Historic Storefront with Finished Lower
New
For Sale
$815,000
22 Ladd Street, Portsmouth, NH 03801
Finished lower-level space expands the unit’s usable commercial area.
Property Size2,072 SF
Price / SF$393.34
Days on Market6
Property Features for 22 Ladd Street
General Information
Standard status
Active
Size
2,072 SF
Property subtype
Commercial
Additional Details
Floor
First Floor, Lower Level
Highway Access
Yes
Building Details
Year Built
1860
Construction
brick
Listing Agency:
The Boulos Company
Listed By:
Christian Stallkamp
(603) 548-5315
Source:
Burkelordrealestate
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 6:35AM
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 storefront property includes 2,072± SF arranged across a 1,171± SF first floor and a 901± SF finished lower level. The building dates to 1860 and features exposed brick character along with expansive city views, combining historic architectural elements with flexible interior space.
Positioned in Portsmouth’s Historic District, the property is surrounded by established businesses, restaurants, and shops. It is adjacent to the Hanover Parking Garage and within walking distance of downtown Portsmouth. Interstate access is approximately 5 minutes away via Exit 7 from I-95.
Positioned in Portsmouth’s Historic District, the property is surrounded by established businesses, restaurants, and shops. It is adjacent to the Hanover Parking Garage and within walking distance of downtown Portsmouth. Interstate access is approximately 5 minutes away via Exit 7 from I-95.
Key Highlights
- 2,072± SF total, including 1,171± SF on the first floor and 901± SF on the lower level
- Finished lower level provides additional usable commercial space
- 1860 building with distinctive brick character and expansive city views
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
$25,115
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
3.08%
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%
$502,300
$502.3K
Cap Rate 7%
$358,786
$358.8K
Cap Rate 9%
$279,056
$279.1K
Market Conditions
NOI Build-Up for 2,072 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
$37.3K $18.00/SF
− Vacancy
−$1.4K −$0.68/SF
EGI
$35.9K $17.32/SF
− OpEx
−$10.8K −$5.19/SF
NOI
$25.1K $12.12/SF
Area
Strafford County, NH
Vacancy
3.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$502,300
Cap Rate 7%
$358,786
Cap Rate 9%
$279,056
Alternative Uses
Best Use
Retail
$358.8K
$313.9K – $418.6K
NOI $25,115 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$554.3K
$485.0K – $646.7K
NOI $38,803 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,602
Businesses Nearby
61k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 64%
Shops & Services 24%
Dining 10%
Home Improvements & Furnishings 3%
Hilton Garden Inn Portsmouth Downtown
Hotels & Casinos
12,451 visits/mo
0.1 miles
Hampton Inn & Suites Portsmouth
Hotels & Casinos
9,382 visits/mo
0.2 miles
Residence Inn Portsmouth Downtown/Waterfront
Hotels & Casinos
8,761 visits/mo
0.2 miles
Sheraton Portsmouth Harborside Hotel
Hotels & Casinos
8,034 visits/mo
0.3 miles
La Carreta
Dining
5,807 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Finished lower-level space expands the unit’s usable commercial area.
Where is this storefront property located?
The property is located at 22 Ladd Street Portsmouth, NH.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: 2,072± SF total, including 1,171± SF on the first floor and 901± SF on the lower level; Finished lower level provides additional usable commercial space; 1860 building with distinctive brick character and expansive city views
