Renovated Two-Story
For Sale
$3,900,000
11 FARMINGTON Road, Rochester, NH 03867
Commercial Sale, Rochester, NH
Property Size9,260 SF
Lot Size1.70 Acres
Price / SF$421.17
Days on Market153
Property Features for 11 FARMINGTON Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GRD
Rooms
Basement
Directions
Route 16 to Route 11 (aka Farmington Road). Granite Steak & Grill will be on your right!
Standard status
Active
Lot size
1.70 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
21967
Utilities
Water source
Public
Building Details
Year built
1968
Listing Agency:
Duston Leddy Real Estate
(603) 610-8285
Listed By:
Jamieson Duston
(603) 661-8127
Added: Mar 23
Changed: Aug 20
Last Checked: Aug 22 at 7:06PM
MLS# 5080302
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.
Investment Insights
Based on property information with market context.
This sale includes the land, building, and operating businesses known as Granite Steak & Grill and Smokey's Tavern. The two-story restaurant and tavern contains 9,260 square feet and was fully renovated in 2005. The property accommodates nearly 300 seats and provides 125 dedicated parking spaces, supporting both regular dining and larger gatherings. A basement is also included in the building configuration.
The 1.7-acre property offers 433 feet of frontage on Route 11, less than a quarter mile from Route 16 to the south and The Ridge Marketplace to the north. Zoning is GRD, and the property is served by public water. Originally built in 1968, the building is offered with the established restaurant operations, real estate, and existing improvements.
The 1.7-acre property offers 433 feet of frontage on Route 11, less than a quarter mile from Route 16 to the south and The Ridge Marketplace to the north. Zoning is GRD, and the property is served by public water. Originally built in 1968, the building is offered with the established restaurant operations, real estate, and existing improvements.
Key Highlights
- 9,260‑square‑foot, two‑story restaurant and tavern
- Fully renovated in 2005; original building constructed in 1968
- Nearly 300 seats with 125 dedicated parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$144,312
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,886,240
$2.9M
Cap Rate 7%
$2,061,600
$2.1M
Cap Rate 9%
$1,603,467
$1.6M
Market Conditions
NOI Build-Up for 9,260 SF
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.
Gross rent
$200.0K $21.60/SF
− Vacancy
−$7.6K −$0.82/SF
EGI
$192.4K $20.78/SF
− OpEx
−$48.1K −$5.19/SF
NOI
$144.3K $15.58/SF
Area
Strafford County, NH
Vacancy
3.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,886,240
Cap Rate 7%
$2,061,600
Cap Rate 9%
$1,603,467
Alternative Uses
Best Use
Specialty Retail
$2.06M
$1.80M – $2.41M
NOI $144,312 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,414 @ 7.0% cap · market cap 4.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
3k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Rochester Toyota
Shops & Services
2,756 visits/mo
0.5 miles
Demographics for 03867, NH
22,369
Population
10,458
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
93%
High-School Grad
28.4 sq mi
ZIP Area
788
Density / Sq Mi
$74,397
Median Household Income
$42,613
Median Earnings
$1,217
Median Rent
$259,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant and tavern operation with dining, event, and high-volume service infrastructure in place.
Where is this conventional restaurant located?
The property is located at 11 FARMINGTON Road Rochester, NH.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 9,260‑square‑foot, two‑story restaurant and tavern; Fully renovated in 2005; original building constructed in 1968; Nearly 300 seats with 125 dedicated parking spaces
