287-289 Milton Rd
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287-289 Milton Rd
3,015 SF 50% Leased Retail Building Rochester, NH 03868 $495,000 ($164/SF) 11.78% Cap Rate
Investment Highlights
- Potential to subdivide with more value in the sum of the parts!
- 1.4 acre lot with 620 square feet of frontage with potential to build multifamily
- 1970 built single family cape
- Potential 11.78% Cap Rate
- Two buildings- 2006 built commercial restaurant
Executive Summary
Look no further, two buildings on a 1.4 acre parcel with an incredible 620 feet of frontage with potential to subdivide! The value is more in the sum of the parts. It gets sweeter from here, as the property is located on HC zoning which would potentially allow another 2-3 multifamily unit to be built. The potential cap rate stands at 11.78% as a result of low expenses, due to separate buildings, and a preferred triple net setup. The commercial building was built from ground-up in 2006 with 1700 SF and it comes with some remaining restaurant equipment. Enjoy built in coolers and a bright illuminated restaurant. The possibilities are endless. Run your business while living in the 4 bedroom cape built in 1970, with 1300 square feet. As you step in, you’ll appreciate the nice kitchen that is accompanied with the beautiful hardwood floors seen throughout the first level. The home showcases its character and charm with its wood trim and elegant wood panels. in addition, the home offers an incredible backyard with great views, and it is conveniently close to the Salmon River, which is perfect for fishing bass and perch. The location is conveniently situated near the border of Maine, 30 minutes to Portsmouth and is close to major routes, restaurants, convenience stores, and more. Both buildings need some TLC.
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
3,015 SF
Building Class
C
Year Built
2006
Price
$495,000
Price Per SF
$164
Cap Rate
11.78%
NOI
$58,311
Percent Leased
50%
Tenancy
Multiple
Building Height
2 Stories
Slab To Slab
8’
Building FAR
0.05
Lot Size
1.40 AC
Zoning
Highway Commercial - Highway Commercial.
Potential to build additional multifamily.
Parking
10 Spaces (3.32 Spaces per 1,000 SF Leased)
Frontage
620 FT on Milton
PROPERTY TAXES
| Parcel Number | RCHE-000201-000014 | Improvements Assessment | $242,000 |
| Land Assessment | $61,600 | Total Assessment | $303,600 |
PROPERTY TAXES
Parcel Number
RCHE-000201-000014
Land Assessment
$61,600
Improvements Assessment
$242,000
Total Assessment
$303,600
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287-289 Milton Rd
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