281 Second Nh Turnpike is aretail property for lease in Hillsborough, NH.
Established Convenience Store conveniently located at the intersection of Second NH Turnpike and NH Route 9 in Hillsborough, NH. on .07 acres of land with ample parking for 38+- cars, building 3,917 SF +-. Business grossing $451,000.00 per annum. Land and building assessed for $289,000. One bedroom apartment above store.
The site had gas tanks years ago prior to 1977 and is grandfathered by the Town, Town has approved plans for new island 2 pumps, 4 sides including diesel. 250 ft rule setback to water exempt does not apply. Applying to state for final approvals in next few weeks.
The site is clean have documentation from regulatory authorities.
In addition to purchase price, new owner will have to bear the cost of
New artesian well have quote for 15,000 high end.
New septic should be installed have quote for 5,419.00
C store structure, two story has apartment, storage upstairs and full basement for storage. To keep grandfather status this will not be a tear down, the store face will need cosmetic work, the roof new membrane 6 years ago and new metal roof 6 months ago.
Depending on financial strength of new ownership, current owner has proposal from major oil company for gas. In possession of written proposal for installation of tanks, island canopy, 2 pumps, quoted at 375,000. Owner to contribute up front 80,000, the remainder 275,000 financed by oil company, 20 year amortization at 7%. 10 year gas contract 1Cent over rack branded, 2 cents unbranded.
This quote gets the tanks in canopy site work, engineering approvals, etc.,
Quote does not include paving, have quote for 18,000
Or Fire suppression system, if required cost estimate 20,000 yet to be determined if will be a requirement by town.
Gas contract nets to owner 21 cents per gallon.
C store currently grossing 450,000 per year, with addition of pumps oil company estimates and additional 225,000 in revenue annually to gross, gas estimate year one 650,000 gal net 21 cents net revenue year one gas 136,500. gross c store income year one $675,000 total combined income 811, 500.00 year one. See projections attached
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