CVS Drug Store with Ground
For Sale
Contact for pricing
4 Hall St, Concord, NH 03301
Ground lease with tenant responsibility for property maintenance and expenses.
Property Size12,900 SF
Lot Size2.27 Acres
Price / SF$297.43
Days on Market195
Property Features for 4 Hall St
General Information
Standard status
Active
Size
12,900 SF
Lot size
2.27 Acres
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$230,208
Site & Location
Traffic Count
77,000 vehicles/day
Highway Access
Yes
Building Details
Tenancy
Single
Listing Agency:
Pharma Property Group
(619) 297-0055
Listed By:
Jason Pongsrikul · License #CA 01918332
Source:
Crexi
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 30 at 11:43AM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
This 12,900-square-foot CVS drug store operates under a ground lease, with the tenant responsible for property maintenance and operating expenses. CVS has occupied the site for more than 17 years. The lease includes a 6% rent increase in May 2028 and gives CVS its first cancellation option on January 31, 2034.
The property occupies an approximately 2.27-acre lot positioned at the I-93 on/off ramps, with exposure to approximately 77,000 vehicles per day. Placer.ai reports 522,000 annual visits, placing the store within the top 5% of CVS locations nationwide. Capitol Shopping Center is less than one mile away, and the Railyard Apartments, a four-building, 199-unit complex, is also within one mile.
The property occupies an approximately 2.27-acre lot positioned at the I-93 on/off ramps, with exposure to approximately 77,000 vehicles per day. Placer.ai reports 522,000 annual visits, placing the store within the top 5% of CVS locations nationwide. Capitol Shopping Center is less than one mile away, and the Railyard Apartments, a four-building, 199-unit complex, is also within one mile.
Key Highlights
- 12,900‑square‑foot CVS drug store operating under a ground lease
- 6% rent increase scheduled for May 2028
- CVS holds its first lease cancellation option on January 31, 2034
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
$150,350
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
3.92%
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%
$3,007,000
$3.0M
Cap Rate 7%
$2,147,857
$2.1M
Cap Rate 9%
$1,670,556
$1.7M
Market Conditions
NOI Build-Up for 12,900 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
$232.2K $18.00/SF
− Vacancy
−$17.4K −$1.35/SF
EGI
$214.8K $16.65/SF
− OpEx
−$64.4K −$5.00/SF
NOI
$150.3K $11.66/SF
Area
Merrimack County, NH
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,007,000
Cap Rate 7%
$2,147,857
Cap Rate 9%
$1,670,556
Alternative Uses
Best Use
Retail
$2.15M
$1.88M – $2.51M
NOI $150,350 @ 7.0% cap · market cap 3.92%
Second Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,747 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$3.36M
$2.94M – $3.92M
NOI $235,123 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
77,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
994
Businesses Nearby
100k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Shops & Services 21%
Hotels & Casinos 5%
McDonald's
Dining
36,203 visits/mo
0.2 miles
Dunkin' Donuts
Dining
17,770 visits/mo
0.3 miles
Speedway
Shops & Services
12,600 visits/mo
0.1 miles
Burger King
Dining
10,626 visits/mo
0.1 miles
KFC
Dining
8,836 visits/mo
0.1 miles
Demographics for 03301, NH
33,352
Population
14,486
Households
2.3
Avg Household Size
43
Median Age
42%
College-Educated
92%
High-School Grad
49.2 sq mi
ZIP Area
678
Density / Sq Mi
$85,943
Median Household Income
$49,749
Median Earnings
$1,355
Median Rent
$344,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drug store - Ground lease with tenant responsibility for property maintenance and expenses.
Where is this drug store located?
The property is located at 4 Hall St Concord, NH.
What is the asking price?
The asking price for this property is $3,836,800.
What are key features of this property?
This property features: 12,900‑square‑foot CVS drug store operating under a ground lease; 6% rent increase scheduled for May 2028; CVS holds its first lease cancellation option on January 31, 2034
