Building Details

Building Size 4,200 SF

Year Built 2004

Listing Agency: b***@usa.net Show Phone

Listed By: Bill Mouflouze Show Phone

Source: Elliman

Added: Nov 28, 2025 Changed: Aug 8 Last Checked: Aug 8 at 5:55AM

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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 Bill Mouflouze

Investment Insights

Based on property information with market context.

This 4,200 sq ft stand alone industrial metal building is a condominium located just off Rte 33, offering quick access to I-95. The property features a wide open setup with a small office and bath, complemented by ample parking. It benefits from a shared road and septic system, with town sewer services available at the street. The commercial zoning accommodates a variety of uses. Signage with good visibility facing Rte 33 is a possibility.

Key Highlights

• 4,200 sq ft stand alone industrial metal building condominium.
• Quick access to Rte 33 and I‑95.
• Commercial zoning allows lots of uses.

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

$48,138

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

5.38%

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%

$962,760 $962.8K

Cap Rate 7%

$687,686 $687.7K

Cap Rate 9%

$534,867 $534.9K

Market Conditions

NOI Build-Up for 4,200 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

$79.6K $18.96/SF

− Vacancy

−$5.6K −$1.33/SF

EGI

$74.1K $17.63/SF

− OpEx

−$25.9K −$6.17/SF

NOI

$48.1K $11.46/SF

Area

Rockingham County, NH

Vacancy

7.00%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

35.00%

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%

$962,760

Cap Rate 7%

$687,686

Cap Rate 9%

$534,867

Alternative Uses

Best Use

Flex RnD

$687.7K

$601.7K – $802.3K (±1% cap)

NOI $48,138 @ 7.0% cap · market cap 5.38%

Second Best

Warehouse

$438.1K

$383.4K – $511.2K (±1% cap)

NOI $30,670 @ 7.0% cap · market cap 3.43%

Theoretical Best

Office A

$1.40M

$1.22M – $1.63M (±1% cap)

NOI $97,881 @ 7.0% cap · market cap 10.94%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Arens Stoneworks Construction Company

Suggested Use

Top Pick Real Estate Agency Auto Parts Store Law Firm Furniture & Home Goods Grocery & Convenience Store Parking Lot & Garage

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

Location Intelligence

Trade Area within ½ mile

237

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 03840, NH

4,076

Population

1,686

Households

2.4

Avg Household Size

47

Median Age

53%

College-Educated

98%

High-School Grad

10.5 sq mi

ZIP Area

388

Density / Sq Mi

$147,132

Median Household Income

$69,375

Median Earnings

$1,890

Median Rent

$595,100

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - 4,200 SF industrial condominium with easy highway access.

Where is this flex space located?

The property is located at 434 Portsmouth Ave Greenland, NH.

What is the asking price?

The asking price for this property is $895,000.

What are key features of this property?

This property features: 4,200 sq ft stand alone industrial metal building condominium.; Quick access to Rte 33 and I‑95.; Commercial zoning allows lots of uses.