August 16, 2023 – William Peck of Horvath & Tremblay has arranged the sale of a 16-unit mixed-use property in Manchester, New Hampshire. Peck exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,250,000, which is $265,625 per unit, and a 7.00% cap rate.
The mixed-use property is located at 42-44 Bridge Street in Manchester, New Hampshire. The Property is a redeveloped luxury two-story building that consists of sixteen (16) units. The Property is comprised of three (3) commercial suites on the first floor and thirteen (13) residential units comprised of eleven (11), 2-Bedroom/1-Bathroom units and two (2) 1-Bedroom/1-Bathroom units with 19,200 square feet of living/rentable area in 28,800 gross square feet on a 0.255-acre parcel. The property was redeveloped in 2022 and 2023. Two of the three commercial units feature leases with scheduled rent increases, the third unit is vacant and offers upside through the lease up of the 1,591 square foot space. The property also features a low-maintenance brick and masonry exterior and eight (8) on-site parking spaces. Centrally located in the heart of Manchester, 42-44 Bridge Street is adjacent to the intersection of Bridge Street and Elm Street (US Route 3), two of the area’s primary commercial and commuter corridors. The Property enjoys convenient access to Pulaski Park, SNHU Arena, Gill Stadium, Sheehan-Basquil Park, and is within walking distance of many of the retail amenities in Downtown Manchester. 42-44 Bridge Street is situated in an urban location in Manchester seconds from US Route 3, which connects to Interstates 93 and 293. The area offers countless amenities, with ample dining, retail, and nightlife options.
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.