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    Mixed-Use Investment Opportunity Title is generated by Realmo AI

    172 Hanover Street, Portsmouth, NH 03801

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    For Sale
    $4,390,000

    Commercial For Sale - Portsmouth, NH

    Added:
    Mar 2, 2026
    Days on Market:
    69
    Last Refresh:
    May 10 at 8:06 am

    Property Features for 172 Hanover Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    CD5
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    39397

    Building Details

    Year built
    1850
    Architectural style
    Other

    We can help!

    Listing Contact
    Paul Annaloro
    Paul Annaloro

    Listing agent Paul Annaloro

    Listing office RE/MAX Partners 44 Park Street, Andover, NH

    Listing date Mar 2, 2026

    MLS# 5077945 Listing URL

    Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Mixed‑use property in a highly walkable downtown location with multiple income streams.
    • Established Mexican restaurant (La Carreta) provides stable, in‑place income.
    • Second floor offers value‑add potential for residential units (luxury rentals, owner occupancy, or condos).
    • Ground level offers strong potential for re‑tenanting as restaurant, entertainment, or retail space.
    • Benefits from consistent foot traffic, tourism appeal, and sustained local demand.
    • Property includes a basement.

    Overview

    The property at 172 Hanover Street is a mixed-use investment opportunity with a substantial footprint in a walkable downtown setting. The first floor is anchored by an established Mexican restaurant, providing stable income. The ground level, previously a nightclub, offers potential for re-tenanting as a restaurant, entertainment, or retail space. The second floor may be approved for residential use and potentially be permitted for two units. These unfinished spaces offer value-add potential for luxury rentals, owner occupancy, or condominium conversion, allowing an investor to capitalize on residential demand in the area. The property benefits from foot traffic, tourism appeal, and local demand. It is positioned among boutique hotels, restaurants, galleries, public parking, and regional institutions. The property blends stabilized income with repositioning and growth opportunities in a downtown corridor. The property is zoned CD5.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    La Carreta Mexican ... Restaurant Equitable Financial Services ... Financial Advisor HHA Compliance (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Strafford
    State
    New Hampshire
    Longitude
    -70.7604328
    Latitude
    43.0770867

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with income streams in downtown Portsmouth, NH.
    Where is this mixed-use property located?
    The property is located at 172 Hanover Street Portsmouth, NH.
    What is the asking price?
    The asking price for this property is $4,390,000.
    What are key features of this property?
    This property features: Mixed‑use property in a highly walkable downtown location with multiple income streams.; Established Mexican restaurant (La Carreta) provides stable, in‑place income.; Second floor offers value‑add potential for residential units (luxury rentals, owner occupancy, or condos).
    (978) 475-2100
    We can help!
    Listing Contact
    Paul Annaloro
    Paul Annaloro
    Real Estate License ID: 9028233
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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