High Density Multi-Family Development with approvals

Multi-Family for Sale
Also listed as Vacant Land, Special Purpose
Catylist Listing ID: 30836522
Property Subtypes: Mid-Rise
Building Status: Proposed
Number of Units: 362 Units
Building Size (RSF): 177,822 SF
Gross Building Area: See Agent
Gross Land Area: 5.91 Acres
Sale Price: $8,190,000
Unit Price: $22,624.31 Per Unit
Property Use Type: Investment
Usable Size (USF): 350,000 SF
Sale Terms: Cash to Seller
Last Updated: 9/19/2023

Overview / Comments

This approved development opportunity to construct 362 new residential units across three apartment buildings is a rarity in Nashua. The approval from the city of Nashua has been received for the proposed site plan, to redevelop the existing lot into three 5 & 6 story buildings (totaling 362 units) - along with associated site improvements for the property. The site is mostly level with a slight slope, providing for 146 garaged parking spaces underneath the 4 & 5-story buildings with a total of 460 parking spaces.
The well designed site plan is visually pleasing and will provide a comfortable living environment for the residents. With a view of the Nashua River and direct access to the Nashua Riverwalk trail and pedestrian bridge, location provides for commuting convenience with easy access for residents to enjoy the outdoors. The proposed apartment complex is located in the Downtown area of the second-largest city (91,000 people) in New Hampshire, featuring living with no sales or personal income tax and just over the Massachusetts border, within 50 minutes drive from Boston. This community has high demand for housing, growing demographics and current vacancy rates under 0.6%. Nashua is home to many of the largest employers in the state, BAE Systems North America, Southern New Hampshire Medical Center, St. Joseph Hospital and Hewlett Packard.

Additional Details

Nearest MSA: Manchester-Nashua
County: Hillsborough
Tax ID/APN: 0037-00006-0000
Community Amenities: Recreation Room, Exercise Room, On-Site Maintenance
Property Located Between: E Hollis St
Highway Access: Exit 6, 7E (RT-3) - 2 miles; 108, RT-101A; RT-111; I-93
Airports: Manchester Regional - 15 miles, Boston Logan International - 45 Miles
Site Description: The site is a 5.9 acre site with long street frontage on three exterior streets. Additional parking is available on the streets. The site has a gentle slope from west to east with lower level parking under the buildings. Mechanicals will be in a recessed section of the rooftop with a red brick (local) exterior.
Area Description: Main Street runs straight through the historic and cultural center of Nashua. The downtown area is classic New England, reflecting the spirit of prior generations and the continuing growth of present-day commerce. A stroll along brick-lined sidewalks brings you past dozens of vibrant shops and restaurants. Downtown Nashua is uniquely retail, residential, municipal and professional, all at once. Nashua is a home to BAE Systems North America (located within few minutes walk from the site), Southern New Hampshire Medical Center, St. Joseph Hospital and Trauma Center, Teradyne Connection Systems Inc, Hewlett-Packard, GN Netcom/Unex Inc, GL & V Pulp Group Inc who are one of the largest employers in the state. Mine Falls Park is a 325-acre (132 ha) park in the heart of the city that contains forest, wetlands and open fields. It is bordered on the north by the Nashua River and on the south by the millpond and power canal system. Activities include walking, boating, fishing, cross-country skiing, and biking, as well as organized sports on baseball, soccer and lacrosse fields. Nashua is famous for its many shopping outlets, especially in the southern part of the city where you can find every single store chain in New England. Many Massachusetts residents come here to take advantage of the lack of sales tax in New Hampshire. The commercial area spans from exit 36 in Tyngsboro, Massachusetts to exit 3 in Nashua on U.S. Route 3. 1 Pheasant Lane Mall, 310 Daniel Webster Hwy. This 1,000,000-square-foot mall at the Nashua/Tyngsboro border is one of the biggest shopping centers in the state. It has over 100 stores, restaurants and kiosks, including anchor tenants Dick's Sporting Goods, JCPenney, Macy's, and Target. Many restaurants, cafes, and pubs line the picturesque Main Street in northern Nashua. In addition, there are an ever-growing number of ethnic restaurants throughout the city, including Indian, Mediterranean, Columbian, Mexican, and others. The downtown Main Street area has become a minor destination for its restaurants, bars and sidewalk cafes.
Total Number of Buildings: 3
Roof Type: Flat
Construction/Siding: Wood Frame
Parking Ratio: 1.3 (per 1000 SF)
Parking Type: Surface, Other
Parking Description: Proposed 164 garage parking spaces underneath the buildings. 296 of surface parking spaces. Street parking (site has frontage on a total of 4 streets).
Total Parking Spaces: 460
Laundry: In Each Unit
Fuel: Gas
Interior Description: Mix of one-bedroom and two-bedroom units.
Zoning Description: TOD - TRANSIT ORIENTED DEVELOPMENT OVERLAY DISTRICT Purpose: The purpose of the Transit-Oriented Development Overlay District is to encourage innovative and supportive development near transit stations such as commuter rail and bus with focus on intermodal transportation connections and innovative financing of infrastructure. This section promotes the transportation goals and objectives of the Nashua Master Plan and specific objectives and recommendations of the 2004 East Hollis Street Area plan adopted as part of the Master Plan.
Part of Planned Development?: Yes
Lot Frontage: 1856
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,977 87,972 128,933
Median Age: 34.68 39.15 39.29
Households: 8,470 34,705 50,321
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