Magnetite (FeO) nanoparticles were synthesized using the chemical coprecipitation method. Several nanoparticle samples were synthesized by varying the concentration of iron salt precursors in the solution for the synthesis. Two batches of nanoparticles with average sizes of 10.2 nm and 12.2 nm with nearly similar particle-size distributions were investigated. The average particle sizes were determined from the XRD patterns and TEM images. For each batch, several samples with different particle concentrations were prepared. Morphological analysis of the samples was performed using TEM. The phase and structure of the particles of each batch were studied using XRD, selected area electron diffraction (SAED), Raman and XPS spectroscopy. Magnetic hysteresis loops were obtained using a Lakeshore vibrating sample magnetometer (VSM) at room temperature. In the two batches, the particles were found to be of the same pure crystalline phase of magnetite. The effects of particle size, size distribution, and concentration on the magnetic properties and magneto thermic efficiency were investigated. Heating profiles, under an alternating magnetic field, were obtained for the two batches of nanoparticles with frequencies 765.85, 634.45, 491.10, 390.25, 349.20, 306.65, and 166.00 kHz and field amplitudes of 100, 200, 250, 300 and 350 G. The specific absorption rate (SAR) values for the particles of size 12.2 nm are higher than those for the particles of size 10.2 nm at all concentrations and field parameters. SAR decreases with the increase of particle concentration. SAR obtained for all the particle concentrations of the two batches increases almost linearly with the field frequency (at fixed field strength) and nonlinearly with the field amplitude (at fixed field frequency). SAR value obtained for magnetite nanoparticles with the highest magnetization is 145.84 W/g at 765.85 kHz and 350 G, whereas the SAR value of the particles with the least magnetization is 81.67 W/g at the same field and frequency.