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    Prime Retail Center on Route 28 Title is generated by Realmo AI

    369 S Broadway, Salem, NH 03079

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    Multi-tenant retail center with value-add opportunity in Salem, NH.

    Type:Retail
    Property size:
    18,000 SF
    Added:
    Mar 5, 2026
    Days on Market:
    72
    Last Refresh:
    Apr 5 at 10:15 pm

    Property Features for 369 S Broadway

    General Information

    Standard status
    Active
    Size
    18,000 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1987

    We can help!

    Listing Contact
    Jeremy Cyrier, CCIM

    Listing agent Jeremy Cyrier, CCIM License #MA #9048314

    Listing office

    Listing date Mar 5, 2026

    Source Masscommercialproperties

    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 Jeremy Cyrier, CCIM

    HighLights

    • Prime 18,000 SF real estate on Salem, NH's high‑demand Route 28.
    • $189k NOI value‑add opportunity through leasing vacant unit and increasing rents.
    • Significant recent capital improvements: new roof, sprinklers, parking lot, HVAC, and pylon signage.
    • 75% leased to e‑commerce proof tenants, providing stable cash flow.
    • Long‑term tenants, including one tenant since 1990, and a new 10‑year lease.
    • Located in a high‑growth market near a 170‑acre mixed‑use development and with a facade renovation planned.

    Overview

    This multi-tenant retail center is located on South Broadway on Route 28 in Salem, NH. The property offers 18,000 square feet of prime real estate. Currently 75% leased to a mix of tenants, the property presents a value-add opportunity through leasing the vacant unit and bringing rents to market value. Significant capital improvements have been made in the last few years, including a new roof, sprinklers throughout the building, refinished parking lot, new HVAC, and new pylon signage. The facade is also slated for renovation to modernize the exterior and attract new tenants. The largest tenant recently executed a 10-year lease with an extensive custom buildout. The property is located in a high-growth market, approximately 1 mile from the highway and 4 minutes from the 170-acre Tuscan Kitchen Mixed-Use Development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    AMAZING Intimate Essentials (Bike/Boat/Book/etc) Store Shaking seafood Restaurant Gateway City Tattoo Tattoo & Piercing Shop PROSOUND Electronics & Wireless Store Mayhem Tattoo Tattoo & Piercing Shop

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Sunglass Hut — 99 Rockingham Park Blvd, Salem, NH 03079
    • Rockingham Plaza — 92 Cluff Crossing Rd, Salem, NH 03079
    • Sunglass Hut at Macy's — 85 Rockingham Park Blvd, Salem, NH 03079
    • Salem Plaza — 265 S Broadway, Salem, NH 03079
    • Jandilo — 99 Rockingham Park Blvd, Salem, NH 03079

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Rockingham
    State
    New Hampshire
    Longitude
    -71.2057
    Latitude
    42.7513

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    FAQs

    What type of property is this?
    Shopping center - Multi-tenant retail center with value-add opportunity in Salem, NH.
    Where is this shopping center located?
    The property is located at 369 S Broadway Salem, NH.
    What are key features of this property?
    This property features: Prime 18,000 SF real estate on Salem, NH's high‑demand Route 28.; $189k NOI value‑add opportunity through leasing vacant unit and increasing rents.; Significant recent capital improvements: new roof, sprinklers, parking lot, HVAC, and pylon signage.
    (617) 674-2043
    We can help!
    Listing Contact
    Jeremy Cyrier, CCIM
    Real Estate License ID: MA #9048314
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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