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553-557 S Commercial St
Manchester, NH 03101
Residences at Riverwalk · Multifamily Property For Sale
·
150 Units
Property Facts
| No. Units | 150 | Lot Size | 3.84 AC |
| Property Type | Multifamily | Building Size | 123,844 SF |
| Property Subtype | Apartment | No. Stories | 5 |
| Apartment Style | Mid-Rise | Year Built | 2016 |
| Building Class | A | Parking Ratio | 1.82/1,000 SF |
| No. Units | 150 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 3.84 AC |
| Building Size | 123,844 SF |
| No. Stories | 5 |
| Year Built | 2016 |
| Parking Ratio | 1.82/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Oven
- Stainless Steel Appliances
- Range
- Views
Site Amenities
- Business Center
- Clubhouse
- Fitness Center
- Pool
- Property Manager on Site
- Breakfast/Coffee Concierge
- Dry Cleaning Service
- Walking/Biking Trails
- Car Charging Station
- Elevator
- Maintenance on site
- Pet Washing Station
About 553-557 S COMMERCIAL ST , MANCHESTER, NH 03101
Market-Rate Community in Thriving Downtown Manchester Residences at Riverwalk is a 150-unit, 100% market-rate apartment community with condo finishes, in-unit laundry, elevator service and in-building garage parking. The community has direct access to the Heritage Trail along the Merrimack River, and provides walkability to numerous major employers and retail amenities throughout Downtown Manchester. The community is also just 1/2 mile to Interstate 293 (exit 5) which connects to Route 3, Interstate 93, and Manchester-Boston Regional Airport in just minutes. Strong Economic Drivers Adjacent to “Silicon Millyard” New Hampshire’s workforce is the biggest it has ever been, and at just 2.4% the state has one of the lowest unemployment rates in the country. In recent years, Manchester has established itself as a center for tech companies, attracting global brands including, Oracle + Dyn, Amazon-PillPack, Texas Instruments, Akamai, Philips, Autodesk, Geneia, and Newforma. Energetic 24/7 Live-Work-Play Environment The urban setting is walking distance to Market Basket, Northeast Delta Dental Stadium, SNHU Arena, Strand Theater, The Palace Theater, as well as numerous retailers and over 40 dining and entertainment options. Southern New Hampshire University (SNHU) and University of New Hampshire (UNH) also have nearly 12,000 students and faculty nearby. Strong Property Fundamentals & Remarkable Revenue Growth Since stabilizing in January 2018, Residences at Riverwalk has maintained an average occupancy of 97.3% over the last 18 months. Currently 100% leased, the community has experienced enormous rental growth since rolling out LRO in March 2018. As a testament to the strength of the market and the property, January through April 2019 experienced 13.3% year-over-year rental income growth. Even with the rent growth, the property will trade at a significant discount to replacement cost given the rapid rise in construction costs.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 28 | - | 502 |
| 1+1 | 52 | - | 751 - 989 |
| 2+2 | 70 | - | 1,010 - 1,020 |
Property Taxes
| Parcel Number | MNCH-000909-000000-000004A | Improvements Assessment | $9,129,600 |
| Land Assessment | $0 | Total Assessment | $9,129,600 |
Property Taxes
