172 Hanover Street is a 12,780 SF mixed-use building on a 0.13-acre parcel in the heart of downtown Portsmouth, fronting Hanover Street and backing directly onto Vaughan Mall, one of the city’s most heavily trafficked pedestrian corridors. Originally constructed in 1850, the building is fully wet-sprinklered. The ground floor and lower level are occupied by La Carreta Restaurant, a long-tenured regional operator under a tenant-at-will arrangement, occupying approximately two-thirds of the building. The existing tenancy provides in-place income while offering an owner flexibility to pursue the property’s value-add potential. Approximately 3,182 SF of unfinished upper-level space presents an opportunity for residential redevelopment. Permits have been approved for two upper-floor apartments, with architectural drawings and contractor bids available. An additional ±1,200 SF of lower-level space is available for occupancy or future redevelopment. Multifamily uses are unrestricted, providing further flexibility for an owner or developer.