Waterfront Quadplex with Subdivision
32 Mill Street, Rochester, NH 03867
MULTI_FAMILY - Other - Rochester, NH
Property size:
4,528 SFLot size:
1.62 AcresPrice / SF:
$198/SF- Added:
- Apr 14, 2025
- Days on Market:
- 450
- Last Refresh:
- Jul 7 at 11:06 pm
Property Features for 32 Mill Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R2
- Bedrooms
- 8
- Bathrooms
- 6
- Rooms
- Bathroom 3, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 1, Basement, Bedroom 6, Bedroom 3, Bathroom 2, Bathroom 5, Bathroom 1, Bedroom 2, Bathroom 6, Bathroom 4, Bedroom 4
- Standard status
- Active
- Size
- 4,528 SF
- Lot size
- 1.62 Acres
Utilities
- Heating system
- Steam, Natural Gas
- Water source
- Public
Building Details
- Year built
- 1882
- Floors in Building
- 3
- Number of units
- 4
- Building materials
- Wood Frame, Vinyl Exterior
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Andy Yau License #074320 (603) 431-1111
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 1.62‑acre lot with direct access to the Salmon River
- 4500+ sq ft of living space across the quadplex, offering spacious living/dining rooms and multiple bedrooms
- Built in 1882 with wood‑frame construction and vinyl exterior; shingle roof
- Heat includes steam and natural gas; public water source
- Additional attic space for storage or expansion potential
- Includes open backyard, 2‑car garage, and plenty of parking; about 1.5 miles to downtown Rochester and 3 miles to Route 16
Overview
This waterfront quadplex presents a substantial multi-family opportunity with four residential units housed in buildings totaling 4,500+ square feet of living space. Unit layouts include spacious living and dining rooms, large kitchens, and multiple bedrooms, with several units featuring upgraded finishes such as updated luxury vinyl flooring, detailed wood trim, and modern kitchen backsplash details. The largest unit is described as having hardwood floors, chamber ceilings, and crown molding. Additional attic space is available for storage and may support expansion. Practical tenant amenities include an open backyard, a 2-car garage, and plenty of parking, along with separate utilities for the units.
The property sits on a 1.62-acre lot in East Rochester and includes direct access to the Salmon River. The listing notes the potential to subdivide a separate waterfront multifamily parcel. For commuting and convenience, the location is described as approximately 1.5 miles to downtown Rochester and about 3 miles to Route 16, with Portsmouth noted as roughly 20 miles away.
Zoning is listed as R2. The offering also references the possibility that zoning density may allow for additional units to be built out back with a special exception, subject to local approvals. For investors or operators seeking a larger quadplex with river access and room for potential future development, this property is offered for sale after being on the market for the first time in over 45 years.
The property sits on a 1.62-acre lot in East Rochester and includes direct access to the Salmon River. The listing notes the potential to subdivide a separate waterfront multifamily parcel. For commuting and convenience, the location is described as approximately 1.5 miles to downtown Rochester and about 3 miles to Route 16, with Portsmouth noted as roughly 20 miles away.
Zoning is listed as R2. The offering also references the possibility that zoning density may allow for additional units to be built out back with a special exception, subject to local approvals. For investors or operators seeking a larger quadplex with river access and room for potential future development, this property is offered for sale after being on the market for the first time in over 45 years.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| 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 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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Rochester
- County
- Strafford
- State
- New Hampshire
- Longitude
- -70.9373114
- Latitude
- 43.33637
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four-unit waterfront property with direct Salmon River access on a large lot 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 1.62‑acre lot with direct access to the Salmon River; 4500+ sq ft of living space across the quadplex, offering spacious living/dining rooms and multiple bedrooms; Built in 1882 with wood‑frame construction and vinyl exterior; shingle roof
