Catylist ID:
#1979241
133 Acres- mixed use site I-89 frontage
Vacant Land
for Sale
Sale Pending/Contingent
Also listed as Multi-Family, Office
| Catylist Listing ID: | 1979241 |
| Property Subtypes: | Multi-Family, Office, Residential (Single Family), Retail |
| Status: | Pending/Contingent |
| Gross Land Area: | 133 Acres |
| Sale Price: | $5,650,000 - 6,300,000 |
| Unit Price: | $42,481 - 47,368 Per Acre |
| Land Splits Available: | Yes |
| Adjacent Parcels Available: | Yes |
| Sale Terms: | Cash to Seller, Owner Financing, Other |
| Last Updated: | 4/15/2024 |
Overview / Comments
|
back up offers considered 133 acres zoned multi-family & office, with a retail component. mix of multi, townhome, freestanding at only $12,000 per unit. Potential over 500 units with PUD and density bonuses, plus up to 80,000 SF commercial with some limitations. The last remaining site of significant size and zoning in this hot corridor of Rt. 120 due to limited zoning. the only commercial site in market with Interstate frontage and visibility. Just 2 Miles to Dartmouth Medical Center and 3 business parks, hotels, etc. 5 Miles to Dartmouth College. The Upper Valley has long been known as a the most significant medical and biotech center in NE outside of Cambridge. Providing a recession proof, stable, and highly educated market. Further indicated by Forbes 2010 study “Lebanon is least vulnerable to recession in US for mid-size cities”. Strong housing demand demonstrated in several surveys. Dartmouth announces $130M, 200,000 SF hospital expansion, adding an additional 300 employees, on top of 1300 needed now, plus the ongoing college and town wide demand. Some historic significance. This site once produced bricks in large kilns, which remain. The best site amenities of any location in the market- 2000 ft. Interstate frontage, adj. to 2000 ac open space, clean 5 acre pond with outlet stream running through, across the street from schools, adjacent to downtown core area, various terrain for views of the pond and area hills, 1800’s brick kilns. Adequate utilities are at the site. Possible complimentary uses: park n ride, transportation hub/terminal for private and public lines (identified as best site in 2015 study), open space sharing with school, town, solar array, new city fire dept station and community center. . Some possibility of reconnecting Hanover St over I-89 replacing the pedestrian bridge to solve the bottle neck at the exit, enhancing the accessibility and uses (hotel site?). Under NHDOT study now. Some engineering available. 2019 phase one available. Low land cost in a high sale/rent market. No current use penalty provides a savings of 10% of the assessed value of the approved project. Offering flexible terms for phasing. see attached market study. 4 mo. absorption rate, Sales $375/sf, rents $2000+ |
Attachments & Media
Additional Details
| Nearest MSA: | Claremont-Lebanon |
| County: | Grafton |
| Submarket/Township: | Hanover/Lebanon |
| Submarket Type: | Suburban |
| Tax ID/APN: | 48-1,3,4 |
| Zoning: | OFFICE, SERVICE, RES, MULTI FAMILY, MEDICAL, NEIGHBORHOOD RETAIL |
| Market Type: | Medium |
| Property Located Between: | Lebanon and Hanover |
| Side of Street: | South |
| Road Type: | Highway |
| Property Visibility: | Excellent |
| Largest Nearby Street: | rt. 12a |
| Feet of Frontage: | 4,000 |
| Transportation: | Bus, Highway, Airport, Other |
| Highway Access: | 1/4 mile off ramp |
| Airports: | Lebanon regional |
| Site Description: | adj to high school, downtown core area and 2000 ac open space. |
| Area Description: | 2 miles to Dartmouth medical center. adj. to downtown core area., grade school and high school. adj. to open land of Dartmouth College- a popular hiking, biking recreation area. |
| Lot Frontage: | 600 |
| Zoning Description: | possible PURD allows cluster, additional uses (retail, larger offices) |
| Development Name: | Densmore Brickyard |
| Topography: | Rolling |
| Easements: | Electric Lines |
| Easements Description: | elec easement recording not found. |
| Available Utilities: | Electric, Water, Cable, Broadband |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 4,377 | 15,081 | 29,129 |
| Median Age: | 37.27 | 38.82 | 37.37 |
| Households: | 2,199 | 6,890 | 11,695 |
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