Flex Space with Overhead
For Sale
$509,900
602-288 Hounsell Ave, Gilford, NH 03246
Commercial condominium unit combines office, warehouse, and storage areas for flexible business operations.
Property Size1,425 SF
Price / SF$357.82
Days on Market122
Property Features for 602-288 Hounsell Ave
General Information
Standard status
Active
Size
1,425 SF
Additional Details
Utilities to Site
Yes
Three-Phase Power
Yes
Building Details
Construction
steel building systems
Listing Agency:
KW Coastal and Lakes & Mountains Realty/Meredith
(603) 630-3343
Listed By:
Shannon L Casey · License #072839
(603) 630-3343
Source:
Exprealty
Added: May 1
Changed: Aug 29
Last Checked: Aug 29 at 2:18PM
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 KW Coastal and Lakes & Mountains Realty/Meredith
Investment Insights
Based on property information with market context.
Building 6 at Granite Ridge is a commercial condominium flex unit with approximately 1,425 square feet arranged for office, warehouse, and storage functions. The layout includes a private entrance, dedicated office, restroom, and open bay served by a 10-foot overhead door. Modern steel construction supports the property’s commercial configuration.
The campus at 602-288 Hounsell Ave in Gilford’s commercial district is equipped with town water and sewer, underground utilities, 3-phase power, propane heat, and fiber optic connectivity. The property is minutes from Lake Winnipesaukee and Gunstock Mountain Resort, with access suited to clients, employees, and deliveries.
The campus at 602-288 Hounsell Ave in Gilford’s commercial district is equipped with town water and sewer, underground utilities, 3-phase power, propane heat, and fiber optic connectivity. The property is minutes from Lake Winnipesaukee and Gunstock Mountain Resort, with access suited to clients, employees, and deliveries.
Key Highlights
- Approximately 1,425 sq ft flex condominium unit in Building 6
- Private entrance, dedicated office, restroom, and open bay
- 10' overhead door provides access to the open bay
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
$16,326
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
3.20%
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%
$326,520
$326.5K
Cap Rate 7%
$233,229
$233.2K
Cap Rate 9%
$181,400
$181.4K
Market Conditions
NOI Build-Up for 1,425 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
$27.4K $19.20/SF
− Vacancy
−$2.2K −$1.57/SF
EGI
$25.1K $17.63/SF
− OpEx
−$8.8K −$6.17/SF
NOI
$16.3K $11.46/SF
Area
Belknap County, NH
Vacancy
8.20%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$326,520
Cap Rate 7%
$233,229
Cap Rate 9%
$181,400
Alternative Uses
Best Use
Flex RnD
$233.2K
$204.1K – $272.1K
NOI $16,326 @ 7.0% cap · market cap 3.20%
Second Best
Warehouse
$208.6K
$182.5K – $243.3K
NOI $14,599 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$338.9K
$296.5K – $395.4K
NOI $23,721 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 03246, NH
16,905
Population
10,426
Households
1.6
Avg Household Size
47
Median Age
25%
College-Educated
93%
High-School Grad
19.9 sq mi
ZIP Area
849
Density / Sq Mi
$68,407
Median Household Income
$40,504
Median Earnings
$1,180
Median Rent
$307,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial condominium unit combines office, warehouse, and storage areas for flexible business operations.
Where is this flex space located?
The property is located at 602-288 Hounsell Ave Gilford, NH.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Approximately 1,425 sq ft flex condominium unit in Building 6; Private entrance, dedicated office, restroom, and open bay; 10' overhead door provides access to the open bay
