Listing Agency: New England Realty Advisors LLC b***@nerealtyadvisors.com Show Phone

Listed By: Brad Carlson · License ##085535 Show Phone

Source: Moodyscre

Added: May 9, 2025 Changed: Aug 9 Last Checked: Aug 11 at 7:07AM

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Investment Insights

Based on property information with market context.

The Bobcat Way Industrial Bays, located in Sandown, NH, are available for sale. This multi-tenant industrial opportunity comprises two separate buildings on individual lots. 9 Bobcat Way has a total of 8170 square feet, including 2268 square feet of mezzanine space on the second floor. 17 Bobcat Way has a total of 5100 square feet. Both properties are being sold together. The buildings were developed and built by the original owner between 2019 and 2021 and have been meticulously maintained. All units are separately metered for heat and electricity. The total property size is 13270 square feet.

Key Highlights

• Two industrial buildings (8170 SF and 5100 SF) being sold together.
• Opportunity to increase value by raising rents to market rate.
• Potential to transition leases to include tenant contributions for common area maintenance, taxes, and insurance.

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

$152,092

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

7.24%

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%

$3,041,840 $3.0M

Cap Rate 7%

$2,172,743 $2.2M

Cap Rate 9%

$1,689,911 $1.7M

Market Conditions

NOI Build-Up for 13,270 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

$251.6K $18.96/SF

− Vacancy

−$17.6K −$1.33/SF

EGI

$234.0K $17.63/SF

− OpEx

−$81.9K −$6.17/SF

NOI

$152.1K $11.46/SF

Area

Rockingham County, NH

Vacancy

7.00%

Lease Rate

$18.96 /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%

$3,041,840

Cap Rate 7%

$2,172,743

Cap Rate 9%

$1,689,911

Alternative Uses

Best Use

Flex RnD

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $152,092 @ 7.0% cap · market cap 7.24%

Second Best

Warehouse

$1.38M

$1.21M – $1.62M (±1% cap)

NOI $96,903 @ 7.0% cap · market cap 4.61%

Theoretical Best

Office A

$4.42M

$3.87M – $5.15M (±1% cap)

NOI $309,257 @ 7.0% cap · market cap 14.73%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Location Intelligence

Trade Area within ½ mile

65

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Flex space - Multi-tenant industrial opportunity in Sandown, New Hampshire.

Where is this flex space located?

The property is located at 9-17 Bobcat Way Sandown, NH.

What is the asking price?

The asking price for this property is $2,100,000.

What are key features of this property?

This property features: Two industrial buildings (8170 SF and 5100 SF) being sold together.; Opportunity to increase value by raising rents to market rate.; Potential to transition leases to include tenant contributions for common area maintenance, taxes, and insurance.