Flex Property with Redevelopment
For Sale
$395,000
4 Gerry Ave, Newmarket, NH 03857
Two-building commercial property with an existing month-to-month tenant and residential redevelopment potential.
Property Size3,872 SF
Price / SF$102.01
Days on Market91
Property Features for 4 Gerry Ave
General Information
Standard status
Active
Size
3,872 SF
Property subtype
Flex/Warehouse
Additional Details
Warehouse Space
1,680 SF
Building Details
Building Size
3,872 SF
Year Built
1900
Buildings
2
Listing Agency:
The Boulos Company
(603) 828-3818
Listed By:
Christian Stallkamp · License #064644
(603) 828-3818
Source:
Boulos
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 10:03PM
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.
Located at 4 Gerry Avenue in Newmarket, this flex property includes two commercial buildings: a 2,192± SF former train station and a separate 1,680± SF warehouse/flex building. The improvements date to 1900 and provide an existing base for renovation, repositioning, or continued commercial use.
One building currently has a month-to-month tenant. The property also offers potential for residential redevelopment, subject to applicable approvals. Downtown Newmarket is within walking distance, with Durham, Portsmouth, and the broader Seacoast area a short drive away.
One building currently has a month-to-month tenant. The property also offers potential for residential redevelopment, subject to applicable approvals. Downtown Newmarket is within walking distance, with Durham, Portsmouth, and the broader Seacoast area a short drive away.
Key Highlights
- Two‑building property with 2,192± SF and 1,680± SF commercial improvements
- Includes a former train station and a separate warehouse/flex building
- Existing month‑to‑month tenant occupies one building
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
$28,275
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
7.16%
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%
$565,500
$565.5K
Cap Rate 7%
$403,929
$403.9K
Cap Rate 9%
$314,167
$314.2K
Market Conditions
NOI Build-Up for 3,872 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
$35.3K $9.12/SF
− Vacancy
−$2.0K −$0.53/SF
EGI
$33.3K $8.59/SF
− OpEx
−$5.0K −$1.29/SF
NOI
$28.3K $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%
$565,500
Cap Rate 7%
$403,929
Cap Rate 9%
$314,167
Alternative Uses
Best Use
Flex RnD
$634.0K
$554.7K – $739.6K
NOI $44,378 @ 7.0% cap · market cap 11.23%
Second Best
Warehouse
$403.9K
$353.4K – $471.3K
NOI $28,275 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,237 @ 7.0% cap · market cap 22.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 03857, NH
9,430
Population
4,443
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
98%
High-School Grad
12.6 sq mi
ZIP Area
748
Density / Sq Mi
$94,345
Median Household Income
$53,518
Median Earnings
$1,648
Median Rent
$384,900
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?
Flex space - Two-building commercial property with an existing month-to-month tenant and residential redevelopment potential.
Where is this flex space located?
The property is located at 4 Gerry Ave Newmarket, NH.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑building property with 2,192± SF and 1,680± SF commercial improvements; Includes a former train station and a separate warehouse/flex building; Existing month‑to‑month tenant occupies one building
