Medical Office
For Sale
Contact for pricing
63 Evans Drive, Lebanon, NH 03766
Leased office building suited to medical operations with a newly established five-year lease.
Property Size9,913 SF
Price / SF$257.54
Days on Market144
Property Features for 63 Evans Drive
General Information
Standard status
Active
Size
9,913 SF
Property subtype
Special Purpose
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$229,692
Additional Details
Cap Rate
8.16%
Building Details
Year Built
2001
Buildings
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Cleveland
(216) 264-2049
Listed By:
William Skoch · License #OH #SAL.2021008491
Source:
Crexi
Added: Apr 11
Changed: Aug 31
Last Checked: Sep 1 at 3:37AM
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 Marcus & Millichap - Cleveland
Investment Insights
Based on property information with market context.
This office building contains 9,913 SF and is positioned for medical use. The property is offered with a newly established five-year lease, providing a defined lease term for the incoming owner.
Located at 63 Evans Dr in Lebanon, NH 03766, the property carries an 8.16% CAP. The asset combines office functionality with an existing medical-oriented lease structure.
Located at 63 Evans Dr in Lebanon, NH 03766, the property carries an 8.16% CAP. The asset combines office functionality with an existing medical-oriented lease structure.
Key Highlights
- 9,913 SF office building
- New 5 Year Lease
- 8.16% CAP
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
$119,894
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
4.70%
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%
$2,397,880
$2.4M
Cap Rate 7%
$1,712,771
$1.7M
Cap Rate 9%
$1,332,156
$1.3M
Market Conditions
NOI Build-Up for 9,913 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
$184.4K $18.60/SF
− Vacancy
−$24.5K −$2.47/SF
EGI
$159.9K $16.13/SF
− OpEx
−$40.0K −$4.03/SF
NOI
$119.9K $12.09/SF
Area
Grafton County, NH
Vacancy
13.30%
Lease Rate
$18.60 /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%
$2,397,880
Cap Rate 7%
$1,712,771
Cap Rate 9%
$1,332,156
Alternative Uses
Best Use
Office B
$1.71M
$1.50M – $2.00M
NOI $119,894 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.91M – $2.54M
NOI $152,640 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
747
Businesses Nearby
Explore this area
Business Placement
Demographics for 03766, NH
9,838
Population
5,346
Households
1.8
Avg Household Size
39
Median Age
55%
College-Educated
95%
High-School Grad
32.0 sq mi
ZIP Area
307
Density / Sq Mi
$96,642
Median Household Income
$53,441
Median Earnings
$1,860
Median Rent
$348,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Leased office building suited to medical operations with a newly established five-year lease.
Where is this office building located?
The property is located at 63 Evans Drive Lebanon, NH.
What is the asking price?
The asking price for this property is $2,553,000.
What are key features of this property?
This property features: 9,913 SF office building; New 5 Year Lease; 8.16% CAP
