Portsmouth Landmark Building

Retail-Commercial for Sale
Catylist Listing ID: 30721666
Property Subtypes: Mixed Use, Restaurant
Building Size (RSF): 12,523 SF
Gross Building Area: See Agent
Gross Land Area: 0.13 Acres
Sale Price: $3,350,000
Unit Price: $267.51 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 61
Last Updated: 12/2/2021

Overview / Comments

Hard-to-find real estate on the Southern New Hampshire coast, in downtown Portsmouth. The tenant on the first floor is a restaurant, which has a great reputation and a strong following amongst locals and tourists alike. It also has a strong lease with good increases in the terms and has been strong through the pandemic.

The property underwent extensive renovations in 2014-2016, with over $1,500,000 invested. The first floor has all new electrical, mechanical, and sprinklers.

The first & second floors are leased to the La Carreta restaurant, a spacious community gathering hot spot in downtown Portsmouth with substantial outside seating. They have stayed very busy even during the pandemic.

The third floor is wide open with exposed brick walls and is ready for you to work with the architect of your choice to create apartments, condo units or office space, the possibilities are prime. The lower level has substantial space available to be renovated and leased. It has two egress points.

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Rockingham
Tax ID/APN: 0126-001A-0000
Zoning: CD5
Retail Clientele: General, Family, Business, Traveler, Tourist, Convention, Other
Property Located Between: Next to Portwalk
Property Visibility: Excellent
Largest Nearby Street: Maplewood
Feet of Frontage: 110
Highway Access: Quarter mile, via Maplewood Ave or Market Street extension
Airports: Pease Tradeport
Site Description: The property is located in the dynamic and very popular downtown of Portsmouth, NH. Located with access on the Vaughn Mall, and Hanover St, it is immediately adjacent to the Portwalk Project. There are three hotels within a stones throw, and multiple restaurants adjacent to the property. The old Cabot House building next to this property, is currently undergoing not just a renovation, but a transformation.
Area Description: In the Vaughan Mall area the directly abutting property is currently undergoing massive renovation and will become one of the bright spots of Downtown Portsmouth. It provides an outdoor mall where several restaurants have outdoor seating.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Excellent
Year Built: 1850
Year Renovated: 2016
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Brick Exterior, several awnings on windows.
Parking Type: Surface
Parking Description: Public parking is conveniently located one building away and the city parking garage (Hanover St) is within a one minute walk.
Sprinklers: Wet
Heat Type: Propane
Heat Source: Central
Air Conditioning: Other
Internet Access: Cable
Interior Description: First and second floors renovated to a high end finish. The upper level is unfinished as is a larger portion of the lower level. This area has two ingress and egress points and has available outdoor windows.
Zoning Description: Downtown
Lot Frontage: 80
Water Service: Municipal
Sewer Type: Municipal
Easements Description: Landing pad for secondary egress from secondary floor easement on abutting property.
Legal Description: 4814/563

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,713 26,118 45,500
Median Age: 40.73 42.16 42.84
Households: 5,116 12,383 20,592
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