Development Opportunity in Downtown Concord

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 29848800
Property Subtypes: Multi-Family, Office, Retail, Other
Status: Pending
Gross Land Area: 0.74 Acres
Sale Price: $1,600,000
Unit Price: $2,162,162 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/17/2019

Overview / Comments

REDEVELOPMENT OPPORTUNITY– This property consists of a 0.74+/- acre lot featuring a 22,780+/- SF office building constructed in 1927/1958 and a 75 space parking lot. The site is comprised of 2 lots of record. The City desires to sell the property for redevelopment. It would be the City’s preference to have the existing building demolished and replaced with a new mixed use building featuring ground floor retail, restaurant, and service uses with market rate housing on the upper floors. The property is in the heart of the City’s downtown central business district within walking distance to the State House, Capitol Center for the Arts, Red River Theatres, a 516 space public parking garage, a grocery store, and dozens of restaurants and niche retail shops. The property is also located with a Tax Increment Finance (“TIF”) District and New Markets Tax Credit eligible Census Tract. The City is prepared to re-zone to CBP - Central Business Performance to facilitate redevelopment of the property into its highest and best use. Note: The property is being offered as raw land for redevelopment as it is the City's desire to have the property achieve its highest and best use. The existing building does not achieve the highest and best use of the property.

Additional Details

Nearest MSA: Concord
County: Merrimack
Tax ID/APN: CNCD-000034-000003-000003
Zoning: CU - URBAN COMMERCIAL
Market Type: Medium
Property Located Between: Fayette St and Thompson St
Side of Street: North
Road Type: Paved
Property Visibility: Excellent
Largest Nearby Street: Pleasant St
Traffic/Vehicle Count: 13,000
Transportation: Bus, Highway, Airport, Taxi, Other
Highway Access: Interstates: 93, 393 and 89.
Site Description: This property consists of a 0.74+/- acre lot featuring a 22,780+/- SF office building.
Available Utilities: Electric, Water, Gas, Sewer

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,131 26,966 52,189
Median Age: 37.13 39.22 40.02
Households: 4,231 11,285 21,043

Contact

Photograph of Listing Agent

Judy Niles-Simmons

NAI Norwood Group NECPE Member
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