Portsmouth - 361 Hanover Street - For Sale

Office for Sale
Catylist Listing ID: 30737560
Property Subtypes: Coworking, Governmental, High-Tech, Office Building
Building Size (RSF): 26,120 SF
Gross Building Area: See Agent
Gross Land Area: 1.10 Acres
Sale Price: $5,212,730
Unit Price: $199.57 PSF
Property Use Type: Investment, Vacant/Owner-User
Class of Space: Class C
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Average Occupancy Rate: 95
Last Updated: 8/31/2021

Overview / Comments

First time available for sale in over 25 years. 361 Hanover Street located in downtown Portsmouth is a two (2) story, handsome brick office building originally built in 1850, most recently occupied by Heinemann Publishing.

The land is approximately 1.1 acres, consisting of 60+ on-site parking spaces. In addition to on-site surface parking the property is adjacent to the Foundry Place Municipal Parking Garage.

The property is serviced by municipal water & sewer, natural gas, electricity is provided by Eversource Energy.

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Rockingham
Taxing Authority: Porstmouth
Tax ID/APN: 0138/0063/0001
Property Located Between: Foundry Place and Islington Street
Airports: Portsmouth International Airport at Pease
Site Description: The site is level with a paved surface for on-site parking.
Area Description: The area is a mix of multifamily residential, commercial and municipal uses.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1850
Year Renovated: 2005
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Handsome red brick building with multi colored awnings, on-site surface parking lot with some mature landscaping.
Parking Ratio: 2.3 (per 1000 SF)
Parking Type: Surface
Parking Description: 60 + on-site surface parking lot with a municipal parking garage directly behind the building at Foundry Place.
Total Parking Spaces: 60
Sprinklers: Wet
Heat Type: Natural Gas
Interior Description: The interior was renovated in 2005 for a single tenant as professional office space.
Zoning Description: CD5 (Character District 5), Downtown Overlay District and North End Incentive Overlay Disctrict
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Deed to be provided by owner.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,937 27,268 42,085
Median Age: 39.51 42.04 42.76
Households: 4,702 12,918 19,107


Photograph of Listing Agent

Mike Harrington, CRE, CCIM

Harrington & Company NECPE Member
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