Freestanding NNN Retail
For Sale
$895,000
428 South Willow St, 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 Market47
Property Features for 428 South Willow St
General Information
Standard status
Active
Size
2,346 SF
Building Details
Year Built
1956
Listing Agency:
Downtown Realty
Listed By:
Matthew Lefebvre · License #070207
(603) 554-2309
Source:
Katieoddy
Added: Sep 4
Changed: Oct 16
Last Checked: Oct 7 at 5:35PM
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
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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 / Yr
$33,698
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Market
Vacancy Rate% for Retail in Northeast region
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 St 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
