Mixed-Use Corner
119 Hanover Street Manchester, NH 03101
For Sale
Contact for pricing
Pending
Two-story brick building with renovated apartments, leased storefronts, and an existing billboard lease.
Property Size16,828 SF
Days on Market126
Property Features for 119 Hanover Street
General Information
Standard status
Pending
Size
16,828 SF
Property subtype
MULTIFAMILY
Listing Agency:
Downtown Realty
(603) 554-2309
Listed By:
Matthew Lefebvre · License #070207
(603) 554-2309
Source:
Moodyscre
Added: Mar 26
Changed: Jul 29
Last Checked: Jul 29 at 7:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Downtown Realty
Investment Insights
Based on property information with market context.
119 Hanover Street is a two-story brick mixed-use property located on the corner of Hanover and Chestnut Streets in downtown Manchester. The building includes 11 apartments consisting of studio and one-bedroom units, plus five commercial storefront spaces. A long-standing billboard lease is also in place.
According to the seller, the residential units were significantly renovated within the past two years, including new electrical panels, updated plumbing, a new rubber roof, high-efficiency mini-splits, and a freshly painted exterior. The apartments are described as having granite countertops, stainless steel appliances, premium LVP flooring, and in-unit A/C. Additional resident amenities listed include free high-speed Wi-Fi and a new laundry room, along with 24/7 security coverage using high-resolution interior and exterior cameras.
The five commercial storefronts are leased on multi-year terms to a stable mix of retail and restaurant tenants. The on-site billboard is rented under a long-term lease, and the seller notes the current billboard arrangement is on an at-will basis.
According to the seller, the residential units were significantly renovated within the past two years, including new electrical panels, updated plumbing, a new rubber roof, high-efficiency mini-splits, and a freshly painted exterior. The apartments are described as having granite countertops, stainless steel appliances, premium LVP flooring, and in-unit A/C. Additional resident amenities listed include free high-speed Wi-Fi and a new laundry room, along with 24/7 security coverage using high-resolution interior and exterior cameras.
The five commercial storefronts are leased on multi-year terms to a stable mix of retail and restaurant tenants. The on-site billboard is rented under a long-term lease, and the seller notes the current billboard arrangement is on an at-will basis.
Key Highlights
- Two‑story brick mixed‑use building with 11 apartments and 5 commercial storefronts.
- Apartments include studios and 1‑bedrooms; all units renovated in the past two years.
- Recent apartment updates include new electrical panels, updated plumbing, new rubber roof, and high‑efficiency mini‑splits.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $363.5k | $21.60 |
| − Vacancy | −$18.2k | −$1.08 |
| EGI | $345.3k | $20.52 |
| − OpEx | −$103.6k | −$6.16 |
| NOI | $241.7k | $14.36 |
16,828 SF · lease $21.60/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.45M
$3.02M – $4.03M
NOI $241,717 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$3.02M
$2.64M – $3.52M
NOI $211,467 @ 7.0% cap · market cap 7.55%
Theoretical Best
Specialty Retail
$4.13M
$3.62M – $4.82M
NOI $289,273 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story brick building with renovated apartments, leased storefronts, and an existing billboard lease.
Where is this apartment building located?
The property is located at 119 Hanover Street Manchester, NH.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Two‑story brick mixed‑use building with 11 apartments and 5 commercial storefronts.; Apartments include studios and 1‑bedrooms; all units renovated in the past two years.; Recent apartment updates include new electrical panels, updated plumbing, new rubber roof, and high‑efficiency mini‑splits.
