Two Buildings on 8.85
For Sale
$2,999,000
38B South Rd 38B South Road Rear & 38 South Road, North Hampton, NH 03862
Two buildings on 8.85 acres near Route 1.
Property Size23,688 SF
Days on Market268
Property Features for 38B South Rd 38B South Road Rear & 38 South Road
General Information
Standard status
Active
Size
23,688 SF
Property subtype
Commercial
Building Details
Building Size
23,688 SF
Listing Agency:
The Boulos Company
(603) 570-2680
Listed By:
Caitlin Burke · License #071626
(603) 570-2680
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 22
Last Checked: Aug 23 at 7:57AM
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 is a rare chance to acquire two buildings on 8.85 acres in New Hampshire's Seacoast region, just off Route 1. The site offers potential for building expansion or new construction. There is some in-place income at the time of sale, including a sale-leaseback with Brown Bear Transportation at 38B South Road Rear, and an existing tenant in place at 38 South Road.
Key Highlights
- Rare opportunity to acquire two properties in New Hampshire's Seacoast region.
- Two buildings on 8.85 acres.
- Located just off Route 1.
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
$172,979
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
5.77%
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%
$3,459,580
$3.5M
Cap Rate 7%
$2,471,129
$2.5M
Cap Rate 9%
$1,921,989
$1.9M
Market Conditions
NOI Build-Up for 23,688 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
$216.0K $9.12/SF
− Vacancy
−$12.5K −$0.53/SF
EGI
$203.5K $8.59/SF
− OpEx
−$30.5K −$1.29/SF
NOI
$173.0K $7.30/SF
Area
Rockingham County, NH
Vacancy
5.80%
Lease Rate
$9.12 /SF/Yr
Expense Ratio
15.00%
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%
$3,459,580
Cap Rate 7%
$2,471,129
Cap Rate 9%
$1,921,989
Alternative Uses
Best Use
Warehouse
$2.47M
$2.16M – $2.88M
NOI $172,979 @ 7.0% cap · market cap 5.77%
Second Best
Industrial
$2.09M
$1.83M – $2.44M
NOI $146,504 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$7.89M
$6.90M – $9.20M
NOI $552,048 @ 7.0% cap · market cap 18.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 03862, NH
4,597
Population
2,311
Households
2
Avg Household Size
53
Median Age
52%
College-Educated
95%
High-School Grad
13.9 sq mi
ZIP Area
331
Density / Sq Mi
$136,170
Median Household Income
$73,261
Median Earnings
$1,950
Median Rent
$611,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Truck terminal - Two buildings on 8.85 acres near Route 1.
Where is this truck terminal located?
The property is located at 38B South Rd 38B South Road Rear & 38 South Road North Hampton, NH.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Rare opportunity to acquire two properties in New Hampshire's Seacoast region.; Two buildings on 8.85 acres.; Located just off Route 1.
