December 18, 2024 – William Peck and Spencer Norton of Horvath & Tremblay have arranged the sale of a 5-unit multi-family property in Dover, New Hampshire. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,000,000.
The multi-family property is located at 648 Central Avenue in Dover, New Hampshire. The Property consists of 5 residential units on a 0.44-acre parcel. The unit matrix includes one (1), 4-Bedroom/1-Bathroom unit, one (1), 3-Bedroom/1-Bathroom unit and three (3), 1-Bedroom/1-Bathroom units with 5,866 square feet of living area in 9,890 gross square feet. The Property features an on-site laundry facility, and ample on-site parking. All of the units were renovated in 2022 and below market rents offer the potential for increased income on the Property. The opportunity exists to drive rental rates in an urban-infill, high demand/supply-constrained residential market through programmatic upgrades to the asset. The Property is a short walk from Downtown Dover, the city schools, and numerous parks and recreation areas like the Dover Community Trail and Henry Law Park. 648 Central Avenue is 0.6-miles from Wentworth-Douglass Hospital, 1-mile from Shaw’s and Hannaford (grocery stores), McDonald’s, Wendy’s, Panera, Chipotle, and countless local restaurants and taverns. Additionally, the Property is 2.5-miles from a Target and Walmart anchored shopping center with numerous national retailers. The Property benefits from convenient access to public transportation with a bus stop 500 feet away on Central Avenue. The Property is also just ½-mile from the Dover Transportation Center with service along the Downeaster and is less than 2-miles from Exits 8 and 9 off Route 16 (Spaulding Turnpike), the area’s primary commuter highway.
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.