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    Waterfront Quadplex on Large Lot Title is generated by Realmo AI

    32 Mill Street, Rochester, NH 03867

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    For Sale
    $899,000

    MULTI_FAMILY - Other - Rochester, NH

    Property size:
    4,528 SF
    Lot size:
    1.62 Acres
    Price / SF:
    $198/SF
    Added:
    Apr 14, 2025
    Days on Market:
    416
    Last Refresh:
    Jun 3 at 7:06 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 2, Bedroom 1, Bathroom 3, Bedroom 6, Bathroom 4, Bedroom 5, Basement, Bathroom 1, Bathroom 5, Bedroom 7, Bedroom 8, Bathroom 6, Bedroom 4, Bedroom 2, Bedroom 3
    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

    We can help!

    Listing Contact
    Andy Yau
    Andy Yau

    Listing agent Andy Yau License #074320

    Listing office RE/MAX Shoreline 875 Greenland Rd., Portsmouth, NH

    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 sprawling 1.62‑acre lot, offering the potential to subdivide a separate waterfront multifamily parcel.
    • Large units, boasting over 4500 sq ft total, feature spacious layouts, separate utilities, and a potential cap rate exceeding 10.33%.
    • Direct access to the Salmon River provides opportunities for canoeing and fishing.
    • Hardwood floors, chamber ceilings, crown molding, updated luxury vinyl flooring, and modern kitchens are among the attractive features.
    • Benefit from additional attic space, perfect for storage or expansion.
    • Conveniently located just 1.5 miles to downtown Rochester, 3 miles to route 16, and 20 miles to Portsmouth.

    Overview

    This highly sought-after waterfront quadplex is situated on a large 1.62-acre lot in East Rochester and is on the market for the first time in over 45 years. The property offers the potential to subdivide a separate waterfront multifamily parcel. The building provides over 4500 square feet of living space, with units featuring spacious living/dining rooms, large kitchens, and multiple bedrooms. Separate utilities contribute to low expenses. Tenants have direct access to the Salmon River, offering opportunities for canoeing and fishing. 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 with stylish brick backsplash. Additional attic space can be used for storage or expansion. Tenants also benefit from an open backyard, a 2-car garage, and ample parking. The property is located 1.5 miles from downtown Rochester and 3 miles from Route 16, and 20 miles from Portsmouth. The zoning density may allow for additional units to be built with a special exception. The property is intended for use as a multifamily residential income property.

    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 (±1% cap)
    NOI $45,966 @ 7.0% cap · market cap 5.11%
    Second Best
    Apartment 5plus
    $605.6K
    $529.9K – $706.6K (±1% cap)
    NOI $42,393 @ 7.0% cap · market cap 4.72%
    Theoretical Best
    Office A
    $1.21M
    $1.06M – $1.41M (±1% cap)
    NOI $84,797 @ 7.0% cap · market cap 9.43%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy Big Box & Wholesale Store Auto Parts Store Department Store Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Rochester
    County
    Strafford
    State
    New Hampshire
    Longitude
    -70.9373114
    Latitude
    43.33637

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    FAQs

    What type of property is this?
    Quadplex - Spacious waterfront quadplex with subdivision potential 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 sprawling 1.62‑acre lot, offering the potential to subdivide a separate waterfront multifamily parcel.; Large units, boasting over 4500 sq ft total, feature spacious layouts, separate utilities, and a potential cap rate exceeding 10.33%.; Direct access to the Salmon River provides opportunities for canoeing and fishing.
    (603) 431-1111
    We can help!
    Listing Contact
    Andy Yau
    Andy Yau
    Real Estate License ID: 074320
    Learn More
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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.

    More about this property
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