Freestanding Retail Building with
For Sale
Contact for pricing
577 Mast Rd, Manchester, NH 03102
Free-standing former Rite Aid offers a drive-thru, 235’ of frontage, and ample on-site parking on 1.85 acres.
Property Size14,673 SF
Lot Size1.85 Acres
Price / SF$197.30
Days on Market195
Property Features for 577 Mast Rd
General Information
Standard status
Active
Size
14,673 SF
Lot size
1.85 Acres
Property subtype
RETAIL
Site & Location
Traffic Count
13,915 vehicles/day
Road Access
Yes
Listing Agency:
Colliers
(603) 623-0100
Listed By:
Doug Martin · License #065638
(603) 493-8784
Source:
Moodyscre
Added: Feb 23
Changed: Aug 21
Last Checked: Aug 14 at 7:50AM
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
Investment Insights
Based on property information with market context.
This 14,673± SF freestanding property was formerly a Rite Aid and includes a drive-thru. The building is situated on 1.85± acres with ample on-site parking and offers 235’ of frontage with prominent signage along Mast Road/Route 114A.
Mast Road serves as a primary commercial corridor for Goffstown, Bedford, Pinardville, and western Manchester. The property is reported to have 13,915± AADT (NHDOT ’24), and Mast Road connects directly to Manchester with convenient access to major highways.
The surrounding area includes established retail and service uses such as Starbucks, Planet Fitness, Hannaford, NH Liquor & Wine Outlet, restaurants, and banks.
Mast Road serves as a primary commercial corridor for Goffstown, Bedford, Pinardville, and western Manchester. The property is reported to have 13,915± AADT (NHDOT ’24), and Mast Road connects directly to Manchester with convenient access to major highways.
The surrounding area includes established retail and service uses such as Starbucks, Planet Fitness, Hannaford, NH Liquor & Wine Outlet, restaurants, and banks.
Key Highlights
- 14,673± SF free‑standing former Rite Aid building with drive‑thru window
- 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
$252,229
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
8.71%
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%
$5,044,580
$5.0M
Cap Rate 7%
$3,603,271
$3.6M
Cap Rate 9%
$2,802,544
$2.8M
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
$352.2K $24.00/SF
− Vacancy
−$15.8K −$1.08/SF
EGI
$336.3K $22.92/SF
− OpEx
−$84.1K −$5.73/SF
NOI
$252.2K $17.19/SF
Area
Manchester, NH
Vacancy
4.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$5,044,580
Cap Rate 7%
$3,603,271
Cap Rate 9%
$2,802,544
Alternative Uses
Best Use
Specialty Retail
$3.60M
$3.15M – $4.20M
NOI $252,229 @ 7.0% cap · market cap 8.71%
Second Best
Retail
$3.01M
$2.63M – $3.51M
NOI $210,763 @ 7.0% cap · market cap 7.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13,915 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
18k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Home Improvements & Furnishings 18%
Cumberland Farms
Shops & Services
7,171 visits/mo
0.1 miles
Family Dollar
Shops & Services
5,592 visits/mo
0.5 miles
Aubin Hardware
Home Improvements & Furnishings
3,282 visits/mo
0.2 miles
O'Reilly Auto Parts
Shops & Services
2,297 visits/mo
0.4 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
Questions? Ask Rey
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Similar Off Market Nearby
- Hannaford Pharmacy — 605 Mast Rd, Goffstown, NH 03102
- Raven's Eye Homestead — 251 Youville St, Manchester, NH 03102
Frequently Asked Questions
What type of property is this?
Drug store - Free-standing former Rite Aid offers a drive-thru, 235’ 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 Manchester, 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 building with drive‑thru window; 1.85± acres with ample on‑site parking; 235’ of frontage and prominent signage along Mast Road/Route 114A
