RY E P L A C E
Tate & Foss Sotheby's 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 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 November 30 Permit in place to operate on a year-round basis. The investment opportunity is being offered with pricing guidance at $6,400,000, which translates into a robust cap rate of 8.6% 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 near downtown Portsmouth NH, Boston, MA and Portland ME.
PROPERTY DETAILS
PROPERTY: RYEPLACE
SUB LOCATIONS: INN AT RYEPLACE| RYEPLACEMALL
OWNER: RYEPLACEREALTY,LLC
ADDRESS: 150 LAFAYETTEROAD,RYENH
BOOK: 6087 | PAGE1690
2023 ASSESSED VALUE: $1,841,200
2023 PROPERTY TAXES: $15,779
ZONING: COMMERCIAL
PROPERTYTYPES: HOSPITALITY, RETAIL & OFFICE
SQUARE FOOTAGE: 52,507
ACREAGE: 4.08
INN AT RYE PLACE: 27 KEYS
RYE PLACE MALL: 16 RETAIL | OFFICEUNITS
PROPERTYSTATUS: 100% LEASED
OPEN FROM MAY 1ST - DECEMBER 31ST
BOUTIQUE SIZE WITH PERSONAL APPEAL
THE INN AT RYE PLACE OFFERS 27 NON-SMOKING GUEST ROOMS THAT WERE UPDATED IN 2001AND BOAST CUSTOM-DESIGNED FURNITURE AND FIXTURES, WOOD FLOORS, A SERENE COLOR PALETTE AND A CONTEMPORARY FLARE. EACH ROOM IS OUTFITTED SINGLE OR DOUBLE BEDS, WITH ESSENTIAL AMENITIES THAT INCLUDE FREE WIFI, 50" SAMSUNG TV, MICROWAVE, IRON BOARD, AND COMPLIMENTARY TOILETRIES, COFFEE, TEA, WATER AND A GRAB AND GO BREAKFAST ON SITELAUNDRY AND VENDING IS AVAILABLE 2023
POTENTIAL ROOM NIGHTS: 4,860
ACTUAL ROOM NIGHTS: 1,642
OCCUPANCY RATE: 34%
ADR: $80
REVPAR: $74
MALL AT RYE PLACE
THE MALL AT RYE PLACE, IS 100% LEASED WITH A MIX USE OFRETAIL AND OFFICE SPACE. THE MA THAT HAVE BEEN RECENTLY RENOVATED THROUGH A COMBINATION OFLANDLORD AND TENANT VARIETY OFBUSINESS INCLUDING A SOUTHPORT KITCHEN AND BAR, BELLA CLOTHING STORE, NE INSURANCEAND CAPITAL ADVISOR. ALL LEASES ARE MODIFIED GROSS.
ALL COMPRISES A TOTAL OF16 UNITS CONTRIBUTION. BOTH LEVELS OFFER A EVAEH SALON, STUDIO 7 FITNESS, KANE
