58 Pickering Rd Rochester, NH 03867

Property Details for 58 Pickering Rd

Year built

1900

Construction

FRAME

Lot size

0.11 lot acres

Property size

2,370 SF

Zone code

NMU

Property type

Investment properties

Property subtype

Live-work space

APN

RCHE M:0138 B:0028 L:0000

APU

RCHEM0138B0028L0000

Description

This exceptional mixed-use property, located at 58 Pickering Rd in Rochester, NH, presents a compelling value-add investment opportunity. The 2,370 square foot building, constructed in 1900, is a two-story, one-building triplex apartment building situated on a lot with river frontage. Currently boasting 100% occupancy with four tenants, the property generates a pro-forma NOI of $53,985, resulting in a pro-forma cap rate of 13.50%. Each of the three units features desirable amenities including hardwood floors, tin ceilings, exposed wood beams, and crown molding. Tenants enjoy the convenience of Cocheco River access directly from their large backyard, offering stunning 180-degree views. The property benefits from low expenses due to separately metered utilities and includes parking in an adjacent lot. The asking price is $399,900, translating to $133,300 per unit and $168.73 per square foot. Zoned for mixed use, this property is ideally located in the sought-after Gonic neighborhood, within the Gonic school district, close to local amenities, and just 1.5 miles from downtown Rochester, 3 miles from Route 16, and 20 miles from Portsmouth. While current rents are below market, this presents a significant opportunity for increased cash flow. The building is well-maintained, featuring a newer roof and attractive exterior siding. This is a rare chance to acquire a riverfront property with strong potential for appreciation and increased profitability. The lease type is modified, and tenant credit history is not available.