Timber-Frame Church
For Sale
$350,000
948 Gardner Hill Road, Tamworth, NH 03886
Historic building with flexible residential and commercial possibilities, substantial parking, and an approved septic design.
Property Size2,060 SF
Lot Size2.50 Acres
Price / SF$169.90
Days on Market366
Property Features for 948 Gardner Hill Road
General Information
Standard status
Active
Size
2,060 SF
Total Parking Spaces
40
Lot size
2.50 Acres
Property subtype
Commercial
Additional Details
Road Access
Yes
Building Details
Year Built
1902
Buildings
1
Construction
timber frame
Listing Agency:
The Greene Realty Group
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Aug 30, 2025
Changed: Aug 29
Last Checked: Jul 3 at 12:17PM
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 The Greene Realty Group
Investment Insights
Based on property information with market context.
Built in 1902, this former church is currently configured as an upholstery studio and offers a distinctive interior with a cathedral ceiling and exposed timber framing. The property includes a gravel parking area accommodating 40 vehicles, an approved septic design, and fiber optic internet available at the road. With no zoning in Tamworth, the existing structure may support residential, commercial, or combined use as described in the property information.
The parcel contains 2.5 acres and has more than 700 feet of road frontage. The site is positioned between Tamworth and Chocorua villages, with Route 16 nearby and local destinations including a farmers' market, bakery, distillery, and theater in the surrounding area. The available frontage also supports the possibility of subdivision.
The parcel contains 2.5 acres and has more than 700 feet of road frontage. The site is positioned between Tamworth and Chocorua villages, with Route 16 nearby and local destinations including a farmers' market, bakery, distillery, and theater in the surrounding area. The available frontage also supports the possibility of subdivision.
Key Highlights
- Former church built in 1902; currently used as an upholstery studio
- Cathedral ceiling with exposed timber‑frame construction
- 2.5‑acre parcel with more than 700 feet of road frontage
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
$25,029
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
7.15%
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%
$500,580
$500.6K
Cap Rate 7%
$357,557
$357.6K
Cap Rate 9%
$278,100
$278.1K
Market Conditions
NOI Build-Up for 2,060 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
$44.5K $21.60/SF
− Vacancy
−$4.4K −$2.16/SF
EGI
$40.0K $19.44/SF
− OpEx
−$15.0K −$7.29/SF
NOI
$25.0K $12.15/SF
Area
Carroll County, NH
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$500,580
Cap Rate 7%
$357,557
Cap Rate 9%
$278,100
Alternative Uses
Best Use
Mixed Use
$357.6K
$312.9K – $417.2K
NOI $25,029 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$514.4K
$450.1K – $600.1K
NOI $36,006 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 03886, NH
1,977
Population
1,019
Households
1.9
Avg Household Size
50
Median Age
30%
College-Educated
98%
High-School Grad
34.4 sq mi
ZIP Area
57
Density / Sq Mi
$77,955
Median Household Income
$32,051
Median Earnings
$1,142
Median Rent
$360,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Historic building with flexible residential and commercial possibilities, substantial parking, and an approved septic design.
Where is this church & religious facility located?
The property is located at 948 Gardner Hill Road Tamworth, NH.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Former church built in 1902; currently used as an upholstery studio; Cathedral ceiling with exposed timber‑frame construction; 2.5‑acre parcel with more than 700 feet of road frontage
