Downtown Mixed-Use
New
For Sale
$1,750,000
84-88 Pleasant St, Portsmouth, NH 03801
Existing shell offers a redevelopment opportunity for commercial space with residential use above.
Property Size7,165 SF
Price / SF$244.24
Days on Market2
Property Features for 84-88 Pleasant St
General Information
Standard status
Active
Size
7,165 SF
Property Condition
Severity
Major Repairs Needed
Evidence
significant rehabilitation
Building Details
Year Built
1850
Listing Agency:
KW Coastal and Lakes & Mountains Realty
Listed By:
Nathan W Dickey
(603) 610-8500
Source:
603propertygroup
Added: Sep 5
Last Checked: Sep 5 at 2:52PM
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
Investment Insights
Based on property information with market context.
This 7,165-square-foot mixed-use property dates to 1850 and is currently configured as an existing shell requiring significant rehabilitation. The structure supports a redevelopment concept combining street-level commercial space with residential units on the floors above.
Located at 84-88 Pleasant St in downtown Portsmouth, the property is near restaurants, shops, galleries, entertainment, and the waterfront. The setting also provides access to year-round downtown activity, offering a central context for a mixed-use project.
Located at 84-88 Pleasant St in downtown Portsmouth, the property is near restaurants, shops, galleries, entertainment, and the waterfront. The setting also provides access to year-round downtown activity, offering a central context for a mixed-use project.
Key Highlights
- 7,165‑square‑foot mixed‑use property
- Existing shell with significant rehabilitation required
- Potential for street‑level commercial space with residential units above
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
$86,848
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
4.96%
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%
$1,736,960
$1.7M
Cap Rate 7%
$1,240,686
$1.2M
Cap Rate 9%
$964,978
$965.0K
Market Conditions
NOI Build-Up for 7,165 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
$129.0K $18.00/SF
− Vacancy
−$4.9K −$0.68/SF
EGI
$124.1K $17.32/SF
− OpEx
−$37.2K −$5.19/SF
NOI
$86.8K $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%
$1,736,960
Cap Rate 7%
$1,240,686
Cap Rate 9%
$964,978
Alternative Uses
Best Use
Retail
$1.24M
$1.09M – $1.45M
NOI $86,848 @ 7.0% cap · market cap 4.96%
Second Best
Mixed Use
$1.03M
$900.9K – $1.20M
NOI $72,075 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,180 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,422
Businesses Nearby
61k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 64%
Shops & Services 24%
Dining 10%
Home Improvements & Furnishings 3%
Hilton Garden Inn Portsmouth Downtown
Hotels & Casinos
12,451 visits/mo
0.2 miles
Hampton Inn & Suites Portsmouth
Hotels & Casinos
9,382 visits/mo
0.3 miles
Residence Inn Portsmouth Downtown/Waterfront
Hotels & Casinos
8,761 visits/mo
0.3 miles
Sheraton Portsmouth Harborside Hotel
Hotels & Casinos
8,034 visits/mo
0.3 miles
La Carreta
Dining
5,807 visits/mo
0.2 miles
Demographics for 03801, NH
22,767
Population
11,448
Households
2
Avg Household Size
43
Median Age
63%
College-Educated
98%
High-School Grad
23.8 sq mi
ZIP Area
957
Density / Sq Mi
$106,520
Median Household Income
$65,984
Median Earnings
$1,783
Median Rent
$647,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Existing shell offers a redevelopment opportunity for commercial space with residential use above.
Where is this mixed-use property located?
The property is located at 84-88 Pleasant St Portsmouth, NH.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 7,165‑square‑foot mixed‑use property; Existing shell with significant rehabilitation required; Potential for street‑level commercial space with residential units above
