Corner Office Building with
For Sale
$925,000
116 Lowell St, Manchester, NH 03104
Downtown professional office asset with on-site parking and a proposed leaseback arrangement.
Property Size6,974 SF
Days on Market8
Property Features for 116 Lowell St
General Information
Standard status
Active
Size
6,974 SF
Property subtype
Commercial
Building Details
Building Size
6,974 SF
Year Built
1890
Listing Agency:
KW Commercial, NH
(603) 232-8282
Listed By:
Krissy LaPorte · License #085144,NH
(603) 232-8282
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 20 at 10:20AM
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 KW Commercial, NH
Investment Insights
Based on property information with market context.
Built in 1890, this office building occupies a corner lot at 116 Lowell St in downtown Manchester. The property includes on-site parking and a layout suited to continued professional office use, with the source information also identifying owner occupancy and possible residential or mixed-use redevelopment as potential directions.
The current owner is willing to lease back most of the building until relocating. That arrangement could provide interim occupancy while an owner-user takes space within the property or evaluates longer-term plans. The location has a Walk Score of 83 and a Bike Score of 62, supporting pedestrian and bicycle access within the downtown setting.
The current owner is willing to lease back most of the building until relocating. That arrangement could provide interim occupancy while an owner-user takes space within the property or evaluates longer-term plans. The location has a Walk Score of 83 and a Bike Score of 62, supporting pedestrian and bicycle access within the downtown setting.
Key Highlights
- 1890‑built office building on a corner lot
- On‑site parking included
- Owner willing to lease back most of the building until relocation
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
$57,363
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
6.20%
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%
$1,147,260
$1.1M
Cap Rate 7%
$819,471
$819.5K
Cap Rate 9%
$637,367
$637.4K
Market Conditions
NOI Build-Up for 6,974 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
$85.4K $12.24/SF
− Vacancy
−$8.9K −$1.27/SF
EGI
$76.5K $10.97/SF
− OpEx
−$19.1K −$2.74/SF
NOI
$57.4K $8.23/SF
Area
Manchester, NH
Vacancy
10.40%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
25.00%
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%
$1,147,260
Cap Rate 7%
$819,471
Cap Rate 9%
$637,367
Alternative Uses
Best Use
Office B
$819.5K
$717.0K – $956.1K
NOI $57,363 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.71M
$1.50M – $2.00M
NOI $119,883 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,495
Businesses Nearby
Explore this area
Business Placement
Demographics for 03104, NH
34,324
Population
15,715
Households
2.2
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
8.3 sq mi
ZIP Area
4,135
Density / Sq Mi
$84,513
Median Household Income
$48,513
Median Earnings
$1,455
Median Rent
$364,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Downtown professional office asset with on-site parking and a proposed leaseback arrangement.
Where is this office building located?
The property is located at 116 Lowell St Manchester, NH.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 1890‑built office building on a corner lot; On‑site parking included; Owner willing to lease back most of the building until relocation
