Building Details

Year Built 2009

Buildings 1

Stories 1

Listing Agency: Colliers - Manchester, New Hampshire

Listed By: Doug Martin · License #NH 065638 Show Phone

Source: Crexi

Added: Feb 23 Changed: Aug 26 Last Checked: Sep 6 at 2:40AM

Report an Issue

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 Colliers - Manchester, New Hampshire

Investment Insights

Based on property information with market context.

A 14,673± SF free-standing former Rite Aid offering a drive-thru configuration on 1.85± acres. The site includes ample on-site parking and approximately 235 feet of frontage with prominent signage along Mast Road/Route 114A. The building and site are positioned for a variety of retail, medical, service, or quick-service concepts.

Mast Road/Route 114A serves as a primary commercial corridor for Goffstown, Bedford, Pinardville, and western Manchester, with 13,915± AADT (NHDOT ‘24). The property is described as having high visibility from this corridor, and Mast Road connects directly to Manchester with access to major highways just minutes away.

Surrounding shopping and services include Starbucks, Planet Fitness, Hannaford, NH Liquor & Wine Outlet, restaurants, and banks, supporting day-to-day consumer activity in the immediate area.

Key Highlights

• 14,673± SF free‑standing former Rite Aid with a drive‑thru
• 1.85± acres with ample on‑site parking
• 235’± of frontage and prominent signage along Mast Road/Route 114A

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

$205,217

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

7.09%

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%

$4,104,340 $4.1M

Cap Rate 7%

$2,931,671 $2.9M

Cap Rate 9%

$2,280,189 $2.3M

Market Conditions

NOI Build-Up for 14,673 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

$316.9K $21.60/SF

− Vacancy

−$23.8K −$1.62/SF

EGI

$293.2K $19.98/SF

− OpEx

−$87.9K −$5.99/SF

NOI

$205.2K $13.99/SF

Area

Hillsborough County, NH

Vacancy

7.50%

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%

$4,104,340

Cap Rate 7%

$2,931,671

Cap Rate 9%

$2,280,189

Alternative Uses

Best Use

Specialty Retail

$26.88M

$23.52M – $31.36M (±1% cap)

NOI $1,881,812 @ 7.0% cap · market cap 65.00%

Second Best

Retail

$2.93M

$2.57M – $3.42M (±1% cap)

NOI $205,217 @ 7.0% cap · market cap 7.09%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Drug stores

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Big Box & Wholesale Store Parking Lot & Garage Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

13,915 VPD

Traffic count

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

418

Businesses Nearby

145k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 35% Groceries 32% Shops & Services 21% Superstores 11%

Hannaford Groceries

36,343 visits/mo 0.1 miles

McDonald's Dining

20,415 visits/mo 0.1 miles

Big Lots Superstores

15,230 visits/mo 0.2 miles

Dollar Tree Shops & Services

13,728 visits/mo 0.2 miles

Dunkin' Donuts Dining

12,116 visits/mo 0.2 miles

Demographics for 03102, NH

33,396

Population

15,264

Households

2.2

Avg Household Size

36

Median Age

33%

College-Educated

89%

High-School Grad

9.1 sq mi

ZIP Area

3,670

Density / Sq Mi

$69,927

Median Household Income

$43,518

Median Earnings

$1,533

Median Rent

$309,400

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this drug stores located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Duplex with Solar Panels

267 Black Brook Road, Goffstown, NH 03045

$725,000

2,832 SF

View details

Four-Unit Mixed-Use Property

12 Pleasant Street, Goffstown, NH 03045

$650,000

4,836 SF

View details

Duplex With Solar Panels

267 Black Brook Rd A & B, Goffstown, NH 03045

$725,000

7.71 Acres

View details

Duplex with Owned Solar Panels

267 Black Brook Rd #A & B, Goffstown, NH 03045

$725,000

2,832 SF

View details

Similar Off Market Nearby

• Rite Aid Pharmacy — 577 Mast Rd, Manchester, NH 03102
• Cindy Ginn — 577 Mast Rd, Manchester, NH 031021157
• Peter Rella — 577 Mast Rd, Manchester, NH 03102
• Heather Bird — 577 Mast Rd, Manchester, NH 031021157
• Hannaford Pharmacy — 605 Mast Rd, Goffstown, NH 03102

Frequently Asked Questions

What type of property is this?

Drug store - Former Rite Aid with a drive-thru, 235 feet of frontage, and ample on-site parking on 1.85 acres.

Where is this drug store located?

The property is located at 577 Mast Rd Goffstown, NH.

What is the asking price?

The asking price for this property is $2,895,000.

What are key features of this property?

This property features: 14,673± SF free‑standing former Rite Aid with a drive‑thru; 1.85± acres with ample on‑site parking; 235’± of frontage and prominent signage along Mast Road/Route 114A