Ground-Level Medical Office
For Sale
$315,000
29 Mill St D5, Wolfeboro, NH 03894
Barrier-free ground-level unit in Wolfeboro Marketplace, currently medical office with parking and potential for professional or retail conversion.
Property Size1,225 SF
Price / SF$257.14
Days on Market51
Property Features for 29 Mill St D5
General Information
Standard status
Active
Size
1,225 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Business Included
Yes
Office Units
1
Building Details
Building Size
1,225 SF
Year Built
1983
Stories
1
Units
1
Listing Agency:
Yankee Pedlar Realtors
(603) 569-1000
Listed By:
Geordy Hutchinson
(603) 569-1000
Source:
Elliman
Added: Jun 23
Changed: Aug 8
Last Checked: Aug 11 at 8:49AM
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 Yankee Pedlar Realtors
Investment Insights
Based on property information with market context.
Unit D5 is a professionally oriented commercial condominium offering approximately 1,225± square feet of ground-level space. The unit features convenient, barrier-free access directly from the parking area and is currently operating as a medical office. A flexible floor plan supports continued professional or medical use, with the layout also positioned for conversion to general office, retail, service business, or other permitted commercial uses within the complex.
The property is located in Wolfeboro Marketplace, with access described as a short walk from downtown Wolfeboro. The remarks also note pleasant views of Lake Winnipesaukee and proximity to the waterfront. Two assigned parking spaces are included, with additional on-site parking available for customers and clients. The complex is described as an established commercial environment, and the unit is characterized as having strong visibility within that setting.
This unit can work for an owner-occupant seeking an accessible medical or professional location, or for a buyer looking for a versatile commercial condominium within a mixed-use shopping center. With ground-level entry, on-site parking, and an existing medical office configuration, the space supports a range of professional and retail-oriented uses while remaining easy for clients and customers to reach from the parking area. The opportunity may also include potential docking availability, as noted in the remarks.
The property is located in Wolfeboro Marketplace, with access described as a short walk from downtown Wolfeboro. The remarks also note pleasant views of Lake Winnipesaukee and proximity to the waterfront. Two assigned parking spaces are included, with additional on-site parking available for customers and clients. The complex is described as an established commercial environment, and the unit is characterized as having strong visibility within that setting.
This unit can work for an owner-occupant seeking an accessible medical or professional location, or for a buyer looking for a versatile commercial condominium within a mixed-use shopping center. With ground-level entry, on-site parking, and an existing medical office configuration, the space supports a range of professional and retail-oriented uses while remaining easy for clients and customers to reach from the parking area. The opportunity may also include potential docking availability, as noted in the remarks.
Key Highlights
- Commercial condominium built in 1983, Unit D5, offering approx. 1,225± SF of ground‑level space
- Barrier‑free, ground‑level access directly from the parking area
- Currently operating as a medical office; suited for professional/medical use and other permitted commercial 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
$16,868
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
5.35%
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%
$337,360
$337.4K
Cap Rate 7%
$240,971
$241.0K
Cap Rate 9%
$187,422
$187.4K
Market Conditions
NOI Build-Up for 1,225 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
$26.5K $21.60/SF
− Vacancy
−$4.0K −$3.24/SF
EGI
$22.5K $18.36/SF
− OpEx
−$5.6K −$4.59/SF
NOI
$16.9K $13.77/SF
Area
Carroll County, NH
Vacancy
15.00%
Lease Rate
$21.60 /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%
$337,360
Cap Rate 7%
$240,971
Cap Rate 9%
$187,422
Alternative Uses
Best Use
Office B
$241.0K
$210.9K – $281.1K
NOI $16,868 @ 7.0% cap · market cap 5.35%
Second Best
Retail
$176.8K
$154.7K – $206.2K
NOI $12,374 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$305.9K
$267.6K – $356.9K
NOI $21,411 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
703
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 03894, NH
6,382
Population
4,347
Households
1.5
Avg Household Size
58
Median Age
43%
College-Educated
99%
High-School Grad
47.3 sq mi
ZIP Area
135
Density / Sq Mi
$84,660
Median Household Income
$44,841
Median Earnings
$1,093
Median Rent
$435,300
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?
Medical Office Space - Barrier-free ground-level unit in Wolfeboro Marketplace, currently medical office with parking and potential for professional or retail conversion.
Where is this medical office space located?
The property is located at 29 Mill St D5 Wolfeboro, NH.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Commercial condominium built in 1983, Unit D5, offering approx. 1,225± SF of ground‑level space; Barrier‑free, ground‑level access directly from the parking area; Currently operating as a medical office; suited for professional/medical use and other permitted commercial uses
