Penacook Family Physicians
For Sale
Contact for pricing
4 Crescent St, Concord, NH
Net leased condo near Boston with annual rent escalations.
Property Size10,613 SF
Lot Size2.11 Acres
Price / SF$459.17
Days on Market503
Property Features for 4 Crescent St
General Information
Standard status
Active
Size
10,613 SF
Lot size
2.11 Acres
Property subtype
OFFICE
Listing Agency:
SAB
(646) 809-8840
Listed By:
Mark Pomella · License #004130
(646) 809-8840
Source:
Moodyscre
Added: Mar 27, 2025
Changed: Jul 10
Last Checked: Aug 10 at 7:49AM
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 SAB
Investment Insights
Based on property information with market context.
The property is Penacook Family Physicians (Concord Hospital) located in Concord, NH, approximately 70 miles northwest of Boston. The lease is structured as a net lease condo with 2.5% annual rent escalations. The tenant is a well-established operator with a significant regional presence and community reliance, holding a strong Fitch credit rating of AA-. The property is ideally located less than 2 miles from an unspecified location. The property size is 10613 square feet.
Key Highlights
- Strong AA- Fitch credit rating tenant, Concord Hospital.
- Net lease (condo) structure offers a straightforward investment.
- Enjoy 2.5% annual rent escalations.
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
$148,376
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
3.04%
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%
$2,967,520
$3.0M
Cap Rate 7%
$2,119,657
$2.1M
Cap Rate 9%
$1,648,622
$1.6M
Market Conditions
NOI Build-Up for 10,613 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
$229.2K $21.60/SF
− Vacancy
−$31.4K −$2.96/SF
EGI
$197.8K $18.64/SF
− OpEx
−$49.5K −$4.66/SF
NOI
$148.4K $13.98/SF
Area
Merrimack County, NH
Vacancy
13.70%
Lease Rate
$21.60 /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%
$2,967,520
Cap Rate 7%
$2,119,657
Cap Rate 9%
$1,648,622
Alternative Uses
Best Use
Office B
$2.12M
$1.85M – $2.47M
NOI $148,376 @ 7.0% cap · market cap 3.04%
Second Best
Healthcare Medical
$1.13M
$989.2K – $1.32M
NOI $79,134 @ 7.0% cap · market cap 1.62%
Theoretical Best
Office A
$2.76M
$2.42M – $3.22M
NOI $193,438 @ 7.0% cap · market cap 3.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office 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?
Medical Office Space - Net leased condo near Boston with annual rent escalations.
Where is this medical office space located?
The property is located at 4 Crescent St Concord, NH.
What is the asking price?
The asking price for this property is $4,873,201.
What are key features of this property?
This property features: Strong AA- Fitch credit rating tenant, Concord Hospital.; Net lease (condo) structure offers a straightforward investment.; Enjoy 2.5% annual rent escalations.
