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The Flats at Hanover Commons 235 Hanover St 32 Unit Apartment Building $7,250,000 ($226,563/Unit) Manchester, NH 03104
INVESTMENT HIGHLIGHTS
- 32 Residential Units, 5 Office Units, 1 Restaurant, 22 Space Parking Lot
- Zoning: Central Business District
- Well-Maintained, Brick Asset
- Gross Building Area: ±22,732 SF, Total Lot Sizes: ±0.38 Acres
- Complete Renovation in 2017
EXECUTIVE SUMMARY
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.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Taxes |
$70,899
|
$3.88
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$70,899
|
$3.88
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Taxes | |
|---|---|
| Annual | $70,899 |
| Annual Per SF | $3.88 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $70,899 |
| Annual Per SF | $3.88 |
PROPERTY FACTS
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Microwave
- Storage Space
- Heating
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Views
- Wi-Fi
- Breakfast Nook
- Freezer
- Island Kitchen
- Loft Layout
- Office
- Recreation Room
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Business Center
- Controlled Access
- Courtyard
- Fitness Center
- Laundry Facilities
- Security System
- On-Site Retail
- Vintage Building
- Wi-Fi
- Bicycle Storage
- Community-Wide WiFi
- Conference Rooms
- Elevator
- Lounge
- Maintenance on site
- Meal Service
- Public Transportation
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 25 | - | 280 - 400 |
| 1+1 | 4 | - | 504 - 565 |
| 2+1 | 3 | - | 712 |
1 1
Walk Score®
Walker's Paradise (96)
PROPERTY TAXES
| Parcel Number | MNCH-000050-000000-000016 | Total Assessment | $3,488,100 |
| Land Assessment | $580,000 | Annual Taxes | $70,899 ($3.88/SF) |
| Improvements Assessment | $2,908,100 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
MNCH-000050-000000-000016
Land Assessment
$580,000
Improvements Assessment
$2,908,100
Total Assessment
$3,488,100
Annual Taxes
$70,899 ($3.88/SF)
Tax Year
2024
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The Flats at Hanover Commons | 235 Hanover St
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