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172 Hanover St 12,780 SF 66% Leased Retail Building Portsmouth, NH 03801 $4,390,000 ($343.51/SF)
Executive Summary
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 most heavily walked pedestrian corridors in the city. The building was constructed in 1850 and is fully wet-sprinklered.
The ground floor and lower level are occupied by tenant at will, La Carreta Restaurante Mexicano, a long-tenured regional operator occupying roughly two-thirds of the building on a triple-net basis. The result is stabilized in-place income supporting an ownership position while the value-add component is executed above. Approximately 3,182 SF of unfinished upper-level area sits above the restaurant. In addition there is a finished ±1,200 SF of available lower-level space (the former Page Restaurant & Bar) with full kitchen are both available for occupancy or redevelopment opportunities. Architectural drawings and contractor bids are available please contact to discuss further, multifamily uses are also unrestricted.
The ground floor and lower level are occupied by tenant at will, La Carreta Restaurante Mexicano, a long-tenured regional operator occupying roughly two-thirds of the building on a triple-net basis. The result is stabilized in-place income supporting an ownership position while the value-add component is executed above. Approximately 3,182 SF of unfinished upper-level area sits above the restaurant. In addition there is a finished ±1,200 SF of available lower-level space (the former Page Restaurant & Bar) with full kitchen are both available for occupancy or redevelopment opportunities. Architectural drawings and contractor bids are available please contact to discuss further, multifamily uses are also unrestricted.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Restaurant
Building Size
12,780 SF
Building Class
B
Year Built/Renovated
1850/2016
Price
$4,390,000
Price Per SF
$343.51
Percent Leased
66%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.25
Lot Size
0.13 AC
Zoning
CD5 - Character District 5 (CD5) – To promote the development of walkable, mixed-use, human-scaled places
Parking
4 Spaces (0.31 Spaces per 1,000 SF Leased)
Frontage
140’ on Hanover St
Exceptionally walkable
90/100
Moderately drivable
70/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | PRSM-000126-000001A | Improvements Assessment | $2,335,700 |
| Land Assessment | $1,188,200 | Total Assessment | $3,523,900 |
Property Taxes
Parcel Number
PRSM-000126-000001A
Land Assessment
$1,188,200
Improvements Assessment
$2,335,700
Total Assessment
$3,523,900
Contacts
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Michael Carucci -
Natasha Mahan -
Mariana Campos Mancera -
The Carucci Group at Serhant
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