Building Details

Building Size 8,900 SF

Year Built 2015

Buildings 1

Tenancy Multi

Listing Agency: The Boulos Company k***@boulos.com Show Phone

Listed By: Katherine Gemmecke · License #064644 Show Phone

Source: Boulos

Added: Aug 1 Changed: Aug 8 Last Checked: Aug 8 at 3:27AM

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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 The Boulos Company

Investment Insights

Based on property information with market context.

This 8,900± SF shopping center was built in 2015 on 1.69± acres and includes a mix of existing commercial tenants. Approximately 3,000± SF is available for lease, creating flexibility for an owner-user or an incoming tenant while retaining the property’s existing occupancy. The building supports both retail and office-oriented commercial use as described in the listing.

The property is positioned along the Route 125 commercial corridor at 71 Calef Hwy in Lee, New Hampshire. Route 125 exposure, on-site parking, and the established tenant mix provide the primary physical and operational features identified for the property. The asset is offered for sale and may suit an owner-user or investor seeking a shopping center with available space.

Key Highlights

• 8,900± SF commercial building on 1.69± acres
• Approximately 3,000± SF available for lease
• Located along the Route 125 commercial corridor

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

$107,879

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

3.85%

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%

$2,157,580 $2.2M

Cap Rate 7%

$1,541,129 $1.5M

Cap Rate 9%

$1,198,656 $1.2M

Market Conditions

NOI Build-Up for 8,900 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

$160.2K $18.00/SF

− Vacancy

−$6.1K −$0.68/SF

EGI

$154.1K $17.32/SF

− OpEx

−$46.2K −$5.19/SF

NOI

$107.9K $12.12/SF

Area

Strafford County, NH

Vacancy

3.80%

Lease Rate

$18.00 /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%

$2,157,580

Cap Rate 7%

$1,541,129

Cap Rate 9%

$1,198,656

Alternative Uses

Best Use

Retail

$1.54M

$1.35M – $1.80M (±1% cap)

NOI $107,879 @ 7.0% cap · market cap 3.85%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.38M

$2.08M – $2.78M (±1% cap)

NOI $166,672 @ 7.0% cap · market cap 5.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Subway Take-out & Catering Verizon Electronics & Wireless Store Aroma Joe’s Cafe & Coffee Shop Verizon Business Services Mobile Phone Store New Hampshire Federal ... Credit Union

Suggested Use

Top Pick Parking Lot & Garage Hair Salon Electrical Service Nail Salon Computer & Electronic Repair Veterinary Clinic

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

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

181

Businesses Nearby

138k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 57% Groceries 29% Shops & Services 10% Home Improvements & Furnishings 3%

Market Basket Groceries

39,550 visits/mo 0.1 miles

McDonald's Dining

25,847 visits/mo 0.3 miles

Dunkin' Donuts Dining

16,074 visits/mo 0.4 miles

Starbucks Dining

14,433 visits/mo 0.4 miles

Wendy's Dining

14,305 visits/mo 0.2 miles

Demographics for 03861, NH

4,499

Population

1,890

Households

2.4

Avg Household Size

42

Median Age

53%

College-Educated

98%

High-School Grad

19.7 sq mi

ZIP Area

228

Density / Sq Mi

$140,321

Median Household Income

$62,908

Median Earnings

$1,061

Median Rent

$449,300

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

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What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Lee Market Place — 41 Concord Rd, Lee, NH 03825

Frequently Asked Questions

What type of property is this?

Shopping center - Built in 2015, the property combines established tenancy with additional commercial space available for lease.

Where is this shopping center located?

The property is located at 71 Calef Hwy Lee, NH.

What is the asking price?

The asking price for this property is $2,800,000.

What are key features of this property?

This property features: 8,900± SF commercial building on 1.69± acres; Approximately 3,000± SF available for lease; Located along the Route 125 commercial corridor