169 Sunapee St
Newport, NH 03773
Industrial Property For Sale

The Newport Mills Development (the “Development”)is truly a one-of-a-kind property. It is strategically located directly on Routes 11 & 103 (Sunapee Street) in Newport New Hampshire. It lies 10-miles west of Route 89 (Exit 12) and approximately 35 minutes southwest of both Dartmouth University and The Dartmouth Hitchcock Medical Campus. Mount Sunapee State Park and ski area. Lake Sunapee ski and resort areas are only six-miles to the east. The Development is located within an Opportunity Zone. The main mill building has also been placed on The National Register of Historic Places. The developer has received both Part I & II Approvals from The National Park Service. The estimated value of Historic Tax Credits with the current building program, is $2.4 Million Dollars. The current Part II approval is for the mixed-use scenario. The main component is an existing 100,000 +/- square-foot mill building that has gone through a Multi-Million Dollar upgrade over the years, by the prior owner. This, has resulted in the mill structure being mostly restored to a pristine condition. There is also a small retail building located to the east of the mill on the same lot. This could be used as a future manager’s residence or even more apartments. The mill is situated directly on the Sugar River in Newport, NH. Originally, it was developed and approved as a mixed-use development. Subsequent to this, the developer repositioned the project and received approval for up to 70 units of workforce/affordable housing. The Town of Newport will be content with either development scenario. A Phase I Environmental Site Assessment was done in September of 2016, with no issues being found. The vast majority of demolition has been done to the mill. The Development has qualified for over $10 Million in Low Income Tax Credits and, favorable low interest rate gap financing provided by New Hampshire Housing. This, is in addition to the $2.4 Million in estimated Historic Tax Credits. Of added value, the Development was awarded a $500,000 Community Development Block Grant in conjunction with the current low-income housing development plan. The developer has also negotiated with The Town of Newport to have the Development qualify for a possible freeze of the current real estate tax assessment at current levels, for 5-years or more (NH RSA-79-E). The estimated value of this is approximately$500,000. The Development was previously approved for a mixed-use consisting of 48- units of Senior Housing (independent Living), a restaurant and function center and approximately 10,000 square feet of medical office space. These prior approvals can be easily reinstated. There are also two operating hydro generation facilities that are physically a part of the mill. The annual gross annual income for these is approximately $160,000. These facilities will be sold separately or, can be worked into the deal as an addition to the purchase price. The same holds true for a 64-unit, fully approved, to-be-built, self-storage site located on an abutting lot, directly to the west–southwest of the main mill. Conceptual floor plans available for both of the main mill development scenarios. All due diligence material can be released with the signing of the Confidentiality Agreement provided by Seller. Broker is a managing Member of the ownership entity.