Building Details

Building Size 5,984 SF

Year Built 1986

Units 1

Listing Agency: J***@athertonnh.com Show Phone

Listed By: John Prieto Show Phone

Source: Elliman

Added: Aug 19 Changed: Aug 20 Last Checked: Aug 20 at 5:15AM

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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 John Prieto

Investment Insights

Based on property information with market context.

The property is an operating breakfast restaurant with a post-and-beam interior and seating for 60+/- guests. The family-run business has served pancakes, waffles, eggs, and other breakfast fare for over 35 years. The iconic smokestack and steam vent have also supported maple syrup production, with annual output reaching 300 gallons of Grade A pure New Hampshire syrup at times.

Located at 931 Flanders Rd in Henniker, the restaurant sits on Route 114 at the base of Pat's Peak Ski Area. The property to be transferred comprises 2.35 acres following an approved lot line adjustment; town maps and the deed previously showed 3.6 acres. Three new septic tanks—a 2000-gallon tank, a 1500-gallon tank, and a 1500-gallon grease trap—have been installed. Work to bring three-phase power to the site is underway and is expected to be completed before closing.

Key Highlights

• 2.35 acres to be transferred following an approved town lot line adjustment
• Breakfast restaurant with post‑and‑beam interior and seating for 60+/- guests
• Operating family‑run restaurant serving breakfast fare for over 35 years

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

$49,054

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

4.09%

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%

$981,080 $981.1K

Cap Rate 7%

$700,771 $700.8K

Cap Rate 9%

$545,044 $545.0K

Market Conditions

NOI Build-Up for 5,984 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

$69.7K $11.64/SF

− Vacancy

−$4.2K −$0.71/SF

EGI

$65.4K $10.93/SF

− OpEx

−$16.4K −$2.73/SF

NOI

$49.1K $8.20/SF

Area

Merrimack County, NH

Vacancy

6.10%

Lease Rate

$11.64 /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%

$981,080

Cap Rate 7%

$700,771

Cap Rate 9%

$545,044

Alternative Uses

Best Use

Specialty Retail

$700.8K

$613.2K – $817.6K (±1% cap)

NOI $49,054 @ 7.0% cap · market cap 4.09%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.56M

$1.36M – $1.82M (±1% cap)

NOI $109,068 @ 7.0% cap · market cap 9.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Intervale Farm Pancake ... Restaurant

Suggested Use

Top Pick HVAC Service Plumbing Service Garden Center (Bike/Boat/Book/etc) Store Big Box & Wholesale Store Home Appliance Store

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

Turnkey business

Opportunity

Yes

Paved road access

Yes

Grease trap

Location Intelligence

Trade Area within ½ mile

25

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 03242, NH

6,185

Population

2,359

Households

2.6

Avg Household Size

28

Median Age

42%

College-Educated

99%

High-School Grad

44.1 sq mi

ZIP Area

140

Density / Sq Mi

$87,344

Median Household Income

$35,662

Median Earnings

$1,073

Median Rent

$317,600

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

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

What type of property is this? Where is this breakfast & diners located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Intervale Farm Pancake House — 931 Flanders Rd, Henniker, NH 03242

Frequently Asked Questions

What type of property is this?

Breakfast & diner - Operating breakfast restaurant with seating for approximately 60 guests and recently installed septic infrastructure.

Where is this breakfast & diner located?

The property is located at 931 Flanders Rd Henniker, NH.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: 2.35 acres to be transferred following an approved town lot line adjustment; Breakfast restaurant with post‑and‑beam interior and seating for 60+/- guests; Operating family‑run restaurant serving breakfast fare for over 35 years