Open-Span Flex
New
For Sale
$1,495,000
31 Auburn St, Manchester, NH 03103
Three configured spaces include offices, warehouse capacity, and an automotive repair area.
Property Size10,318 SF
Price / SF$144.89
Days on Market2
Property Features for 31 Auburn St
General Information
Standard status
Active
Size
10,318 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
11 ft
Clear Span
Yes
Warehouse Space
2,500 SF
Drive-In Doors
3
Amenities
private offices
meeting area
professional lobby
kitchen
restrooms with shower
commercial-grade sink
Building Details
Buildings
1
Building Size
10,318 SF
Tenancy
Multi
Listing Agency:
Manchester, NH
Listed By:
Cassandra Farley
(603) 206-9640
Source:
Colliers
Added: Sep 16
Last Checked: Sep 16 at 2:15PM
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 Manchester, NH
Investment Insights
Based on property information with market context.
Located at 31 Auburn St in Manchester, this 10,318± SF flex property is arranged as three distinct units. The 5,318± SF commercial area includes six private offices, a meeting area, lobby, kitchen, two restrooms, and a commercial-grade sink. One restroom includes a shower.
The rear 2,500± SF warehouse offers an open interior without columns, approximately 11-foot ceilings, a 14-foot by 10-foot drive-in door, independent gas heat, and separate electric service. A second 2,500± SF unit functions as an auto repair garage with two drive-in doors. The garage is currently leased, and the tenant has expressed interest in a long-term lease.
The rear 2,500± SF warehouse offers an open interior without columns, approximately 11-foot ceilings, a 14-foot by 10-foot drive-in door, independent gas heat, and separate electric service. A second 2,500± SF unit functions as an auto repair garage with two drive-in doors. The garage is currently leased, and the tenant has expressed interest in a long-term lease.
Key Highlights
- 10,318± SF flex building configured as 3 units
- 5,318± SF commercial area with 6 private offices, meeting area, lobby, kitchen, and 2 restrooms
- Rear 2,500± SF warehouse with 11’± ceilings and no interior columns
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
$106,138
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
7.10%
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%
$2,122,760
$2.1M
Cap Rate 7%
$1,516,257
$1.5M
Cap Rate 9%
$1,179,311
$1.2M
Market Conditions
NOI Build-Up for 10,318 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
$173.3K $16.80/SF
− Vacancy
−$10.1K −$0.97/SF
EGI
$163.3K $15.83/SF
− OpEx
−$57.2K −$5.54/SF
NOI
$106.1K $10.29/SF
Area
Manchester, NH
Vacancy
5.80%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$2,122,760
Cap Rate 7%
$1,516,257
Cap Rate 9%
$1,179,311
Alternative Uses
Best Use
Retail
$2.12M
$1.85M – $2.47M
NOI $148,208 @ 7.0% cap · market cap 9.91%
Second Best
Flex RnD
$1.52M
$1.33M – $1.77M
NOI $106,138 @ 7.0% cap · market cap 7.10%
Theoretical Best
Specialty Retail
$2.53M
$2.22M – $2.96M
NOI $177,366 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11 ft
Clear height
3
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,633
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 03103, NH
38,039
Population
16,166
Households
2.4
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
9.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$70,049
Median Household Income
$41,243
Median Earnings
$1,322
Median Rent
$313,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Three configured spaces include offices, warehouse capacity, and an automotive repair area.
Where is this flex space located?
The property is located at 31 Auburn St Manchester, NH.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 10,318± SF flex building configured as 3 units; 5,318± SF commercial area with 6 private offices, meeting area, lobby, kitchen, and 2 restrooms; Rear 2,500± SF warehouse with 11’± ceilings and no interior columns
