Building Details

Building Size 1,584 SF

Year Built 1880

Buildings 1

Units 1

Listing Agency: Coldwell Banker LIFESTYLES - Concord r***@thecblife.com Show Phone

Listed By: Rachel Dethomas Show Phone

Source: Elliman

Added: Aug 8 Changed: Aug 9 Last Checked: Aug 10 at 7:18AM

Report an Issue

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 Coldwell Banker LIFESTYLES - Concord

Investment Insights

Based on property information with market context.

Built in 1880, this historic office building occupies a level 0.20-acre parcel that is mostly lawn. The property was formerly used by Kearsarge Insurance and offers a traditional commercial setting in Warner village.

The building requires renovation, including exterior painting, updates, and a new bathroom. Its established presence and existing office classification provide a foundation for continued commercial use, subject to the needs of the next owner.

Key Highlights

• 1880 construction date
• 0.20‑acre level parcel, mostly lawn
• Former Kearsarge Insurance building

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

$22,145

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

6.73%

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%

$442,900 $442.9K

Cap Rate 7%

$316,357 $316.4K

Cap Rate 9%

$246,056 $246.1K

Market Conditions

NOI Build-Up for 1,584 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

$34.2K $21.60/SF

− Vacancy

−$4.7K −$2.96/SF

EGI

$29.5K $18.64/SF

− OpEx

−$7.4K −$4.66/SF

NOI

$22.1K $13.98/SF

Area

Merrimack County, NH

Vacancy

13.70%

Lease Rate

$21.60 /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%

$442,900

Cap Rate 7%

$316,357

Cap Rate 9%

$246,056

Alternative Uses

Best Use

Office B

$316.4K

$276.8K – $369.1K (±1% cap)

NOI $22,145 @ 7.0% cap · market cap 6.73%

Second Best

Retail

$263.7K

$230.8K – $307.7K (±1% cap)

NOI $18,462 @ 7.0% cap · market cap 5.61%

Theoretical Best

Office A

$412.4K

$360.9K – $481.2K (±1% cap)

NOI $28,871 @ 7.0% cap · market cap 8.78%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Kearsarge Insurance Agency, ... Insurance Agency

Suggested Use

Top Pick HVAC Service Building Supply Cafe & Coffee Shop Nail Salon (Bike/Boat/Book/etc) Store Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

118

Businesses Nearby

Explore this area Business Placement

Demographics for 03278, NH

3,126

Population

1,507

Households

2.1

Avg Household Size

47

Median Age

42%

College-Educated

94%

High-School Grad

63.5 sq mi

ZIP Area

49

Density / Sq Mi

$98,333

Median Household Income

$47,413

Median Earnings

$1,211

Median Rent

$322,900

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Office building - Historic commercial building on a level, mostly lawned parcel with renovation needs.

Where is this office building located?

The property is located at 9 East Main St Warner, NH.

What is the asking price?

The asking price for this property is $329,000.

What are key features of this property?

This property features: 1880 construction date; 0.20‑acre level parcel, mostly lawn; Former Kearsarge Insurance building