Turnkey, mixed-use investment opportunity in Downtown Manchester, NH!

Retail-Commercial for Sale
Catylist Listing ID: 30843861
Property Subtypes: Mixed Use
Building Size (RSF): 16,829 SF
Gross Building Area: See Agent
Sale Price: $3,525,000
Unit Price: $209.46 PSF
Ceiling: 10 ft.
Property Use Type: Investment
Usable Size (USF): 11,248 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/22/2024

Overview / Comments

119 Hanover Street is a turnkey, mixed-use investment opportunity positioned on the corner of Hanover and Chestnut in the heart of Manchester’s downtown. Sited within a block of major attractions such as the Hanover Street Chophouse, The Palace Theater, and several new multifamily developments, this location is second to none. This two-story brick building boasts 11 apartments (a mix of studio and 1-bedrooms), 5 retail units, and a leased billboard, all of which have seen significant renovations over the last two years. These upgrades include new electrical panels, updated unit plumbing, new high efficiency mini-splits, a new rubber roof, and a freshly painted façade. Additionally, each of the apartments have been painstakingly remodeled with high-end finishes including granite countertops, stainless-steel appliances, premium-LVP flooring, and in-unit air conditioning. The residents can also access the free high-speed wireless internet newly installed throughout the building, utilize the brand-new laundry room, and benefit from the high-resolution cameras providing interior and exterior coverage of the property. All of the commercial units are fully occupied with a mix of retail and restaurant tenants. The billboard presents additional opportunity for value-add with an at-will operator that has been renting for almost three decades at a below market rate. Don’t let this opportunity to own a turnkey building in Manchester’s downtown pass you by!

Additional Details

Nearest MSA: Manchester-Nashua
County: Hillsborough
Tax ID/APN: 50-29
Zoning: CBD
Retail Clientele: General, Business
Largest Nearby Street: Elm Street Manchester, NH
Feet of Frontage: 218
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Good
Year Built: 1910
Year Renovated: 2022
Roof Type: Flat
Construction/Siding: Brick
Heat Type: Natural Gas
Heat Source: Wall Units
Zoning Description: CBD
Lot Frontage: 218 ft
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 34,538 108,140 141,599
Median Age: 33.08 36.86 37.57
Households: 14,598 44,461 56,893

Contact

Photograph of Listing Agent

Matthew Lefebvre

Downtown Realty NECPE Member
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