July 22, 2022 – Will Peck of Horvath & Tremblay has arranged the sale of the Mechanic Street Portfolio, a 31-unit apartment portfolio in Manchester, New Hampshire. Peck exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $5,600,000. The sale represents a 6.07% Cap Rate and a per unit price of $180,645.
The Mechanic Street Portfolio consists of 31 units in 2 properties on Mechanic Street (54 & 96 Mechanic Street), just off of Elm Street (US Route 3), in Downtown Manchester. The Portfolio consists of sixteen (16), 1-Bedroom/1-Bathroom units, two (2) 1+-Bedroom/1-Bathroom units, ten (10), 2-Bedroom/1-Bathroom units, one (1), 2+-Bedroom/1-Bathroom unit, one (1), 3-Bedroom/1-Bathroom unit and one office unit in 24,480 square feet of living area and 33,624 gross square feet, on 0.46 acres of land. The Properties offer ample parking for tenants, with 21 parking spaces and a four-car garage. The Mechanic Street Portfolio represents the rare opportunity to acquire a critical mass of investment properties in a supply-constrained Downtown market within one of southern New Hampshire’s core cities. The Properties are well located within Manchester’s Downtown and provide many walkable amenities (shopping, dining, and entertainment) and convenient access to SNHU Arena, several downtown parks (Veteran’s Memorial Park, Bronstein Park, and Victory Park), and the banks of the Merrimack River. The Portfolio also provides convenient access to Interstates 93 and 293, the Mall of New Hampshire retail trade area, Downtown Manchester amenities and public transportation via Manchester Transit bus service. Manchester is the largest city in New Hampshire, and home to the University of New Hampshire – Manchester Campus and Southern New Hampshire University. It is home to the Manchester-Boston Regional Airport, the SNHU Arena, and numerous sporting venues. Manchester is a growing urban-infill, high-demand/supply-constrained residential market.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.