Mixed-Use Property with 3
For Sale
$1,600,000
240 Meriden Road, Lebanon, NH 03766
Updated commercial campus combining offices, showroom space, repair areas, storage, and flexible grandfathered uses.
Property Size11,920 SF
Lot Size7.00 Acres
Days on Market22
Property Features for 240 Meriden Road
General Information
Standard status
Active
Size
11,920 SF
Lot size
7.00 Acres
Property subtype
Multi Family Home
Zoning
Comm by grandfather rgts
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$24,065
Building Details
Building Size
11,920 SF
Year Built
1950
Buildings
3
Stories
1
Units
3
Listing Agency:
Equity Group Real Estate Broker Inc.
(603) 448-8000
Listed By:
James Ward · License #4786
(603) 448-8000
Source:
Ossipeelakere
Added: Aug 2
Changed: Aug 23
Last Checked: Aug 23 at 9:16AM
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 Equity Group Real Estate Broker Inc.
Investment Insights
Based on property information with market context.
This mixed-use property at 240 Meriden Rd includes three updated commercial buildings on 7 acres. The main building provides two levels, with 3,700 square feet of office and product-display space at ground level and a 3,700-square-foot lower walk-out area used for storage and repair. A 4,800-square-foot, two-story post-and-beam barn includes drive-through capability, while a separate 2,160-square-foot building supports repair and storage functions.
The property occupies a corner location with road-grade frontage, an extensive paved parking area, and access from Route 120 and Storrs Hill Road. A natural area adjoining Great Brook borders the rear of the site. The property is zoned R3, lies 2 miles south of the town center, and is described as outside the flood plain with no wetlands observed per the town map. Flexible grandfathered use rights are identified for the buildings, and the projected cap rate is 10.5%.
The property occupies a corner location with road-grade frontage, an extensive paved parking area, and access from Route 120 and Storrs Hill Road. A natural area adjoining Great Brook borders the rear of the site. The property is zoned R3, lies 2 miles south of the town center, and is described as outside the flood plain with no wetlands observed per the town map. Flexible grandfathered use rights are identified for the buildings, and the projected cap rate is 10.5%.
Key Highlights
- Three‑building mixed‑use property on 7 acres
- Main building includes 3,700 SF of office and display space plus a 3,700 SF lower walk‑out
- 4,800‑square‑foot two‑story post‑and‑beam barn with drive‑through capability
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
$144,168
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
9.01%
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%
$2,883,360
$2.9M
Cap Rate 7%
$2,059,543
$2.1M
Cap Rate 9%
$1,601,867
$1.6M
Market Conditions
NOI Build-Up for 11,920 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
$221.7K $18.60/SF
− Vacancy
−$29.5K −$2.47/SF
EGI
$192.2K $16.13/SF
− OpEx
−$48.1K −$4.03/SF
NOI
$144.2K $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%
$2,883,360
Cap Rate 7%
$2,059,543
Cap Rate 9%
$1,601,867
Alternative Uses
Best Use
Office B
$2.06M
$1.80M – $2.40M
NOI $144,168 @ 7.0% cap · market cap 9.01%
Second Best
Flex RnD
$1.87M
$1.64M – $2.18M
NOI $130,910 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$2.62M
$2.29M – $3.06M
NOI $183,543 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
12
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?
Mixed-use property - Updated commercial campus combining offices, showroom space, repair areas, storage, and flexible grandfathered uses.
Where is this mixed-use property located?
The property is located at 240 Meriden Road Lebanon, NH.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Three‑building mixed‑use property on 7 acres; Main building includes 3,700 SF of office and display space plus a 3,700 SF lower walk‑out; 4,800‑square‑foot two‑story post‑and‑beam barn with drive‑through capability
