52 Pickering Rd Rochester, NH 03839

Property Details for 52 Pickering Rd

Year built

1850

Lot size

0.23 lot acres

Property size

2,644 SF

Property type

Commercial real estate

Description

This exceptional three-unit apartment building, located at 52 Pickering Rd in Rochester, NH's desirable Gonic neighborhood, presents a compelling value-add investment opportunity. Boasting a prime riverfront location on the Cocheco River, this property offers stunning views and direct access to recreational activities like canoeing and fishing. The building, constructed in 1850, features a total of 2,644 square feet across two stories, with each unit offering approximately 881 square feet of living space. The property sits on a 0.23-acre lot and is zoned for mixed use. Currently operating at 100% occupancy, the property generates a pro-forma net operating income (NOI) of $64,167, resulting in a pro-forma cap rate exceeding 13.95%. The asking price is $459,900, translating to $153,300 per unit and $173.94 per square foot. The building is well-maintained, featuring a recently updated roof and attractive siding. Interior features include hardwood floors, tin ceilings, exposed wood beams, and crown molding. Separate utilities contribute to low operating expenses. Conveniently located 1.5 miles from downtown Rochester, 3 miles from Route 16, and 20 miles from Portsmouth, this property offers both strong rental income and significant upside potential. Parking is available in an adjacent lot. The property is situated within the Gonic school district, providing proximity to local schools and amenities.