Waterfront Lot Near Downtown
For Sale
$1,000,000
Pending
94 Langdon St, Portsmouth, NH 03801
Waterfront lot with industrial/office buildings, development potential near downtown.
Property Size3,534 SF
Lot Size0.16 Acres
Days on Market164
Property Features for 94 Langdon St
General Information
Standard status
Pending
Size
3,534 SF
Lot size
0.16 Acres
Property subtype
Commercial
Building Details
Building Size
3,534 SF
Year Built
1880
Listing Agency:
keller williams coastal realty
(207) 361-7712
Listed By:
Deborah L Lynch · License #39396
(207) 361-7712
Source:
Elliman
Added: Mar 11
Changed: Aug 9
Last Checked: Jul 23 at 10:49AM
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 keller williams coastal realty
Investment Insights
Based on property information with market context.
This expansive waterfront lot on the North Mill Pond is within walking distance of downtown Portsmouth. It currently features industrial and office buildings, offering space for a variety of businesses. The property presents the opportunity to reimagine the site for luxury living. With its large size, prime location, and direct water access, this site is suitable for investors, developers, or visionaries to bring their plans to life, whether commercial, residential, or a combination of both. The property is to be sold together with 98 Cornwall St.
Key Highlights
- Prime waterfront location on North Mill Pond.
- Walking distance to downtown Portsmouth.
- Versatile property suitable for commercial, residential, or mixed‑use development.
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
$48,258
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
4.83%
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%
$965,160
$965.2K
Cap Rate 7%
$689,400
$689.4K
Cap Rate 9%
$536,200
$536.2K
Market Conditions
NOI Build-Up for 3,534 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
$74.2K $21.00/SF
− Vacancy
−$9.9K −$2.79/SF
EGI
$64.3K $18.21/SF
− OpEx
−$16.1K −$4.55/SF
NOI
$48.3K $13.66/SF
Area
Strafford County, NH
Vacancy
13.30%
Lease Rate
$21.00 /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%
$965,160
Cap Rate 7%
$689,400
Cap Rate 9%
$536,200
Alternative Uses
Best Use
Office B
$689.4K
$603.2K – $804.3K
NOI $48,258 @ 7.0% cap · market cap 4.83%
Second Best
Industrial
$542.7K
$474.9K – $633.2K
NOI $37,992 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$945.5K
$827.3K – $1.10M
NOI $66,182 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,846
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Waterfront Land - Waterfront lot with industrial/office buildings, development potential near downtown.
Where is this waterfront land located?
The property is located at 94 Langdon St Portsmouth, NH.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Prime waterfront location on North Mill Pond.; Walking distance to downtown Portsmouth.; Versatile property suitable for commercial, residential, or mixed‑use development.
