For Sale
$495,000

287 Milton RdRochester, NH 03868

High-yield multifamily & commercial property.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents two buildings situated on a 1.4-acre lot in Rochester, New Hampshire. The property boasts 3,015 square feet of space, encompassing a 1,700 square foot commercial building constructed in 2006, and a 1,300 square foot residential building built in 1970. The commercial space, previously a restaurant, includes existing restaurant equipment such as built-in coolers. The residential building, a four-bedroom cape, features hardwood floors, wood trim, and an attractive backyard. The property is zoned Highway Commercial (HC), offering significant potential for expansion. The current zoning allows for the possibility of adding two to three more multifamily units. The property's two buildings are currently under a triple net (NNN) lease arrangement with one tenant. The asking price is $495,000, representing a compelling price per square foot of $164.18. The property generates a current NOI of $58,300, resulting in an 11.78% cap rate, and a pro-forma NOI of $55,900, yielding an 11.29% pro-forma cap rate. The property's prime location near the Maine border, 30 minutes from Portsmouth, and close proximity to major routes, restaurants, and convenience stores, further enhances its investment appeal. The substantial 620 feet of frontage adds to the property's development potential. This is a value-add opportunity with potential for subdivision.

Highlights

  • Two buildings on a 1.4-acre lot with subdivision potential.
  • Multifamily development potential.
  • 10.16% potential capitalization rate.

Property Details for 287 Milton Rd

Property type
Retail properties, Restaurants
Square Feet
3,015 SF
Buildings
2
Stories
2
Lot Size (sq. ft)
60,984 SF
Units
2

Location Insight

City
Rochester
County
Strafford
State
New Hampshire
Latitude
43.3749396
Longitude
-70.9863271
287 Milton Rd, Rochester, New Hampshire

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287 Milton Rd
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