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    Prime Development Land on Broadway Title is generated by Realmo AI

    42 North Broadway Route 28, Salem, NH

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    1.25-acre development land suitable for retail or office use.

    Type:LAND
    Property size:
    54,450 SF
    Lot size:
    1.29 Acres
    Price / SF:
    $36/SF
    Added:
    Oct 17, 2023
    Days on Market:
    963
    Last Refresh:
    May 20 at 8:25 pm

    Property Features for 42 North Broadway Route 28

    General Information

    Standard status
    Active
    Size
    54,450 SF
    Lot size
    1.29 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Harry Shea

    Listing agent Harry Shea

    Listing office Shea Commercial Properties

    Listing date Oct 17, 2023

    Source Moodyscre

    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 Shea Commercial Properties

    HighLights

    • Prime location on North Broadway (Route 28) with high visibility and walk‑in traffic potential.
    • Convenient access to I‑93, Exit 1 and Exit 2.
    • Zoned Commercial District "CIB" allowing for a wide range of uses including retail, offices, and restaurants.
    • Depot Village Overlay District provides Planning Board authority to modify zoning restrictions for development.
    • Suitable for mixed‑use developments with retail, office, and/or residential components.
    • Permitted uses include senior housing and assisted living options.

    Overview

    This 1.25-acre (approximately 54,450 square feet) development land is located on North Broadway (Route 28). The site benefits from its convenient access to I-93, Exit 1 and Exit 2. The location and exposure are well-suited for retail or professional office use, particularly businesses that require high visibility and walk-in traffic. Zoned Commercial District "CIB", permitted uses include general retail stores, banks, business and professional offices, restaurants, and personal service shops. The property is also located within the "Depot Village Overlay District," where the Planning Board has the authority to modify underlying zoning restrictions to facilitate development. Mixed-use developments with retail on the first floor and office or residential space above are permitted, subject to additional restrictions. Senior housing is allowed as a mixed-use development with a maximum density of twelve units per acre. Senior housing and assisted living facilities are also permitted at a density of no more than twelve units per acre. Business and professional offices, including medical offices, are allowed up to 15,000 square feet per building. Note that any existing building on the site will be taken down.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Salem
    County
    Rockingham
    State
    New Hampshire
    Longitude
    -71.2199
    Latitude
    42.7902

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    FAQs

    What type of property is this?
    Land - 1.25-acre development land suitable for retail or office use.
    Where is this land located?
    The property is located at 42 North Broadway Route 28 Salem, NH.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: Prime location on North Broadway (Route 28) with high visibility and walk‑in traffic potential.; Convenient access to I‑93, Exit 1 and Exit 2.; Zoned Commercial District "CIB" allowing for a wide range of uses including retail, offices, and restaurants.
    (603) 490-5859 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Harry Shea
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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