenty. If you don't have it clean, we'll work with what you've got.

2

We underwrite it

We run your actual rents and expenses, not a per-unit rule of thumb, and tell you what we can pay and why.

3

We walk it and close

One walkthrough with us, not an inspector and three contractors. Then we close on your timeline at a local attorney.

Why sell direct instead of listing?

  • Nobody finds out No sign, no LoopNet listing, no email blast to every buyer in New England. Your tenants, your competitors and your lender learn about it when you decide to tell them.
  • You're not paying a commission On a $1.2M building a broker fee is real money. There isn't one here, because there's no broker.
  • We're not going to retrade you We give you a number after we've looked at the actual numbers — not a high number to win the deal and a lower one after inspection.
  • The messy stuff is normal Below-market rents, month-to-month tenants, Section 8, a deferred roof, an eviction in progress, an estate with three siblings who don't agree. We deal with all of it in our own buildings.
Paul Anastas
Paul Anastas
Partner
Rob Ryan
Rob Ryan
Partner

"We own and operate about ten units ourselves. We know what a bad boiler and a good tenant are actually worth."

Pleasure Bay Properties owns and operates small multifamily in Manchester and Somersworth, New Hampshire. We buy to hold, which is why we'd rather pay a fair number for a building we understand than win an auction.

Questions

What owners usually ask.

Are you brokers?

No. We're buying the building for ourselves with our own capital. Nobody is earning a commission on this, and we're not going to put it under agreement and assign it to someone else.

Will my tenants find out I'm selling?

Not from us. There's no listing, no sign, and no showings to the public. We'll do one walkthrough, and we can schedule it however you want it handled with your tenants.

What size buildings do you buy?

Roughly 2 to 50 units. Below that it's a house and you probably want this page instead. Above 50 we may still be interested — call and we'll tell you honestly.

Do I need a clean rent roll and P&L?

It helps, but no. Plenty of good buildings are run out of a notebook and a checkbook. Tell us what the units rent for and roughly what it costs you to run, and we'll take it from there.

What if the rents are way below market?

That's usually why a building is worth our time. We're not going to penalize you for being a decent landlord who didn't raise rents every year — we underwrite what it is and what it can be, and we'll show you how we got there.

Can you work with a 1031 exchange?

Yes. If you're trying to hit an identification or closing window, tell us the dates up front and we'll tell you honestly whether we can hit them. We'd rather say no early than blow your exchange.

How do you come up with your number?

We underwrite actual income and expenses, factor in what the building needs, and back into a price that works for us as a long-term hold. When we give you the number we'll walk you through the math. If it's not enough, tell us and we'll tell you whether we have room.

Send us the building.

One conversation, real numbers, and complete discretion. If we're not the right buyer, we'll tell you that too.

Tell us about the building (978) 502-6692