Waterfront Quadplex with River
For Sale
$899,000
32 Mill Street, Rochester, NH 03867
Quadplex on a large lot with direct Salmon River access, offering spacious apartment layouts and separate utilities.
Property Size4,528 SF
Lot Size1.62 Acres
Price / SF$198.54
Days on Market519
Property Features for 32 Mill Street
General Information
Standard status
Active
Size
4,528 SF
Lot size
1.62 Acres
Property subtype
Multi-family
Additional Details
Cap Rate
10.33%
Multifamily Units
4
Building Details
Year Built
1882
Tenancy
Multi
Listing Agency:
RE/MAX Shoreline
Listed By:
Andy Yau
(603) 548-5315
Source:
Burkelordrealestate
Added: Apr 8, 2025
Changed: Sep 3
Last Checked: Sep 8 at 7:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Shoreline
Investment Insights
Based on property information with market context.
This waterfront quadplex offers substantial residential space with apartment layouts that emphasize comfortable living and dining areas, large kitchens, and multiple bedrooms. Several units feature upgraded finishes, including hardwood floors, detailed wood trim, updated flooring, and modern kitchen details. Additional attic space provides practical storage and potential room for further use. The property is served by separate utilities and includes an open backyard, a two-car garage, and ample parking.
Set on a large lot in East Rochester, the buildings provide direct access to the Salmon River from the property. The setting supports outdoor use from home, including activities such as canoeing and fishing. The area is also convenient to regional employers and amenities, with downtown Rochester about 1.5 miles away and Route 16 roughly 3 miles from the property.
For tenants and operators, the combination of spacious unit designs, separate utilities, and meaningful outdoor access can support a strong day-to-day living experience. The large site also presents an opportunity to consider additional development, with remarks indicating zoning density may allow further units at the rear with a special exception. This is a well-established income property offered for the first time in more than 45 years.
Set on a large lot in East Rochester, the buildings provide direct access to the Salmon River from the property. The setting supports outdoor use from home, including activities such as canoeing and fishing. The area is also convenient to regional employers and amenities, with downtown Rochester about 1.5 miles away and Route 16 roughly 3 miles from the property.
For tenants and operators, the combination of spacious unit designs, separate utilities, and meaningful outdoor access can support a strong day-to-day living experience. The large site also presents an opportunity to consider additional development, with remarks indicating zoning density may allow further units at the rear with a special exception. This is a well-established income property offered for the first time in more than 45 years.
Key Highlights
- Waterfront quadplex on 1.62‑acre lot in East Rochester with direct access to the Salmon River
- Year built 1882; buildings total 4,500+ SF of living space with spacious living/dining rooms and large kitchens
- Largest unit features hardwood floors, chamber ceilings, and crown molding
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
$45,966
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
5.11%
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%
$919,320
$919.3K
Cap Rate 7%
$656,657
$656.7K
Cap Rate 9%
$510,733
$510.7K
Market Conditions
NOI Build-Up for 4,528 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
$67.9K $15.00/SF
− Vacancy
−$2.3K −$0.50/SF
EGI
$65.7K $14.50/SF
− OpEx
−$19.7K −$4.35/SF
NOI
$46.0K $10.15/SF
Area
Strafford County, NH
Vacancy
3.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$919,320
Cap Rate 7%
$656,657
Cap Rate 9%
$510,733
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Quadplex on a large lot with direct Salmon River access, offering spacious apartment layouts and separate utilities.
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 1.62‑acre lot in East Rochester with direct access to the Salmon River; Year built 1882; buildings total 4,500+ SF of living space with spacious living/dining rooms and large kitchens; Largest unit features hardwood floors, chamber ceilings, and crown molding
