Split-Level Medical Office
For Sale
$1,025,000
70 Queen City Avenue, Manchester, NH 03103
Professionally finished medical office property with main- and lower-level areas connected by a central entry foyer.
Property Size6,000 SF
Price / SF$170.83
Days on Market85
Property Features for 70 Queen City Avenue
General Information
Standard status
Active
Size
6,000 SF
Class
B
Property subtype
Office
Additional Details
Highway Access
Yes
Building Details
Building Size
6,000 SF
Year Built
1966
Buildings
1
Stories
2
Parking Ratio
4.3 per 1,000 SF
Listing Agency:
Sperry - Commercial Realty Associates
(603) 289-1405
Listed By:
Joshua Solloway · License #NH #085116
(603) 289-1405
Source:
Sperrycga
Added: Jun 9
Changed: Aug 31
Last Checked: Aug 31 at 2:17PM
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 Sperry - Commercial Realty Associates
Investment Insights
Based on property information with market context.
This 6,000± SF medical office property at 70 Queen City Avenue provides a split-level configuration with approximately 3,000 SF on each level. A central entry foyer connects the main floor and finished lower level, creating a practical arrangement for professional office or clinical operations. The building dates to 1966 and offers a finished interior suited to medical, dental, legal, insurance, therapy, or wellness uses as identified in the property information.
The Manchester, NH location provides access to I-93 and I-294. On-site parking is provided at a ratio of 4.3:1,000, supporting the needs of occupants and visitors. The property’s office and medical configuration offers flexibility for an owner-user seeking space across two connected levels.
The Manchester, NH location provides access to I-93 and I-294. On-site parking is provided at a ratio of 4.3:1,000, supporting the needs of occupants and visitors. The property’s office and medical configuration offers flexibility for an owner-user seeking space across two connected levels.
Key Highlights
- 6,000± SF split‑level medical office building
- Approximately 3,000 SF on the main level and 3,000 SF of finished lower‑level space
- Central entry foyer connects both levels
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
$76,745
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
7.49%
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%
$1,534,900
$1.5M
Cap Rate 7%
$1,096,357
$1.1M
Cap Rate 9%
$852,722
$852.7K
Market Conditions
NOI Build-Up for 6,000 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
$136.8K $22.80/SF
− Vacancy
−$8.9K −$1.48/SF
EGI
$127.9K $21.32/SF
− OpEx
−$51.2K −$8.53/SF
NOI
$76.7K $12.79/SF
Area
Manchester, NH
Vacancy
6.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
40.00%
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%
$1,534,900
Cap Rate 7%
$1,096,357
Cap Rate 9%
$852,722
Alternative Uses
Best Use
Healthcare Medical
$1.10M
$959.3K – $1.28M
NOI $76,745 @ 7.0% cap · market cap 7.49%
Second Best
Office B
$705.0K
$616.9K – $822.5K
NOI $49,352 @ 7.0% cap · market cap 4.81%
Theoretical Best
Specialty Retail
$1.47M
$1.29M – $1.72M
NOI $103,140 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
910
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 03103, NH
38,039
Population
16,166
Households
2.4
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
9.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$70,049
Median Household Income
$41,243
Median Earnings
$1,322
Median Rent
$313,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Professionally finished medical office property with main- and lower-level areas connected by a central entry foyer.
Where is this medical office space located?
The property is located at 70 Queen City Avenue Manchester, NH.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: 6,000± SF split‑level medical office building; Approximately 3,000 SF on the main level and 3,000 SF of finished lower‑level space; Central entry foyer connects both levels
