Building Details

Year built 2024

Building materials Wood Frame, Metal Siding

Roof type Metal

Listing Agency: Old Mill Properties REALTORS D**@OldMillProps.com Show Phone

Listed By: Lorna Platts Sirois · License #067572 Show Phone

Added: Apr 1 Changed: Aug 20 Last Checked: Aug 23 at 12:06AM

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MLS# 5081678

Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 2024 garage condominium offers a 22' x 54' interior with a 14' overhead door and 16' ceiling height. The layout includes a 12X21 mezzanine that creates a second storage level, while the space can accommodate up to 6 cars. Construction features include 6" insulated exterior walls, sheetrocked and primed interior walls, metal siding, and a metal roof.

The unit is located at 1853 Ragged Mountain Highway in Alexandria, New Hampshire. Building systems include 100 amp electrical service, ductless heating, and ductless zoned cooling. Garage parking is provided within the unit, supporting storage for vehicles and other possessions.

Key Highlights

• 22' x 54' garage condominium with 16' ceiling height
• 14' overhead door with automatic garage door opener
• 12X21 mezzanine adds a second storage level

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

$13,127

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

5.99%

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%

$262,540 $262.5K

Cap Rate 7%

$187,529 $187.5K

Cap Rate 9%

$145,856 $145.9K

Market Conditions

NOI Build-Up for 1,188 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

$16.4K $13.80/SF

− Vacancy

−$951 −$0.80/SF

EGI

$15.4K $13.00/SF

− OpEx

−$2.3K −$1.95/SF

NOI

$13.1K $11.05/SF

Area

Grafton County, NH

Vacancy

5.80%

Lease Rate

$13.80 /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%

$262,540

Cap Rate 7%

$187,529

Cap Rate 9%

$145,856

Alternative Uses

Best Use

Warehouse

$187.5K

$164.1K – $218.8K (±1% cap)

NOI $13,127 @ 7.0% cap · market cap 5.99%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$261.3K

$228.7K – $304.9K (±1% cap)

NOI $18,293 @ 7.0% cap · market cap 8.35%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Parking lots & garages

Suggested Use

Top Pick Building Supply Auto Repair Shop Storage Facility Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16 ft

Clear height

1

Drive-in doors

Location Intelligence

Trade Area within ½ mile

8

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 03222, NH

5,743

Population

4,071

Households

1.4

Avg Household Size

50

Median Age

28%

College-Educated

90%

High-School Grad

71.3 sq mi

ZIP Area

81

Density / Sq Mi

$78,535

Median Household Income

$43,453

Median Earnings

$1,246

Median Rent

$256,500

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this parking lots & garages located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Parking lot & garage - Newly constructed garage unit provides tall clearance, overhead access, and additional storage space on a mezzanine level.

Where is this parking lot & garage located?

The property is located at 1853 Ragged Mountain Highway Alexandria, NH.

What is the asking price?

The asking price for this property is $219,000.

What are key features of this property?

This property features: 22' x 54' garage condominium with 16' ceiling height; 14' overhead door with automatic garage door opener; 12X21 mezzanine adds a second storage level