Office Building with Glass
New
For Sale
$1,500,000
132 Webster Street, Manchester, NH 03104
Approved plans outline a four-level professional office layout with an ADA-accessible entrance from Walnut Street.
Property Size6,250 SF
Price / SF$240
Days on Market6
Property Features for 132 Webster Street
General Information
Standard status
Active
Size
6,250 SF
Elevators
No
Property subtype
Commercial
Space & Availability
Floor
2
Furnished
Yes
Financials
Asking Price
$577,500
HOA Fee
$177.92
Site & Location
Highway Access
No
Public Transit
No
Amenities
full kitchen with granite countertops
break room with refrigerator and microwave
private conference room
private bathroom with shower
on-site fitness center
storage unit
Building Details
Year Built
1900
Buildings
1
Abandoned
No
Listing Agency:
Gamache Properties
Listed By:
Patty McKerley
(603) 642-5171
Source:
Mbgre
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 6:55AM
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 Gamache Properties
Investment Insights
Based on property information with market context.
At 132 Webster Street, a comprehensive redevelopment is underway for a professional office building. Approved plans call for four levels with private offices, open work areas, reception, conference space, kitchenettes, restrooms and storage. A shared lobby, curved staircase and glass-enclosed atrium are also part of the design. Planned work includes updated office interiors and building systems, remodeled restrooms, new finishes, exterior restoration, landscaping, life-safety upgrades and a rebuilt exterior egress stair. Photos are virtually staged.
The building occupies the corner of Webster and Walnut Streets, with exposure to more than 30,000 vehicles per day and signage opportunities from both streets. An ADA-accessible entrance is planned from Walnut Street. The property also offers access to downtown Manchester and Interstates 93 and 293.
The building occupies the corner of Webster and Walnut Streets, with exposure to more than 30,000 vehicles per day and signage opportunities from both streets. An ADA-accessible entrance is planned from Walnut Street. The property also offers access to downtown Manchester and Interstates 93 and 293.
Key Highlights
- Approved redevelopment plans provide four levels of professional office space
- Glass‑enclosed atrium, common lobby and curved staircase feature in the plans
- Corner location at Webster and Walnut Streets, with exposure to more than 30,000 vehicles per day
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
$51,408
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
3.43%
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%
$1,028,160
$1.0M
Cap Rate 7%
$734,400
$734.4K
Cap Rate 9%
$571,200
$571.2K
Market Conditions
NOI Build-Up for 6,250 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
$76.5K $12.24/SF
− Vacancy
−$8.0K −$1.27/SF
EGI
$68.5K $10.97/SF
− OpEx
−$17.1K −$2.74/SF
NOI
$51.4K $8.23/SF
Area
Manchester, NH
Vacancy
10.40%
Lease Rate
$12.24 /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%
$1,028,160
Cap Rate 7%
$734,400
Cap Rate 9%
$571,200
Alternative Uses
Best Use
Office B
$734.4K
$642.6K – $856.8K
NOI $51,408 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.53M
$1.34M – $1.79M
NOI $107,438 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,322
Businesses Nearby
Explore this area
Business Placement
Demographics for 03104, NH
34,324
Population
15,715
Households
2.2
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
8.3 sq mi
ZIP Area
4,135
Density / Sq Mi
$84,513
Median Household Income
$48,513
Median Earnings
$1,455
Median Rent
$364,200
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Approved plans outline a four-level professional office layout with an ADA-accessible entrance from Walnut Street.
Where is this office building located?
The property is located at 132 Webster Street Manchester, NH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approved redevelopment plans provide four levels of professional office space; Glass‑enclosed atrium, common lobby and curved staircase feature in the plans; Corner location at Webster and Walnut Streets, with exposure to more than 30,000 vehicles per day
