Fire-Gutted Downtown Retail
For Sale
$550,000
471 Central Avenue, Dover, NH 03820
Commercial building on Central Ave, fully gutted to the studs, offering a clean redevelopment slate in Downtown Dover.
Property Size2,594 SF
Price / SF$212.03
Days on Market338
Property Features for 471 Central Avenue
General Information
Standard status
Active
Size
2,594 SF
Property subtype
Commercial
Zoning
CBD-G
Building Details
Year Built
1925
Listing Agency:
Bay Market Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Oct 4, 2025
Changed: Sep 5
Last Checked: Sep 6 at 5:27AM
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 Bay Market Real Estate
Investment Insights
Based on property information with market context.
This downtown commercial building at 471 Central Ave has sustained fire damage and has been fully gutted to the studs, creating a clean redevelopment slate. Public remarks describe approximately 2,600± square feet of space and also reference a 4,800± square foot footprint, along with flexible build-out potential for a future tenant or use.
The property is positioned in Downtown Dover and is presented as a high-visibility site with both vehicle and pedestrian traffic. It is also described as having accessibility to nearby parking and public transit, with surrounding activity from restaurants, retail, and professional services.
For investors, developers, and operators looking for a ground-up or major renovation approach, the current condition provides an opportunity to re-purpose the building for uses such as retail, restaurant, creative office, or mixed-use development. Buyers should factor in the fire-damaged, stripped interior condition when planning timelines and construction scope.
The property is positioned in Downtown Dover and is presented as a high-visibility site with both vehicle and pedestrian traffic. It is also described as having accessibility to nearby parking and public transit, with surrounding activity from restaurants, retail, and professional services.
For investors, developers, and operators looking for a ground-up or major renovation approach, the current condition provides an opportunity to re-purpose the building for uses such as retail, restaurant, creative office, or mixed-use development. Buyers should factor in the fire-damaged, stripped interior condition when planning timelines and construction scope.
Key Highlights
- 2600+ SF downtown Dover commercial building on Central Ave
- Fully gutted to the studs, offering a clean redevelopment slate
- 4,800+ SF footprint of commercial space
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
$31,442
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
5.72%
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%
$628,840
$628.8K
Cap Rate 7%
$449,171
$449.2K
Cap Rate 9%
$349,356
$349.4K
Market Conditions
NOI Build-Up for 2,594 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
$46.7K $18.00/SF
− Vacancy
−$1.8K −$0.68/SF
EGI
$44.9K $17.32/SF
− OpEx
−$13.5K −$5.19/SF
NOI
$31.4K $12.12/SF
Area
Strafford County, NH
Vacancy
3.80%
Lease Rate
$18.00 /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%
$628,840
Cap Rate 7%
$449,171
Cap Rate 9%
$349,356
Alternative Uses
Best Use
Retail
$449.2K
$393.0K – $524.0K
NOI $31,442 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$694.0K
$607.2K – $809.6K
NOI $48,578 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,499
Businesses Nearby
41k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 34%
Home Improvements & Furnishings 12%
Dunkin' Donuts
Dining
7,619 visits/mo
0.1 miles
7-Eleven
Shops & Services
5,392 visits/mo
0.1 miles
Bank of America
Shops & Services
4,836 visits/mo
0.4 miles
Aubuchon Hardware
Home Improvements & Furnishings
4,798 visits/mo
0.3 miles
Citizens Bank
Shops & Services
4,530 visits/mo
0.4 miles
Demographics for 03820, NH
32,800
Population
15,460
Households
2.1
Avg Household Size
38
Median Age
49%
College-Educated
96%
High-School Grad
27.3 sq mi
ZIP Area
1,201
Density / Sq Mi
$92,793
Median Household Income
$53,890
Median Earnings
$1,540
Median Rent
$397,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Silver Street Flower Farm — 137 Silver St, Dover, NH 03820
- Mellow Botanical — 44 Portland Ave, Dover, NH 03820
- Sweet Meadows Flower & Gift Shop — 155 Portland Ave, Dover, NH 03820
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial building on Central Ave, fully gutted to the studs, offering a clean redevelopment slate in Downtown Dover.
Where is this storefront property located?
The property is located at 471 Central Avenue Dover, NH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2600+ SF downtown Dover commercial building on Central Ave; Fully gutted to the studs, offering a clean redevelopment slate; 4,800+ SF footprint of commercial space
