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2 Depot St 11,658 SF 100% Leased Retail Building Pittsfield, NH 03263 $479,900 ($41.16/SF) 13.50% Cap Rate
Executive Summary
Investors, look no further for a deal of a lifetime. This large 5-unit property offers 6,769 SF of finished space with a cap rate exceeding 13.5%, along with potential for additional units through subdivision of the commercial spaces or expansion of the existing layouts. A current storage area also presents the opportunity for conversion into an additional unit. The interior residential units are well maintained with solid long term tenants. In the past 3 years, the largest unit has been updated throughout, featuring a renovated kitchen with beautiful granite countertops, stainless steel appliances, and newer flooring. The bathrooms have also been remodeled with updated tubs and vanities. The smaller one-bedroom unit offers a cozy layout and has seen updates as well, including new carpeting, along with improvements to the kitchen and bathroom. The property’s large footprint offers the potential for 6+ additional residential units through conversion of the commercial spaces, along with the possibility of 5+ more units in the unfinished attic — creating the opportunity for an intriguing combined 15+ unit building. Parking would be needed as required by the town for the increased units but that can be fulfilled with the sale of the property across the street that can be purchased as a package (MLS # 5088311). Other updates include a young roof and a young highly efficient Buderus boiler. Located in the heart of downtown Pittsfield, tenants enjoy walkable access to shops, restaurants, and everyday conveniences in a true small-town setting. Nearby Drake Field offers outdoor recreation along the Suncook River with trails, fields, and courts. Commuting is also convenient, with Concord under 30 minutes away and Boston & Portsmouth less than an hour.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
11,658 SF
Building Class
C
Year Built
1871
Price
$479,900
Price Per SF
$41.16
Cap Rate
13.50%
NOI
$64,787
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Slab To Slab
9’
Building FAR
1.49
Lot Size
0.18 AC
Zoning
COMMER
Frontage
71’ on Depot St
Fairly walkable
40/100
Very drivable
80/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | PTFD-000003-000000-000109-U000000 | Improvements Assessment | $334,000 |
| Land Assessment | $90,100 | Total Assessment | $424,100 |
Property Taxes
Parcel Number
PTFD-000003-000000-000109-U000000
Land Assessment
$90,100
Improvements Assessment
$334,000
Total Assessment
$424,100
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2 Depot St