Medical Office
For Sale
$2,553,000
63 Evans Dr, Lebanon, NH 03766
Leased office building suited to medical operations with a newly established five-year lease.
Property Size9,913 SF
Price / SF$257.54
Days on Market152
Property Features for 63 Evans Dr
General Information
Standard status
Active
Size
9,913 SF
Property subtype
Office Medical
Occupancy
100%
Additional Details
Cap Rate
8.16%
Amenities
Ethos has Over 145 Emergency and Specialty Vet Hospitals in North America
Lease Features a Corporate Guarantee From Ethos ($2 Billion Annual Revenue)
Investment Offers Additional Income from Paws 4 Training and a Pet Crematory
Double-Net (NN) and Gross Leases Offer Minimal Landlord Responsibilities
SAVES is the Only 24/7 Emergency and Specialty Hospital in Lebanon
SAVES Has 1.8 Years Remaining with Two, Five-year Renewal Options, and Paws 4 Training has 1.5 Years Remaining
Five Practicing Veterinarians Provide a Wide Range of Care
Pet Industry Expenditure Exceeds $152 Billion
Building Details
Building Size
9,913 SF
Year Built
2001
Listed By:
Abby Kalniz · License #License(s): OH: SAL.2024004959
(614) 360-9056
Source:
Marcusmillichap
Added: Apr 11
Changed: Sep 5
Last Checked: Sep 8 at 3:27AM
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 Abby Kalniz
Investment Insights
Based on property information with market context.
This office building contains 9,913 SF and is positioned for medical use. The property is offered with a newly established five-year lease, providing a defined lease term for the incoming owner.
Located at 63 Evans Dr in Lebanon, NH 03766, the property carries an 8.16% CAP. The asset combines office functionality with an existing medical-oriented lease structure.
Located at 63 Evans Dr in Lebanon, NH 03766, the property carries an 8.16% CAP. The asset combines office functionality with an existing medical-oriented lease structure.
Key Highlights
- 9,913 SF office building
- New 5 Year Lease
- 8.16% CAP
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
$119,894
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
4.70%
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%
$2,397,880
$2.4M
Cap Rate 7%
$1,712,771
$1.7M
Cap Rate 9%
$1,332,156
$1.3M
Market Conditions
NOI Build-Up for 9,913 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
$184.4K $18.60/SF
− Vacancy
−$24.5K −$2.47/SF
EGI
$159.9K $16.13/SF
− OpEx
−$40.0K −$4.03/SF
NOI
$119.9K $12.09/SF
Area
Grafton County, NH
Vacancy
13.30%
Lease Rate
$18.60 /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%
$2,397,880
Cap Rate 7%
$1,712,771
Cap Rate 9%
$1,332,156
Alternative Uses
Best Use
Office B
$1.71M
$1.50M – $2.00M
NOI $119,894 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.91M – $2.54M
NOI $152,640 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
747
Businesses Nearby
Explore this area
Business Placement
Demographics for 03766, NH
9,838
Population
5,346
Households
1.8
Avg Household Size
39
Median Age
55%
College-Educated
95%
High-School Grad
32.0 sq mi
ZIP Area
307
Density / Sq Mi
$96,642
Median Household Income
$53,441
Median Earnings
$1,860
Median Rent
$348,000
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 building - Leased office building suited to medical operations with a newly established five-year lease.
Where is this office building located?
The property is located at 63 Evans Dr Lebanon, NH.
What is the asking price?
The asking price for this property is $2,553,000.
What are key features of this property?
This property features: 9,913 SF office building; New 5 Year Lease; 8.16% CAP
