RYE – The Rye Place commercial property, including the Inn at Rye Place and the two-story retail and office center, has been offered for sale in a package deal for $6.4 million.
The property, located at 150 Lafayette Road, was listed for sale on Thursday, Aug. 22, five years after the current owner, Rye Place Realty LLC, purchased the mall for $1.1 million, city records show.
Rye Place is home to the new SouthPort Kitchen + Bar, one of 16 tenants in the portfolio’s fully leased retail and office space. The property includes Nevaeh Salon, Diagnostic Ultrasound, Bella Intimates, Kane Insurance, Stitch and Stick, Kiley Law Group, among others, while The Inn at Rye Place offers 27 recently renovated boutique hotel rooms.
“The most important thing about this hotel is service, service, service and details, details, details,” says Tony Jalbert, principal broker at Tate & Foss Sotheby’s International Realty, touting the investment opportunity. “When an investor comes in, they don’t have to lift a finger. The property is turnkey.”
The 4.08-acre site, which dates back to 1790, was last valued by the city at $1,841,200, according to city land records. Rye Place has 104 parking spaces.
The property features a two-bedroom “caretaker’s quarters,” Rye Place’s listing says.
“It’s a classic situation where one owner manages the entire mall or there’s a manager on site,” Jalbert said.
New Hampshire business records show that the owner of Rye Place Realty LLC is Joseph Roy of Crown Home Sales. Rye Place’s listing states that since acquiring the property, the current owners have invested over $2 million in the facility in the five years since it opened.
“They’re investors and they’re flipping properties,” Jalbert said of Rye Place’s current owners. “They both feel now is the right time to sell the property, and they’re leaving it with tremendous upside potential, but still offering an investor a good (capitalization) rate today.”
The capitalization rate for the property was set at about 8.6 percent, Jalbert said.
Parties wishing to learn more about Rye Place’s tenant agreements and financial information must sign a confidentiality agreement.
According to the Multiple Listings Service, taxes on the property in 2023 would be $15,778.86.
The property is the second commercial property in Rye to be offered for a seven-figure sum in recent weeks. On July 30, local hotelier Doug Palardy listed his retro Rye Motor Inn and Swimp Shop properties on Ocean Boulevard for sale for a comparable $6.5 million.
Other properties on site: “Candy Cottage” in Portsmouth’s South End is once again for sale at a significantly lower price
