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    Boutique Motel with Lake Access Title is generated by Realmo AI

    435 South Mayhew Turnpike, Hebron, NH 03241

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    For Sale
    $2,899,000

    Commercial For Sale - Hebron, NH

    Lot size:
    19.50 Acres
    Added:
    Feb 25, 2026
    Days on Market:
    87
    Last Refresh:
    May 23 at 12:06 am

    Property Features for 435 South Mayhew Turnpike

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    04 - Lake District
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Lot size
    19.50 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    5623.88

    Utilities

    Heating system
    Electric (Heating), Propane (Heating), Wall Furnace
    Cooling system
    Zoned

    Building Details

    Year built
    1957
    Number of units
    10
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Adam Dow
    Adam Dow

    Listing agent Adam Dow

    Listing office KW Coastal and Lakes & Mountains Realty/Wolfeboro 136 South Main St., Portsmouth, NH

    Listing date Feb 25, 2026

    MLS# 5077456 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

    • Fully reimagined, turnkey 10‑unit boutique motel with proven demand and consistent growth.
    • Deeded lake access to Newfound Lake in the heart of New Hampshire’s Lakes Region.
    • 19.5 acres offering significant expansion and investment potential.
    • Sweeping mountain views at the foothills of the White Mountains.
    • Redesigned guest rooms, curated lounge, and full coffee shop with a refined Nordic‑inspired aesthetic.
    • Year‑round demand driven by lake recreation, fall foliage, and access to hiking, boating, and winter sports.

    Overview

    The Kelby Motel is a fully reimagined 10-unit boutique motel with deeded lake access, situated on 19.5 acres overlooking Newfound Lake in the heart of New Hampshire’s Lakes Region. Framed by mountain views at the foothills of the White Mountains, the property offers natural surroundings, elevated design, and scalable investment potential. The property has undergone a comprehensive transformation, rebuilding and expanding with a focus on durability, operational efficiency, and guest experience. The 10 redesigned guest rooms, curated lounge, and full coffee shop showcase a refined Nordic-inspired aesthetic. The Kelby has established itself as a sought-after boutique destination with proven demand and consistent year-over-year growth. The property is fully turnkey, providing immediate operational continuity for investors and entrepreneurs while preserving significant upside. With 19.5 acres, the opportunity extends well beyond the existing improvements. Year-round demand is driven by premier summer recreation on Newfound Lake, renowned fall foliage, and convenient access to hiking, boating, and winter sports. The Kelby is positioned within one of New England’s most supply-constrained lake markets.
    Property Profile Location Intelligence

    Current Use by Public Records

    Motels

    Suggested Use

    Restaurant Hotel & Motel Restaurant Bed & Breakfast

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Hillside Inn Condos — 132 Mayhew Turnpike, Plymouth, NH 03264

    Location Insight

    • Map
    • Local Demand
    City
    Hebron
    County
    Grafton
    State
    New Hampshire
    Longitude
    -71.769471
    Latitude
    43.688399

    FAQs

    What type of property is this?
    Motel - Reimagined 10-unit motel on 19.5 acres with lake access.
    Where is this motel located?
    The property is located at 435 South Mayhew Turnpike Hebron, NH.
    What is the asking price?
    The asking price for this property is $2,899,000.
    What are key features of this property?
    This property features: Fully reimagined, turnkey 10‑unit boutique motel with proven demand and consistent growth.; Deeded lake access to Newfound Lake in the heart of New Hampshire’s Lakes Region.; 19.5 acres offering significant expansion and investment potential.
    (866) 525-3946
    We can help!
    Listing Contact
    Adam Dow
    Adam Dow
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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