287-289 Milton Road, Rochester, NH, 03867 | $495,000

BACK ON MARKET due to financing. Previously under contract for significantly higher. $55, 000 price drop. Property price is already adjusted to reflect the work needed***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 10. 16% 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 with1700 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.

Features

  • Rooms: 12
  • Bedrooms: 4
  • Units: 2
  • Style: Cape,Multi-Family
  • Year Built: 1970
  • Heating: Oil,Hot Air
  • Cooling: Other
  • Basement: Full,Unfinished,Walkout
  • Approx Sq. Feet: 3,015
  • Acreage: 1.4
  • Lot Desc: Open
  • Elem. School: East Rochester School
  • Middle School: Rochester Middle School
  • High School: Spaulding High School
  • School District: Rochester
  • MLS#: 4955318
  • Website: https://www.raveis.com
    /prop/4955318/287289miltonroad_rochester_nh?source=qrflyer
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Listing courtesy of RE/MAX By The Bay   Phone: 603-431-1111
Listing Agent: Andy Yau

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287-289 Milton Road, Rochester, NH, 03867

$495,000

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

5/6 (30 Yr)
Adjustable Rate Conforming*
30 Year
Fixed-Rate Conforming
15 Year
Fixed-Rate Conforming
Loan Amount $396,000 $396,000 $396,000
Term 360 months 360 months 180 months
Initial Interest Rate** 7.375% 7.125% 6.125%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 7.474% 7.282% 6.412
Monthly Tax Payment N/A N/A N/A
H/O Insurance Payment $75 $75 $75
Initial Principal & Interest Pmt $2,735 $2,668 $3,368
Total Monthly Payment $2,810 $2,743 $3,443

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.