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    885 Hanover St Manchester, NH 03104
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    885 Hanover St Manchester, NH 03104

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    • Retail properties & Spaces
    • 212,902 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Eastside Plaza / Grocery & Convenience Store / Food Market
    • All Day Locksmith & Security / Locksmith

    Property Details for 885 Hanover St

    Property size
    212,902 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    Eastside Plaza, located at 885 Hanover Street in Manchester, New Hampshire (zip code 03104), offers exceptional retail opportunities within a thriving shopping center. This Class B property boasts a total of 212,902 square feet, with 93,460 square feet currently vacant. Multiple tenancy options are available, ranging from a minimum of 1,600 square feet to a maximum contiguous space of 72,840 square feet. The center is strategically positioned in Hillsborough County, benefiting from its proximity to major employers and a robust customer demographic. Eastside Plaza features excellent visibility, ample parking, and a signalized entrance for convenient access. This grocery-anchored center is home to a diverse range of established tenants, including Hannaford, Ace Hardware, Pizza Market, and Rent-A-Center, creating a strong synergy and high foot traffic. The available spaces include a large retail box, a pad site, and two inline spaces, providing flexibility for various retail concepts. This prime location in Manchester presents a unique opportunity for businesses seeking high visibility and a strong customer base within a well-established shopping center. The property's size and layout offer significant potential for growth and success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    Hillsborough
    State
    New Hampshire
    Longitude
    -71.429
    Latitude
    42.9874

    Comparable in this City

    • Value Estimation
      $530,000
      2,500 SF

      275 Hanover St

      RETAIL STORES (PERSONAL SERVICES) • 2,500 SF
      275 Hanover St, Manchester, NH 03104-4852
      View Details
    • Value Estimation by Request
      726 SF

      210 Lowell St

      RETAIL STORES (PERSONAL SERVICES) • 726 SF
      210 Lowell St, Manchester, NH 03104-4979
      View Details
    • Value Estimation by Request
      114,642 SF

      1100 Bicentennial Dr

      Shopping centers • 114,642 SF
      1100 Bicentennial Dr, Manchester, NH 03104
      View Details
    • Value Estimation by Request
      3,880 SF

      591 Lincoln St

      DEPARTMENT STORE • 3,880 SF
      591 Lincoln St, Manchester, NH 03104-5005
      View Details
    • Value Estimation
      $770,000
      4,785 SF

      497 Hooksett Rd

      DEPARTMENT STORE • 4,785 SF
      497 Hooksett Rd, Manchester, NH 03104-2698
      View Details
    • Value Estimation by Request
      4,668 SF

      71 Myrtle St

      DEPARTMENT STORE • 4,668 SF
      71 Myrtle St, Manchester, NH 03104-6018
      View Details

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      High-Visibility Retail Space Available

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    Manchester, NH 03104
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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