Freestanding NNN Retail
New
For Sale
$895,000
428 South Willow Street, Manchester, NH 03103
Hertz occupies the building under a net lease extending through March 2029, with two additional five-year options.
Property Size2,346 SF
Price / SF$381.50
Days on Market6
Property Features for 428 South Willow Street
General Information
Standard status
Active
Size
2,346 SF
Property subtype
Commercial
Building Details
Year Built
1956
Listing Agency:
Downtown Realty
Listed By:
Matthew Lefebvre
(603) 763-4932
Source:
Harborlightrealty
Added: Aug 31
Changed: Sep 4
Last Checked: Sep 4 at 9:01AM
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 Downtown Realty
Investment Insights
Based on property information with market context.
This freestanding, single-tenant NNN property contains approximately 2,346 SF and was built in 1956. Hertz Global Holdings Inc. has operated at the site since 2004, with the current lease extending through March 2029 and two additional five-year options continuing through 2039. Tenant improvements include EV charging stations, refreshed storefront finishes, updated signage, and an improved building facade.
The property occupies a corner lot at a signalized intersection along Route 28, with approximately 128 feet of frontage and average daily traffic exceeding 21,000 VPD. The site offers access to I-293, I-93, and Manchester-Boston Regional Airport. Nearby retail destinations include The Shoppes at South Willow and Manchester Commons Shopping Center, along with national retailers such as Home Depot, Michaels, PetSmart, Burlington, and BJ’s Wholesale Club.
The property occupies a corner lot at a signalized intersection along Route 28, with approximately 128 feet of frontage and average daily traffic exceeding 21,000 VPD. The site offers access to I-293, I-93, and Manchester-Boston Regional Airport. Nearby retail destinations include The Shoppes at South Willow and Manchester Commons Shopping Center, along with national retailers such as Home Depot, Michaels, PetSmart, Burlington, and BJ’s Wholesale Club.
Key Highlights
- Approximately 2,346 SF freestanding single‑tenant building
- Net lease to Hertz Global Holdings Inc. through March 2029
- Two additional five‑year lease options extend through 2039
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
$33,698
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
3.77%
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%
$673,960
$674.0K
Cap Rate 7%
$481,400
$481.4K
Cap Rate 9%
$374,422
$374.4K
Market Conditions
NOI Build-Up for 2,346 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
$50.7K $21.60/SF
− Vacancy
−$2.5K −$1.08/SF
EGI
$48.1K $20.52/SF
− OpEx
−$14.4K −$6.16/SF
NOI
$33.7K $14.36/SF
Area
Manchester, NH
Vacancy
5.00%
Lease Rate
$21.60 /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%
$673,960
Cap Rate 7%
$481,400
Cap Rate 9%
$374,422
Alternative Uses
Best Use
Retail
$481.4K
$421.2K – $561.6K
NOI $33,698 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$576.1K
$504.1K – $672.1K
NOI $40,328 @ 7.0% cap · market cap 4.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
291k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 35%
Apparel 15%
Five Below
Shops & Services
46,675 visits/mo
0.5 miles
Michaels
Shops & Services
44,969 visits/mo
0.4 miles
McDonald's
Dining
26,268 visits/mo
0.3 miles
Wendy's
Dining
21,822 visits/mo
0.3 miles
Savers Thrift Store
Apparel
20,091 visits/mo
0.3 miles
Demographics for 03103, NH
38,039
Population
16,166
Households
2.4
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
9.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$70,049
Median Household Income
$41,243
Median Earnings
$1,322
Median Rent
$313,500
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?
NNN property - Hertz occupies the building under a net lease extending through March 2029, with two additional five-year options.
Where is this nnn property located?
The property is located at 428 South Willow Street Manchester, NH.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Approximately 2,346 SF freestanding single‑tenant building; Net lease to Hertz Global Holdings Inc. through March 2029; Two additional five‑year lease options extend through 2039
