Development Opportunity-South Main St, Concord NH

Retail-Commercial for Sale
Catylist Listing ID: 30709667
Property Subtypes: Mixed Use, Restaurant, Retail-Pad, Service Station/Gas Station, Street Retail, Other
Building Size (RSF): 12,509 SF
Gross Building Area: See Agent
Gross Land Area: 0.67 Acres
Sale Price: $1,295,000
Unit Price: $103.53 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/4/2021

Overview / Comments

The location and access to I 93 and central downtown make this offering prime for redevelopment. The property is made up of 4 lots totaling 0.67 acres on So Main St and Sexton Ave, just off Exit 13 of I 93 and the intersection of S Main and Storrs St. In addition to the 4 lots, there are adjacent parcels owned by the City of Concord and the State of NH that could possibly be available for sale to add 1.07 acres to the project.

There are four residential/commercial buildings on the site. A music school, located at 113 S Main St has a lease that expires in fall of 2022. 111 S Main St has 2 residential tenants and one retail tenant, 113 R S Main St is a duplex occupied entirely by one family, and 4-6 Sexton is a 3 unit with the 2 of the 3 units occupied. All of these tenants are tenants at will.

The property abuts Dunkin Donuts and D'Angelo's. McDonald's, Goodyear Tire, Aubuchon Hardware, Amish Homestead, and Ledyard Bank are across the street. In addition to the commercial and retail development in the area, there is a dense residential population within walking distance to the location.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $32,466 (Annual)

Additional Details

Nearest MSA: Concord
County: Merrimack
Tax ID/APN: 1565/1560/1567/1563
Zoning: CU-URBAN COMMERCIAL
Retail Clientele: General, Family, Business, Traveler, Tourist, Other
Property Located Between: S Main St and Storrs St, east side of street heading north from Exit13 of I93
Property Visibility: Excellent
Largest Nearby Street: S Main Sst
Feet of Frontage: 170
Traffic/Vehicle Count: 22,000
Highway Access: From Exit 13, I 93 N head to downtown Concord on Water St to S Main St. Property is immediately on the right just past Dunkin Donuts. The property can be easily accessed from the north from Exit 14 or 15 via Storrs St.
Airports: Manchester, Concord, Boston
Site Description: The site is made up of 4 lots owned by one entity that total 0.67 acres. The property is flat and has considerable frontage on S Main St. The lots included are 4-6 Sexton, 111 S Main St, 113 and 113 R S Main St. The City of Concord owns a parcel (0/40 acres) adjacent to these as well as Sexton Ave. The State of NH owns two parcels (0.41 and 0.26 acres) directly next to the City's lot.
Area Description: The area is a gateway to the city of Concord where many approach downtown from I 93 and I 89. S Main St is a 4-lane road with a center turning lane. Tge intersection of S Main St and Storrs St is a 4-way signalized intersection. The number of vehicles per day is 22,000. It is positioned in the middle of numerous restaurants and retailers as well as in close proximity to densely populated neighborhoods..
Tenancy: Multiple Tenants
Total Number of Buildings: 4
Number of Stories: 2
Property Condition: Average
Year Built: 1900
Roof Type: Gable
Construction/Siding: Vinyl Siding
Exterior Description: There are four buildings on the site. One is retail, a second a mix of retail and residential and two that are 100% residential.
Parking Type: Surface
Parking Description: There is room for on street parking on S Main St and on site parking as well for the tenants of the four buildings.
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Zoning Description: CU - Urban Commercial Permited uses: Multi-Family, Theaters, Fitness Centers, Service Stores, Healthcare Offices, Professional Offices, Hotels, Restaurants up to 5000sf, Restaurants drive through, Gasoline Sales (CU), Outside Merchandise Sales, Assisted Living, Post Secondary School
Lot Frontage: 170
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,579 26,966 52,948
Median Age: 38.61 39.22 40.07
Households: 4,400 11,285 21,398

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