Multi-Building Industrial
For Sale
$2,999,000
38B South Road, North Hampton, NH 03862
Two industrial buildings on a combined 8.85-acre site with in-place income and three existing tenants.
Property Size23,688 SF
Lot Size8.85 Acres
Price / SF$126.60
Days on Market459
Property Features for 38B South Road
General Information
Standard status
Active
Size
23,688 SF
Lot size
8.85 Acres
Property subtype
Commercial
Additional Details
Highway Access
Yes
Listing Agency:
The Boulos Company
Listed By:
Caitlin Burke
(603) 642-5171
Source:
Mbgre
Added: May 8, 2025
Changed: Aug 8
Last Checked: Aug 9 at 12:26PM
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.
This offering includes two industrial buildings situated on a combined 8.85± acre site. The property presents long-term potential for building expansion or new construction, while also benefiting from some in-place income through three existing tenants.
The buildings are located just off Route 1 in New Hampshire’s Seacoast region, at 38B South Road in North Hampton.
The transaction is described as a sale-leaseback, with the existing tenant occupancy referenced in the public remarks.
The buildings are located just off Route 1 in New Hampshire’s Seacoast region, at 38B South Road in North Hampton.
The transaction is described as a sale-leaseback, with the existing tenant occupancy referenced in the public remarks.
Key Highlights
- Two industrial buildings on a combined 8.85± acre site in New Hampshire’s Seacoast region
- In‑place income with three existing tenants
- Long‑term potential for building expansion or new construction
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
$172,979
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
5.77%
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%
$3,459,580
$3.5M
Cap Rate 7%
$2,471,129
$2.5M
Cap Rate 9%
$1,921,989
$1.9M
Market Conditions
NOI Build-Up for 23,688 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
$216.0K $9.12/SF
− Vacancy
−$12.5K −$0.53/SF
EGI
$203.5K $8.59/SF
− OpEx
−$30.5K −$1.29/SF
NOI
$173.0K $7.30/SF
Area
Rockingham County, NH
Vacancy
5.80%
Lease Rate
$9.12 /SF/Yr
Expense Ratio
15.00%
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%
$3,459,580
Cap Rate 7%
$2,471,129
Cap Rate 9%
$1,921,989
Alternative Uses
Best Use
Warehouse
$2.47M
$2.16M – $2.88M
NOI $172,979 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.89M
$6.90M – $9.20M
NOI $552,048 @ 7.0% cap · market cap 18.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 03862, NH
4,597
Population
2,311
Households
2
Avg Household Size
53
Median Age
52%
College-Educated
95%
High-School Grad
13.9 sq mi
ZIP Area
331
Density / Sq Mi
$136,170
Median Household Income
$73,261
Median Earnings
$1,950
Median Rent
$611,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Preferred Movers NH — 35 Cedar Rd, North Hampton, NH 03862
Frequently Asked Questions
What type of property is this?
Warehouse - Two industrial buildings on a combined 8.85-acre site with in-place income and three existing tenants.
Where is this warehouse located?
The property is located at 38B South Road North Hampton, NH.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Two industrial buildings on a combined 8.85± acre site in New Hampshire’s Seacoast region; In‑place income with three existing tenants; Long‑term potential for building expansion or new construction
