Three-Building Office, Display and Service
New
For Sale
$1,600,000
240 Meriden Road, Lebanon, NH 03766
MULTI_FAMILY - Other - Lebanon, NH
Property Size11,920 SF
Lot Size7.00 Acres
Price / SF$134.23
Days on Market7
Property Features for 240 Meriden Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Comm by grandfather rgts
Rooms
Basement
Lot features
Alternative Lots Avail, Corner, Country Setting, Landscaped, Level, Major Road Frontage, River Frontage, In Town
Directions
Rt. 120 2 m south of downtonw
Standard status
Active
Size
11,920 SF
Lot size
7.00 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
24065
Utilities
Utilities
Cable Available
Heating system
Heat Pump (Heating), Baseboard
Cooling system
Central Air
Water source
Public
Water front
1
Building Details
Year built
1950
Floors in Building
1
Number of units
3
Building materials
Masonry, Vinyl Siding, Wood Exterior
Roof type
Metal, Membrane
Architectural style
Other
Listing Agency:
Equity Group Real Estate Broker Inc.
(603) 448-8000
Listed By:
James Ward · License #4786
(603) 526-4000
Added: Jul 31
Last Checked: Aug 6 at 8:06PM
MLS# 5102768
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.
Former Keene Medical Complex mixed-use property with three buildings totaling approximately 11,920 SF on a 7-acre lot. The main building is two levels with a 3,700 SF ground level featuring office and product display, plus an additional 3,700 SF lower walkout area that is mostly finished and used for storage and repair. A 4,800 SF post-and-beam two-story barn includes a drive-through, and a separate repair/storage building provides 2,160 SF.
The buildings include receiving and storage, and the property is supported by ample paved parking. Road frontage includes 734 feet on Rt. 120 and 300 feet on Storrs Hill Rd, with the natural area backing up to Great Brook. No wetlands were observed and no flood plain is shown on the town map. The property is described as having flexible grandfather use rights, and the site is referenced as being in an R3 zone.
All buildings are reported to be in excellent condition and updated. The additional land with extensive road frontage provides flexibility for further subdivision or condo-style development of the commercial buildings.
The buildings include receiving and storage, and the property is supported by ample paved parking. Road frontage includes 734 feet on Rt. 120 and 300 feet on Storrs Hill Rd, with the natural area backing up to Great Brook. No wetlands were observed and no flood plain is shown on the town map. The property is described as having flexible grandfather use rights, and the site is referenced as being in an R3 zone.
All buildings are reported to be in excellent condition and updated. The additional land with extensive road frontage provides flexibility for further subdivision or condo-style development of the commercial buildings.
Key Highlights
- Three‑building office, display and service complex on 7 acres
- 734 feet of frontage on Rt. 120 and 300 feet on Storrs Hill Rd
- Main building: two levels with office and product display plus 3,700 SF lower walkout
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
Warehouse
$1.88M
$1.65M – $2.20M
NOI $131,712 @ 7.0% cap · market cap 8.23%
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?
Office building - Former medical complex with offices, product display, retail showroom, and service/repair space on a three-building site.
Where is this office building 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 office, display and service complex on 7 acres; 734 feet of frontage on Rt. 120 and 300 feet on Storrs Hill Rd; Main building: two levels with office and product display plus 3,700 SF lower walkout
