Building Details

Building Size 53,200 SF

Year Built 1988

Buildings 2

Tenancy Multi

Listing Agency: Coldwell Banker Realty Bedford NH a***@sperrycga.com Show Phone

Listed By: Alexander Berube · License #NH #078922

Source: Sperrycga

Added: Jul 25 Changed: Aug 30 Last Checked: Aug 31 at 2:38PM

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Investment Insights

Based on property information with market context.

This industrial property comprises 38 individually condomized, fee-simple units distributed across two buildings. The asset is fully leased to 12 tenants and has received extensive recent capital improvements. Each building is equipped with 1,200-amp, 120/208V electrical service, while dual curb cuts support site circulation and access. Ample on-site parking is also provided.

Located at 10 Dunklee Road in Bow, NH, the property sits between Manchester and Concord. Regional connectivity includes Route 101, I-89, and I-93, with access to Boston, Maine, and Vermont within an hour. The combination of multiple condominium units, established tenancy, building improvements, and transportation access supports a range of industrial ownership and occupancy needs.

Key Highlights

• 38 individually condomized, fee‑simple industrial units across 2 buildings
• 100% leased to 12 different tenants
• 1,200‑amp, 120/208V electrical service in each building

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$490,042

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

7.00%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$9,800,840 $9.8M

Cap Rate 7%

$7,000,600 $7.0M

Cap Rate 9%

$5,444,911 $5.4M

Market Conditions

NOI Build-Up for 53,200 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$619.2K $11.64/SF

− Vacancy

−$42.7K −$0.80/SF

EGI

$576.5K $10.84/SF

− OpEx

−$86.5K −$1.63/SF

NOI

$490.0K $9.21/SF

Area

Merrimack County, NH

Vacancy

6.90%

Lease Rate

$11.64 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$9,800,840

Cap Rate 7%

$7,000,600

Cap Rate 9%

$5,444,911

Alternative Uses

Best Use

Warehouse

$7.00M

$6.13M – $8.17M (±1% cap)

NOI $490,042 @ 7.0% cap · market cap 7.00%

Second Best

Industrial

$5.77M

$5.04M – $6.73M (±1% cap)

NOI $403,564 @ 7.0% cap · market cap 5.77%

Theoretical Best

Office A

$13.85M

$12.12M – $16.16M (±1% cap)

NOI $969,653 @ 7.0% cap · market cap 13.85%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

1031 exchange properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Dental Office Florist Electrical Service Grocery & Convenience Store Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

146

Businesses Nearby

Explore this area Business Placement

Demographics for 03304, NH

8,229

Population

2,906

Households

2.8

Avg Household Size

43

Median Age

61%

College-Educated

98%

High-School Grad

28.2 sq mi

ZIP Area

292

Density / Sq Mi

$161,482

Median Household Income

$72,356

Median Earnings

$1,465

Median Rent

$443,700

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Industrial property - Two-building commercial complex with full occupancy, recent capital improvements, and substantial electrical capacity.

Where is this industrial property located?

The property is located at 10 Dunklee Road Bow, NH.

What is the asking price?

The asking price for this property is $7,000,000.

What are key features of this property?

This property features: 38 individually condomized, fee‑simple industrial units across 2 buildings; 100% leased to 12 different tenants; 1,200‑amp, 120/208V electrical service in each building