235 Hanover St - Apartments FOR SALE


Manchester, NH 03104- Downtown Manchester
$7,250,000 USD
603-932-3011
235 Hanover St, Manchester, NH for Sale
$7,250,000 USD
Apartments - FOR SALE
1/48
null | Request Cap Rate

235 Hanover St
Manchester, NH 03104
Downtown Manchester


HIGHLIGHTS

  • 32 Residential Units, 5 Office Units, 1 Restaurant, 22 Space Parking Lot
  • Gross Building Area: ±22,732 SF, Total Lot Sizes: ±0.38 Acres
  • Zoning: Central Business District
  • Complete Renovation in 2017
  • Well-Maintained, Brick Asset

OVERVIEW

Introducing The Flats @ Hanover Commons; a distinguished four-story ±22,732 SF mixed-use brick building offering a unique blend of residential, office, and retail uses on the crossroads of Hanover and Union Street. This high-performing, generational asset includes 32 thoughtfully designed apartments, 5 professional office suites, and a long-standing restaurant tenant, supported by a separately deeded parking lot with 20 off-street spaces located at 269 Hanover Street. Originally constructed at the turn of the 19th century and completely overhauled and converted in 2017, the building features modern systems including high-efficiency mini-split HVAC units in every apartment, a shared hot water system, building-wide wireless internet, full elevator service on all floors, and comprehensive life safety systems including sprinklers and alarms. The residential component consists primarily of upscale studio "micro-apartments," designed for the modern urban renter along with a mix of larger studios, 1BR and 2BR units, several of which feature private decks. With communal amenities such as a shared fitness center, laundry room, and resident-only access to the on-site café during non-operating hours, this building helped kick-of the live, work, play movement in Manchester. The first-floor houses five, fully leased, boutique office suites with shared facilities, as well as a café with a strong, established operator since the property's conversion. The ±0.17-acre main parcel includes a small outdoor patio and seating area that enhances the café’s appeal, while the ±0.21-acre, non-contiguous lot at 269 Hanover Street provides highly coveted parking in a dense urban environment along with a future development opportunity. With a modernized unit mix, stable income, quality amenities, and prime location, 235 Hanover Street presents an exceptional opportunity for investors seeking a turnkey mixed-use asset with proven performance.

FOR SALE DETAILS

PRICE

$7,250,000 USD

PRICE/SF

$396 USD /SF

# OF UNITS

32

PRICE/UNIT

$226,563

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Flats at Hanover Common

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1892

PARKING SPACES

22

LAND DETAILS

LAND ACRES

0.38 AC

LAND SF

16,553 SF

ZONING

CBD

APN/PARCEL ID

MNCH-000050-000000-000016

ASK ABOUT THIS PROPERTY

Matt LefebvreDowntown RealtyMore Info
603-932-3011

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Matt LefebvreDowntown RealtyMore Info
603-932-3011

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.