287 Milton Rd Rochester, NH 03868

Property Details for 287 Milton Rd

Year built

1970

Construction

FRAME

Lot size

1.40 lot acres

Property size

3,015 SF

Zone code

HC

Property type

Commercial real estate

APN

RCHE M:0201 B:0014 L:0000

APU

RCHEM0201B0014L0000

Description

This exceptional investment opportunity presents two buildings situated on a 1.4-acre lot in Rochester, New Hampshire. The property boasts 3,015 square feet of space, encompassing a 1,700 square foot commercial building constructed in 2006, and a 1,300 square foot residential building built in 1970. The commercial space, previously a restaurant, includes existing restaurant equipment such as built-in coolers. The residential building, a four-bedroom cape, features hardwood floors, wood trim, and an attractive backyard. The property is zoned Highway Commercial (HC), offering significant potential for expansion. The current zoning allows for the possibility of adding two to three more multifamily units. The property's two buildings are currently under a triple net (NNN) lease arrangement with one tenant. The asking price is $495,000, representing a compelling price per square foot of $164.18. The property generates a current NOI of $58,300, resulting in an 11.78% cap rate, and a pro-forma NOI of $55,900, yielding an 11.29% pro-forma cap rate. The property's prime location near the Maine border, 30 minutes from Portsmouth, and close proximity to major routes, restaurants, and convenience stores, further enhances its investment appeal. The substantial 620 feet of frontage adds to the property's development potential. This is a value-add opportunity with potential for subdivision.

Location Insight

City

Rochester

County

Strafford

State

New Hampshire

Longitude

-70.9864

Latitude

43.3754

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments