Downtown Office Condominium
For Sale
$450,000
118 Maplewood Avenue #C1, Portsmouth, NH 03801
Versatile office condo with three private offices, conference room, restroom, kitchenette, and two dedicated parking spaces.
Property Size951 SF
Price / SF$473.19
Days on Market33
Property Features for 118 Maplewood Avenue #C1
General Information
Standard status
Active
Size
951 SF
Total Parking Spaces
2
Zoning
CD4-L1
Taxes and HOA fees
Annual Taxes
$3,028
Building Details
Year Built
1990
Listing Agency:
The Boulos Company
(603) 570-2685
Listed By:
Katherine Gemmecke · License #075327
(603) 570-2685
Source:
Laerrealty
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 8 at 4:19AM
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 The Boulos Company
Investment Insights
Based on property information with market context.
Unit C-1 at 118 Maplewood Avenue is a 951± square foot office condominium within a well-maintained building. The suite includes an efficient layout with three private offices, plus a conference room that can also function as a fourth private office. Additional in-suite features include a kitchenette, a storage area, and a private restroom, supporting everyday professional use without requiring shared amenities.
The property is positioned in downtown Portsmouth, offering a commercial address for firms that want to operate in a central setting. The condominium also comes with two dedicated on-site parking spaces, which can help simplify day-to-day arrival for staff and clients.
For an owner-user, the space is laid out to support a multi-office workflow, with private rooms for focused work and a separate meeting area that can flex as needs change. For investors or operators, the condominium format can be an attractive option when seeking a self-contained office suite in a downtown Portsmouth building, complemented by on-site parking and a functional, professional layout.
The property is positioned in downtown Portsmouth, offering a commercial address for firms that want to operate in a central setting. The condominium also comes with two dedicated on-site parking spaces, which can help simplify day-to-day arrival for staff and clients.
For an owner-user, the space is laid out to support a multi-office workflow, with private rooms for focused work and a separate meeting area that can flex as needs change. For investors or operators, the condominium format can be an attractive option when seeking a self-contained office suite in a downtown Portsmouth building, complemented by on-site parking and a functional, professional layout.
Key Highlights
- 951± SF office condominium in a well‑maintained building
- Efficient layout with three private offices plus a conference room (can be used as a fourth private office)
- Includes private restroom, kitchenette, and storage area
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
$12,986
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
2.89%
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%
$259,720
$259.7K
Cap Rate 7%
$185,514
$185.5K
Cap Rate 9%
$144,289
$144.3K
Market Conditions
NOI Build-Up for 951 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
$20.0K $21.00/SF
− Vacancy
−$2.7K −$2.79/SF
EGI
$17.3K $18.21/SF
− OpEx
−$4.3K −$4.55/SF
NOI
$13.0K $13.66/SF
Area
Strafford County, NH
Vacancy
13.30%
Lease Rate
$21.00 /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%
$259,720
Cap Rate 7%
$185,514
Cap Rate 9%
$144,289
Alternative Uses
Best Use
Office B
$185.5K
$162.3K – $216.4K
NOI $12,986 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$254.4K
$222.6K – $296.8K
NOI $17,810 @ 7.0% cap · market cap 3.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,561
Businesses Nearby
Explore this area
Business Placement
Demographics for 03801, NH
22,767
Population
11,448
Households
2
Avg Household Size
43
Median Age
63%
College-Educated
98%
High-School Grad
23.8 sq mi
ZIP Area
957
Density / Sq Mi
$106,520
Median Household Income
$65,984
Median Earnings
$1,783
Median Rent
$647,500
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 units - Versatile office condo with three private offices, conference room, restroom, kitchenette, and two dedicated parking spaces.
Where is this office units located?
The property is located at 118 Maplewood Avenue #C1 Portsmouth, NH.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 951± SF office condominium in a well‑maintained building; Efficient layout with three private offices plus a conference room (can be used as a fourth private office); Includes private restroom, kitchenette, and storage area
