$5,495,000 $105 per sq.ft. Rye NH »

Price Change! Reduced by $905,000 down 16% on November 29th 2024
Available Sq.Ft. 0   Zoned COM Prop Type Business w/ Real Estate,Free Standing Building,Lodging,Office Building,Retail Strip,Shopping Mall,Storefront
List Date Thursday Aug 22, 2024
Description: Tate and Foss Sothebys International Realty is pleased to present to qualified investors and owner-users, the outstanding opportunity to acquire Rye Place (Property), located at 150 Lafayette Road, Rye, New Hampshire, delivered fee simple and unencumbered by any brand affiliation. The subject property is a mixed use 27 key, two story boutique hotel with a 2-bedroom caretakers quarters and a two-story,16 unit retail/office mall, anchored by a newly opened restaurant.The Property, built in approx. 1790, sits on a 4.08-acre parcel with 52,507 square feet under roof and 104 parking places with excellent visibility and access coming from the north or south. Current ownership committed over $2,000,000 in capital improvements, completing a major renovation to the hotel and mall as part of a property improvement plan. Inn at Rye Place is operated seasonally from May 1 through October 30, with a tremendous upside to increase revenue on a year round basis. Permit in place to operate year round. The investment opportunity is being offered with pricing guidance at $5,495,000 which translates into a robust cap rate of 10.5% indicating an excellent potential for income generation. Tenant leases and financial information for existing retail spaces and hotel will be provided upon execution of a Non-disclosure Agreement. Rye Place is conveniently located to downtown Portsmouth NH, Boston, MA and Portland ME. See MLS Property & Listing Details & 21 images.