Concord Industrial Building with
For Sale
Contact for pricing
92 Old Turnpike Road, Concord, NH 03301
208,487 SF industrial building near Concord Airport.
Property Size208,487 SF
Price / SF$110.32
Days on Market108
Property Features for 92 Old Turnpike Road
General Information
Standard status
Active
Size
208,487 SF
Property subtype
Industrial
Zoning
Industrial
Building Details
Year Built
1958
Buildings
1
Listing Agency:
Colliers - Manchester, New Hampshire
(603) 232-8282
Listed By:
Doug Martin · License #NH 065638
Source:
Crexi
Added: May 14
Changed: Aug 28
Last Checked: Aug 28 at 2:16PM
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 Colliers - Manchester, New Hampshire
Investment Insights
Based on property information with market context.
Capitol Crossing is a 208,487 square foot industrial building constructed in phases from 1958 to 1984. It was designed to meet the high power and durability needs of a manufacturing company. The building underwent significant renovation in 2020 to include current storage and distribution requirements. Available for lease is 35,160 to 168,677 square feet in flexible configurations consisting of a mix of open warehouse area, high ceilings, drive-in doors, loading docks, plus 8,000 square feet of mezzanine office area. Improvements include adding multiple loading docks, oversized drive-ins, truck and trailer parking, expanded parking to 245 cars, roof replacement, interior and exterior cosmetic changes, new ADA restrooms, and a significant sprinkler upgrade to an EFSR level over 71,500 square feet. An existing tenant, The Granite Group, occupies 39,150 square feet. The property is located adjacent to Concord’s Municipal Airport with easy access to I-93, I-393, and I-89. It is approximately 25 minutes to Manchester, NH, 50 minutes to Portsmouth, NH, and 70 minutes to Boston, MA.
Key Highlights
- Flexible lease configurations available from 35,160± to 168,677± SF.
- Significant 2020 renovation to meet current storage and distribution requirements.
- Excellent location adjacent to Concord’s Municipal Airport with easy access to I‑93, I‑393, and I‑89.
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
$1,920,439
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
8.35%
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%
$38,408,780
$38.4M
Cap Rate 7%
$27,434,843
$27.4M
Cap Rate 9%
$21,338,211
$21.3M
Market Conditions
NOI Build-Up for 208,487 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
$2.43M $11.64/SF
− Vacancy
−$167.4K −$0.80/SF
EGI
$2.26M $10.84/SF
− OpEx
−$338.9K −$1.63/SF
NOI
$1.92M $9.21/SF
Area
Merrimack County, NH
Vacancy
6.90%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
15.00%
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%
$38,408,780
Cap Rate 7%
$27,434,843
Cap Rate 9%
$21,338,211
Alternative Uses
Best Use
Warehouse
$27.43M
$24.01M – $32.01M
NOI $1,920,439 @ 7.0% cap · market cap 8.35%
Second Best
Industrial
$22.59M
$19.77M – $26.36M
NOI $1,581,538 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$54.29M
$47.50M – $63.33M
NOI $3,800,001 @ 7.0% cap · market cap 16.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 03301, NH
33,352
Population
14,486
Households
2.3
Avg Household Size
43
Median Age
42%
College-Educated
92%
High-School Grad
49.2 sq mi
ZIP Area
678
Density / Sq Mi
$85,943
Median Household Income
$49,749
Median Earnings
$1,355
Median Rent
$344,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 208,487 SF industrial building near Concord Airport.
Where is this warehouse located?
The property is located at 92 Old Turnpike Road Concord, NH.
What is the asking price?
The asking price for this property is $23,000,000.
What are key features of this property?
This property features: Flexible lease configurations available from 35,160± to 168,677± SF.; Significant 2020 renovation to meet current storage and distribution requirements.; Excellent location adjacent to Concord’s Municipal Airport with easy access to I‑93, I‑393, and I‑89.
