Downtown Dover Redevelopment
For Sale
Contact for pricing
475 Central Ave, Dover, NH
4,800± SF commercial building in prime downtown location.
Property Size2,594 SF
Lot Size0.07 Acres
Price / SF$212.03
Days on Market340
Property Features for 475 Central Ave
General Information
Standard status
Active
Size
2,594 SF
Lot size
0.07 Acres
Property subtype
RETAIL
Listing Agency:
eXp Realty
(603) 969-9156
Listed By:
Bill Riffert
(617) 259-0810
Source:
Moodyscre
Added: Oct 4, 2025
Changed: Sep 5
Last Checked: Sep 8 at 8:41AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This property offers a rare chance to own over 4,800± square feet of commercial space in the heart of downtown Dover. Located in a high-visibility area with strong vehicle and pedestrian traffic, the property offers exposure for future uses. The building, situated in a prime downtown location with excellent accessibility, has been fully gutted to the studs due to recent fire damage, presenting a clean slate ready for redevelopment. The 4,800± SF footprint offers flexible build-out potential. Surrounded by thriving restaurants, retail, and professional services, the site benefits from constant activity and demand. Close proximity to parking and public transit enhances its accessibility. This property provides the location and visibility to bring bold ideas to life, whether the vision is for retail, restaurant, creative office, or mixed-use development. It is an opportunity to revive and renew a downtown landmark in one of New Hampshire’s most dynamic downtown markets.
Key Highlights
- Prime downtown Dover location with high visibility and strong traffic.
- 4,800± SF footprint offering flexible build‑out potential.**
- Clean slate redevelopment opportunity after being fully gutted to the studs.
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
$40,426
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
7.35%
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%
$808,520
$808.5K
Cap Rate 7%
$577,514
$577.5K
Cap Rate 9%
$449,178
$449.2K
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
$56.0K $21.60/SF
− Vacancy
−$2.1K −$0.82/SF
EGI
$53.9K $20.78/SF
− OpEx
−$13.5K −$5.19/SF
NOI
$40.4K $15.58/SF
Area
Strafford County, NH
Vacancy
3.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$808,520
Cap Rate 7%
$577,514
Cap Rate 9%
$449,178
Alternative Uses
Best Use
Specialty Retail
$577.5K
$505.3K – $673.8K
NOI $40,426 @ 7.0% cap · market cap 7.35%
Second Best
Office B
$506.0K
$442.8K – $590.4K
NOI $35,422 @ 7.0% cap · market cap 6.44%
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
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 4,800± SF commercial building in prime downtown location.
Where is this retail space located?
The property is located at 475 Central Ave 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: Prime downtown Dover location with high visibility and strong traffic.; 4,800± SF footprint offering flexible build‑out potential.**; Clean slate redevelopment opportunity after being fully gutted to the studs.
