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828 Central Ave

Dover, NH 03820

$2,097,087

Bank For Sale  •  10,000 Sq Ft

Property Details

  • Property Type Bank
  • Total Building Size 10,000 Sq Ft
  • Lot Size 0.82 ac
  • Building Class B
  • Year Built 2018
  • Cap Rate 5.15 %
  • Tenancy Multiple
0 Transit Score
56 Walk Score

Description

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a ground-leased parcel occupied by a brand-new Newburyport Five Cents Savings Bank (“Newburyport Bank”) at 828 Central Avenue (Route 9) in Dover, NH (the “Property”). The Newburyport Bank ground lease has an initial 10-year term that commenced on August 1, 2018.

The stand-alone Newburyport Bank is located on a highly-visible pad at the signalized intersection of Central and Glenwood avenues along the area’s primary retail corridor. The Property sits prominently in front of Garrison Commons, a new retail development featuring ALDI Supermarket and an adjacent inline shopping plaza leased to Chipotle, Firehouse Subs and Sports Clips. The location further benefits from its proximity to the Wentworth-Douglass Hospital, a modern, 178- bed hospital (part of the Massachusetts General Hospital System) that serves as the regional hub for healthcare, and from its proximity to Dover’s largest employers, Liberty Mutual and Lincoln Financial Group, located on a corporate campus approximately 1.5 miles from the Property.

Highlights

The Newburyport Bank ground lease has an initial 10-year term followed by one, 10-year option and four, 5-year options.
The Newburyport Bank ground lease term commenced on August 1, 2018. The Property features new, modern exterior elevations and prominent signage.
The Tenant has invested approximately $2.5 million of their own capital into the Property, demonstrating their commitment to the location.
The Property sits in front of the new Garrison Commons shopping center and across from the Dover Crossing Shopping Center.
Over 56,109 people live within a 5-mile radius of the property with an average household income of over $86,767.
An average daily traffic count of over 20,333 vehicles pass the Property on Central Avenue.

Financial Summary (Actual)

Net Operating Income: $108,000 (2018)
Cap Rate: 5.15 %

Major Tenants

Tenant SF Occupied Lease End Date
Newburyport Five Cent Savings Bank 2,780 SF 7/31/2028

Amenities

  • Signalized Intersection
Robert Horvath 781-776-4003 Horvath & Tremblay
Robert Horvath 781-776-4003 Horvath & Tremblay