Multifamily or Commercial Site

Office for Sale
Sale Pending/Contingent
Catylist Listing ID: 30673277
Property Subtypes: Office Building, Other
Status: Pending/Contingent
Building Size (RSF): 13,362 SF
Gross Land Area: 21.50 Acres
Sale Price: $3,670,000
Unit Price: $274.66 PSF
Property Use Type: Vacant/Owner-User
Building Name: iHeartMedia
Class of Space: Class B
Usable Size (USF): 13,362 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/10/2021

Overview / Comments

We are pleased to present a 13,362± SF office building, currently fit-up as a radio station with administrative offices, on 21.50± acres for sale on busy Lafayette Road with an estimated traffic count of 23,000± VPD per NHDOT 2019. Great redevelopment opportunity with 3.7± acres of developable uplands and potential uses including a car dealership, housing development, medical building, recreation complex, and more. The Gateway Corridor Zone allows for many uses including multifamily, commercial recreation/fitness club, office and/or medical office, shopping center, and restaurant. Property includes 2 towers, a 492’ broadcast tower and a 217’ radio tower. The broadcast tower’s leasehold value has been sold and there is no revenue from the radio tower. There is a maintenance easement for the towers and most of the driveway is within the easement. A double sided billboard on Route 1 is included in the sale and has an annual net operating income of approximately $66,000. Excellent location on a thriving commercial corridor within close proximity to downtown Portsmouth and I-95.

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Rockingham
Taxing Authority: City of Portsmouth
Tax ID/APN: Map 245, Lots 3 & 4
Zoning: GATEWAY CORRIDOR
Property Located Between: Mirona Road and Lafayette Plaza Shopping Center
Property Visibility: Good
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1962
Year Renovated: 2001
Roof Type: Gable
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Original building was constructed in 1962, then added to in 2001. Exterior is a combination of vinyl and brick siding.
Parking Ratio: 3.5 (per 1000 SF)
Parking Type: Surface
Parking Description: Generous surface parking lots in front and back of building
Total Parking Spaces: 47
Passenger Elevators: 1
Heat Type: Natural Gas, Hot Water
Air Conditioning: Engineered System
Internet Access: Cable
Zoning Description: The purpose of this district is to facilitate a broad range of housing types together with compatible commercial, fabrication, and civic uses in a high-quality pedestrian environment with moderate to high density. Permitted uses include but are not limited to single and multifamily dwellings, health clubs, office, medical office, personal services, retail, shopping center, restaurant and bar.
Lot Frontage: 247
Water Service: Municipal
Sewer Type: Septic
Easements: Other
Easements Description: Maintenance easement. See Deed
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,227 29,332 43,541
Median Age: 43.71 41.56 43.17
Households: 1,709 13,714 19,768

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