Historic Mixed-Use Development
For Sale
Under Contract
$2,990,000
48 Lincoln Street, Exeter, NH 03833
Commercial Sale, Exeter, NH
Property Size16,000 SF
Lot Size1.53 Acres
Price / SF$186.88
Days on Market279
Property Features for 48 Lincoln Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1 / MUND
Lot features
In Town, Near Paths, Near Shopping, Neighborhood, Near Public Transport, Near Railroad, Level, Neighbor Business, Sidewalks, Near Hospital
Standard status
Active Under Contract
Lot size
1.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
23591
Utilities
Utilities
Cable Available
Water source
Public
Building Details
Year built
1900
Listing Agency:
Carey Giampa, LLC/Portsmouth
(603) 431-1100
Listed By:
Nick Ponte
(603) 235-5887
Added: Nov 17, 2025
Changed: Aug 19
Last Checked: Aug 23 at 2:06AM
MLS# 5069803
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property comprises a 1.53-acre site with a 16,000+ square-foot building constructed in 1900. The structure has manufacturing-era origins and served as the Exeter Handkerchief Factory for approximately 40 years, providing a substantial existing building within a redevelopment-oriented setting. Zoning is C-1 / MUND, a designation identified for combined residential and commercial development. Public water is available, and cable service is listed.
The property borders the Amtrak rail line, with daily service connecting Exeter to Boston. Downtown Exeter shops and restaurants, along with Phillips Exeter Academy, are described as being within a short walk. The combination of an established building, large site, mixed-use zoning, and rail access creates a flexible property profile for redevelopment or continued commercial use.
The property borders the Amtrak rail line, with daily service connecting Exeter to Boston. Downtown Exeter shops and restaurants, along with Phillips Exeter Academy, are described as being within a short walk. The combination of an established building, large site, mixed-use zoning, and rail access creates a flexible property profile for redevelopment or continued commercial use.
Key Highlights
- 1.53‑acre mixed‑use property in Exeter
- 16,000+ square‑foot building constructed in 1900
- C‑1 / MUND zoning supports residential and commercial development
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
$149,040
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
4.98%
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%
$2,980,800
$3.0M
Cap Rate 7%
$2,129,143
$2.1M
Cap Rate 9%
$1,656,000
$1.7M
Market Conditions
NOI Build-Up for 16,000 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
$259.2K $16.20/SF
− Vacancy
−$20.7K −$1.30/SF
EGI
$238.5K $14.90/SF
− OpEx
−$89.4K −$5.59/SF
NOI
$149.0K $9.32/SF
Area
Rockingham County, NH
Vacancy
8.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$2,980,800
Cap Rate 7%
$2,129,143
Cap Rate 9%
$1,656,000
Alternative Uses
Best Use
Mixed Use
$2.13M
$1.86M – $2.48M
NOI $149,040 @ 7.0% cap · market cap 4.98%
Second Best
Industrial
$1.41M
$1.24M – $1.65M
NOI $98,956 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$5.33M
$4.66M – $6.21M
NOI $372,879 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 03833, NH
22,662
Population
9,789
Households
2.3
Avg Household Size
47
Median Age
54%
College-Educated
98%
High-School Grad
48.5 sq mi
ZIP Area
467
Density / Sq Mi
$110,566
Median Household Income
$59,220
Median Earnings
$1,632
Median Rent
$456,000
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?
Mixed-use property - C-1 / MUND zoning supports a blend of residential and commercial development with public water service.
Where is this mixed-use property located?
The property is located at 48 Lincoln Street Exeter, NH.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: 1.53‑acre mixed‑use property in Exeter; 16,000+ square‑foot building constructed in 1900; C‑1 / MUND zoning supports residential and commercial development
