November 6, 2023 – Will Peck and Spencer Norton of Horvath & Tremblay have arranged the sale of a fourteen-unit Mixed-Use Property in Nashua, New Hampshire. Horvath & Tremblay exclusively represented both buyer and seller to close the property at a sale price of $2,850,000, which represents a 7.28% Cap Rate and a per unit price of $203,571.
The multi-family property is located at 15-17 Railroad Square in Nashua, New Hampshire. The Property is comprised of a three-story brick building and contains a total of fourteen (14) units, consisting of six (6) 2-Bedroom/1-Bathroom units, four (4) 3-Bedroom/1-Bathroom units, one (1) 1-Bedroom/1-Bathroom unit, and three (3) commercial units with 19,194 square feet of living area in 25,582 square feet of total gross area on 0.163-acres of land. Also included in the offering is an adjacent 0.06-acre parcel located at 31-35 Lowell Street that serves as additional on-site parking for the Property. The current rents are significantly below market and the opportunity exists to increase rents to market rates via programmatic updates to the unrenovated units in a highly sought after and supply constrained urban infill residential market. Railroad Square is seconds from the intersection of Main Street, Amherst Street and Concord Street, each of which provide access to different parts of the city. The Property is a short walk from several local bus lines with service on Routes 1, 2, 2A, N, and the Night North, and offers convenient highway access 1.5-miles away on the Everett Turnpike (US Highway 3). 15-17 Railroad Square is well-located in the heart of Downtown Nashua, with convenient access to an appealing array of restaurants, bars, retailers, and entertainment. Nashua offers a vibrant mix of local favorites as well as nationally recognized retailers and restaurants, such as Whole Foods, Shaw’s, Kohl’s, Ocean State Job Lot, CVS, Dollar General, Chick-fil-A, Wendy’s, McDonald’s, and Dunkin’.
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.