Waterfront Quadplex on Large
32 Mill Street, Rochester, NH 03867
Multi-Family - Rochester, NH
Property size:
4,528 SFLot size:
1.62 AcresPrice / SF:
$198/SF- Added:
- Apr 14, 2025
- Days on Market:
- 398
- Last Refresh:
- May 16 at 6:06 pm
Property Features for 32 Mill Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R2
- Bedrooms
- 8
- Bathrooms
- 6
- Rooms
- Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Parking
- 2
- Parking features
- Garage, Paved or Surfaced
- Basement Y/N
- 1
- Standard status
- Active
- Size
- 4,528 SF
- Lot size
- 1.62 Acres
Utilities
- Heating system
- Natural Gas, Steam
Building Details
- Year built
- 1882
- Floors in Building
- 2.5
- Number of units
- 4
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Andy Yau (603) 969-6216
Listing office RE/MAX Shoreline 875 Greenland Rd., Portsmouth, NH (603) 431-1111
Listing date Apr 14, 2025
MLS# 5036194
Listing URL
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Waterfront quadplex on a sprawling 1.62‑acre lot, offering the potential to subdivide a separate waterfront multifamily parcel.
- Large units, boasting over 4500 sq ft total, feature spacious layouts, separate utilities, and a potential cap rate exceeding 10.33%.
- Direct access to the Salmon River provides opportunities for canoeing and fishing.
- Hardwood floors, chamber ceilings, crown molding, updated luxury vinyl flooring, and modern kitchens are among the attractive features.
- Benefit from additional attic space, perfect for storage or expansion.
- Conveniently located just 1.5 miles to downtown Rochester, 3 miles to route 16, and 20 miles to Portsmouth.
Overview
This highly sought-after waterfront quadplex is situated on a large 1.62-acre lot in East Rochester and is on the market for the first time in over 45 years. The property offers the potential to subdivide a separate waterfront multifamily parcel. The building provides over 4500 square feet of living space, with units featuring spacious living/dining rooms, large kitchens, and multiple bedrooms. Separate utilities contribute to low expenses. Tenants have direct access to the Salmon River, offering opportunities for canoeing and fishing. The largest unit includes hardwood floors, chamber ceilings, and crown molding. Other units feature updated luxury vinyl flooring, detailed wood trim, a modern kitchen backsplash, and an open kitchen layout with stylish brick backsplash. Additional attic space can be used for storage or expansion. Tenants also benefit from an open backyard, a 2-car garage, and ample parking. The property is located 1.5 miles from downtown Rochester and 3 miles from Route 16, and 20 miles from Portsmouth. The zoning density may allow for additional units to be built with a special exception. The property is intended for use as a multifamily residential income property.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$510.7K
NOI $45,966 @ 9.00% cap · cautious / downside scenario
Moderate
$656.7K
NOI $45,966 @ 7.00% cap · market / base-case scenario
Aggressive
$919.3K
NOI $45,966 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $67.9k | $15.00 |
| − Vacancy | −$2.3k | −$0.50 |
| EGI | $65.7k | $14.50 |
| − OpEx | −$19.7k | −$4.35 |
| NOI | $46.0k | $10.15 |
4,528 SF · lease $15.00/SF/yr · vacancy 3.32% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$656.7K
$574.6K – $766.1K
NOI $45,966 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$605.6K
$529.9K – $706.6K
NOI $42,393 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,797 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Rochester
- County
- Strafford
- State
- New Hampshire
- Longitude
- -70.9377629
- Latitude
- 43.3365534
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Spacious waterfront quadplex with subdivision potential in East Rochester.
Where is this quadplex located?
The property is located at 32 Mill Street Rochester, NH.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Waterfront quadplex on a sprawling 1.62‑acre lot, offering the potential to subdivide a separate waterfront multifamily parcel.; Large units, boasting over 4500 sq ft total, feature spacious layouts, separate utilities, and a potential cap rate exceeding 10.33%.; Direct access to the Salmon River provides opportunities for canoeing and fishing.
