Industrial Warehouse With Outdoor
For Sale
$6,800,000
107 Sheep Davis Rd, Pembroke, NH 03275
Multi-tenant industrial facility combining drive-in service with cleared land for outdoor storage operations.
Property Size51,102 SF
Lot Size10.45 Acres
Price / SF$133.07
Days on Market33
Property Features for 107 Sheep Davis Rd
General Information
Standard status
Active
Size
51,102 SF
Lot size
10.45 Acres
Property subtype
Warehouse
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Additional Details
Cap Rate
7.67%
Clear Height
33 ft
Amenities
STRATEGIC INDUSTRIAL LOCATION | SEVEN MINUTES FROM I-93 | FOUR MILES FROM CONCORD MUNICIPAL AIRPORT | MULTI-TENANT INDUSTRIAL OUTDOOR STORAGE ASSET | 51,106 SF ON 10.45 ACRES
PRICED BELOW REPLACEMENT COST AT $133.06/SF | STABLE CASH FLOW WITH IOS LEASING UPSIDE | FUNCTIONAL FLEXIBILITY | 14' TO 33' CEILING HEIGHTS
MULTIPLE BUILDINGS APPEAL TO A BROAD RANGE OF INDUSTRIAL USERS | DOUBLE DIGIT YIELD POTENTIAL | 1 ACRE OF IOS VACANT CREATES IMMEDIATE UPSIDE POTENTIAL
Building Details
Building Size
51,102 SF
Year Built
1985
Buildings
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Boston
(617) 896-7218
Listed By:
Mattias Edenkrans · License #License(s): MA: 9583516
(617) 896-7218
Source:
Marcusmillichap
Added: Jul 30
Changed: Aug 30
Last Checked: Aug 30 at 1:25PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Boston
Investment Insights
Based on property information with market context.
This multi-tenant warehouse property combines an industrial building with approximately six acres of cleared outdoor storage land. Clear heights range from 14 to 33 feet, and the building is served entirely by drive-in access. The improvements were constructed in 1985 and occupy a 10.45-acre site.
The property is located at 107 Sheep Davis Rd in Pembroke, New Hampshire, adjacent to Concord. Its position between Interstate 93 and Interstate 393 provides connections to U.S. Route 3 and Route 4, supporting regional movement across New Hampshire and northern Massachusetts. The combination of enclosed warehouse space and dedicated outdoor storage acreage accommodates a range of industrial operating requirements.
The property is located at 107 Sheep Davis Rd in Pembroke, New Hampshire, adjacent to Concord. Its position between Interstate 93 and Interstate 393 provides connections to U.S. Route 3 and Route 4, supporting regional movement across New Hampshire and northern Massachusetts. The combination of enclosed warehouse space and dedicated outdoor storage acreage accommodates a range of industrial operating requirements.
Key Highlights
- 10.45‑acre industrial property at 107 Sheep Davis Rd, Pembroke, NH 03275
- Approximately six acres of cleared industrial outdoor storage land
- Warehouse clear heights range from 14‑33 feet
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
$470,717
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
6.92%
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%
$9,414,340
$9.4M
Cap Rate 7%
$6,724,529
$6.7M
Cap Rate 9%
$5,230,189
$5.2M
Market Conditions
NOI Build-Up for 51,102 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
$594.8K $11.64/SF
− Vacancy
−$41.0K −$0.80/SF
EGI
$553.8K $10.84/SF
− OpEx
−$83.1K −$1.63/SF
NOI
$470.7K $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%
$9,414,340
Cap Rate 7%
$6,724,529
Cap Rate 9%
$5,230,189
Alternative Uses
Best Use
Warehouse
$6.72M
$5.88M – $7.85M
NOI $470,717 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.31M
$11.64M – $15.52M
NOI $931,414 @ 7.0% cap · market cap 13.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
33 ft
Clear height
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 03275, NH
11,946
Population
4,739
Households
2.5
Avg Household Size
42
Median Age
25%
College-Educated
91%
High-School Grad
43.0 sq mi
ZIP Area
278
Density / Sq Mi
$84,776
Median Household Income
$43,850
Median Earnings
$1,258
Median Rent
$309,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Stop'n Store It — 26 Sheep Davis Rd, Pembroke, NH 03275
- Blu Box Portable Storage — 65 Sheep Davis Rd, Pembroke, NH 03275
- 106 Mini Storage — 344 Commerce Way, Pembroke, NH 03275
- RightSpace Self Storage — 714 Riverwood Dr, Pembroke, NH 03275
Frequently Asked Questions
What type of property is this?
Warehouse - Multi-tenant industrial facility combining drive-in service with cleared land for outdoor storage operations.
Where is this warehouse located?
The property is located at 107 Sheep Davis Rd Pembroke, NH.
What is the asking price?
The asking price for this property is $6,800,000.
What are key features of this property?
This property features: 10.45‑acre industrial property at 107 Sheep Davis Rd, Pembroke, NH 03275; Approximately six acres of cleared industrial outdoor storage land; Warehouse clear heights range from 14‑33 feet
