287 Milton RdRochester, NH 03868

  • Other commercial real estate
  • 3,015 SF
For Sale
$495,000 View listing

Property Details for 287 Milton Rd

Year built
1970
Construction
FRAME
Lot size
1.40 AC
Property size (Sq ft)
3,015 SF
Zone code
HC
Property type
Other commercial real estate
APN
RCHE M:0201 B:0014 L:0000
APU
RCHEM0201B0014L0000

Description

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.

287 Milton Rd, Rochester, New Hampshire

Location Insight

City
Rochester
County
Strafford
State
New Hampshire
Latitude
43.3754
Longitude
-70.9864
CBSA code
14460
CBSA name
BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$7,815
$61,600
$242,000
$303,600
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