289 Milton Rd Rochester, NH 03868
- Retail properties
- 3,015 SF
- 1.40 lot acres
Current Use by Public Records
- Retail properties
Property Details for 289 Milton Rd
- Lot size
- 1.40 lot acres
- Property size
- 3,015 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional mixed-use property in Rochester, NH, presents a compelling investment opportunity. Situated on a 1.4-acre lot with 620 feet of highway frontage, the property boasts two buildings: a 1,700 sq ft commercial building constructed in 2006, featuring restaurant equipment including coolers, and a 1,300 sq ft residential building built in 1970. The commercial building is currently vacant, offering immediate potential for lease income. The property's Highway Commercial zoning allows for potential subdivision and the addition of 2-3 multifamily units, significantly increasing the property's value. The current NOI is $58,300, yielding a potential cap rate of 11.78%, with a pro-forma NOI of $55,900 and a pro-forma cap rate of 11.29%. The asking price is $495,000, translating to $164.18 per square foot. The property features a triple net (NNN) lease structure with a one-year remaining lease term. The residential building offers a 4-bedroom layout with hardwood floors and wood trim, and a large backyard. Its proximity to major routes, amenities, and the Salmon River adds to its appeal. This property offers a unique blend of immediate income potential and significant long-term development opportunities. The total square footage is 3,015 net rentable square feet.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Rochester
- County
- Strafford
- State
- New Hampshire
- Longitude
- -70.9864
- Latitude
- 43.3753
