Waterfront Quadplex on Large
For Sale
$899,000
32 Mill St, Rochester, NH 03867
Spacious waterfront quadplex with subdivision potential on 1.62 acres.
Property Size4,500 SF
Lot Size1.62 Acres
Price / SF$199.78
Days on Market153
Property Features for 32 Mill St
General Information
Standard status
Active
Size
4,500 SF
Lot size
1.62 Acres
Property subtype
Investment
Building Details
Year Built
1882
Units
4
Listing Agency:
RE/MAX Shoreline
(603) 969-6216
Listed By:
Andy Yau · License #074320
(603) 969-6216
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 2:21PM
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 is situated on a 1.62-acre lot in East Rochester and is on the market for the first time in over 45 years. The property features over 4500 square feet of living space, with units offering spacious living/dining rooms, large kitchens, and multiple bedrooms. The units have separate utilities. 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. There is additional attic space which can be utilized as storage or expansion for additional living space. Tenants have access to an open backyard, a 2-car garage, and parking. The property is located 1.5 miles from downtown Rochester, 3 miles from Route 16, and 20 miles from Portsmouth. Zoning density may allow for additional units to be built with a special exception. The property offers direct access to the Salmon River.
Key Highlights
- Waterfront property with direct access to the Salmon River for canoeing and fishing.
- Large 1.62‑acre lot with potential to subdivide a separate waterfront multifamily parcel.
- High income potential with large units, separate utilities, and a potential cap rate over 10.33%.
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
$45,681
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
5.08%
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%
$913,620
$913.6K
Cap Rate 7%
$652,586
$652.6K
Cap Rate 9%
$507,567
$507.6K
Market Conditions
NOI Build-Up for 4,500 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
$67.5K $15.00/SF
− Vacancy
−$2.2K −$0.50/SF
EGI
$65.3K $14.50/SF
− OpEx
−$19.6K −$4.35/SF
NOI
$45.7K $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%
$913,620
Cap Rate 7%
$652,586
Cap Rate 9%
$507,567
Alternative Uses
Best Use
Multifamily LT 5
$652.6K
$571.0K – $761.4K
NOI $45,681 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$601.9K
$526.6K – $702.2K
NOI $42,131 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,272 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
97
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Spacious waterfront quadplex with subdivision potential on 1.62 acres.
Where is this quadplex located?
The property is located at 32 Mill St 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 property with direct access to the Salmon River for canoeing and fishing.; Large 1.62‑acre lot with potential to subdivide a separate waterfront multifamily parcel.; High income potential with large units, separate utilities, and a potential cap rate over 10.33%.
