Approved Apartment Development Project
Vacant Land
for Sale
Also listed as Multi-Family
| Catylist Listing ID: |
30844461 |
| Property Subtypes: |
Multi-Family
|
| Gross Land Area: |
8.40 Acres
|
| Sale Price: |
$1,275,000 |
| Unit Price: |
$151,785 Per Acre |
| In Opportunity Zone? |
Yes |
| Sale Terms: |
Cash to Seller |
| Last Updated: |
4/25/2024 |
Overview / Comments
|
The proposed apartment building will be situated to overlook the dam, seasonal mill pond and rapids. Four levels of the apartments will be on the brook side and 3 levels of the apartments will be on the parking lot side. The fourth level located below grade on the parking lot side is intended for 5 large rooms that can be set up with storage cages for rental to tenants. The proposed building will have 34 two bedroom and 18 one bedroom apartments. Property finishes and a range of amenities will be tailored to meet the needs of mid-to-upper tier tenants. This advantageous location not only provides stunning natural surroundings, but also ensures commuting convenience for residents. The site is situated within the Designated Opportunity Zone.
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Financials
| Finance Data Year |
2023 |
| Real Estate Taxes - Annual($) |
$4,578 (Annual) |
Additional Details
| Nearest MSA: |
Boston-Cambridge-Newton |
| County: |
Strafford |
| Tax ID/APN: |
0137-0035-0001 |
| Zoning: |
HC |
| Property Located Between: |
Spaulding Turnpike, Exit 12 |
| Largest Nearby Street: |
Spaulding Turnpike |
| Feet of Frontage: |
1,300 |
| Highway Access: |
Spaulding Turnpike |
| Site Description: |
The 8.4 acre site lies right off the Spaulding, but is separated by a 60' no cut zone owned by the Spaulding Turnpike and the land is downhill so the turnpike sound is not a problem. It is bounded on two sides by Axe Handle Brook and a beautiful early 1800's granite dam and mill pond. The stream is year round with a waterfall over the dam and rapids downstream much of the year. It will have 104 parking spaces onsite and walking/jogging trails along the stream and through the woods. |
| Area Description: |
Rochester is experiencing the gentrification that Portsmouth had a few decades ago and Dover after that. Both of those cities are substantially built out and much of the new construction is raze and rebuild. Rochester has the largest land area, downtown is in the process of dramatic improvements, and there is an acute shortage of housing.
Located a minute off exit 12 of the Spaulding Turnpike/Rt 16 serving Dover (7 minutes), Portsmouth (20 minutes) and Boston (1 hour, 15 minutes) to the south and the Lakes Region and Maine to the north and east, Wadleigh Road connects to Rt 125 serving points toward Plaistow/Haverhill to the south and downtown Rochester to the North (1 mile). Dover and Portsmouth rents and availability will make this a very attractive property at/or 100-200 below their rents.
The City of Rochester is business-friendly and willing to help find creative solutions for businesses and organizations looking to relocate and/or grow. The city, which includes the communities of East Rochester and Gonic, is home to six economic revitalization zones (ERZs) where businesses can earn tax credits for qualified capital investments that generate full-time employment. |
| Lot Frontage: |
1,283 |
| Part of Planned Development?: |
Yes |
| Development Name: |
Wadleigh Road Apartments |
| Topography: |
Other |
| Available Utilities: |
Electric, Water, Sewer |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
4,181 |
27,068 |
47,280 |
| Median Age: |
36.26 |
40.59 |
40.78 |
| Households: |
1,745 |
11,252 |
18,833 |
|
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The information presented herein is provided as is, without warranty of any kind.
Neither New England Commercial Property Exchange nor
Moody's assume any liability for errors or omissions.
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