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Listed by William Peck • Horvath & Tremblay LLC
$10,200,000
Est. payment /mo
40,690 SqFt
New
1217 Elm ST Manchester, NH 03101
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 40,690 sqft
Price per Sqft $250
MLS Listing ID 5066057
Construction Status Existing
Year Built 1948
Lot Size 0.490 Acres
Acres 0.49
Property Description
Signature on Elm contains a total of 43 units, consisting of 8 commercial suites and 35 residential units comprised of (17) 2-Bed/1-Bath units, (13) 1-Bed/1-Bath units, and 5 Studio units. Signature on Elm has undergone a gut renovation, which includes additions of an elevator and mailroom, all apartments, common areas, and exterior. The luxury units feature modern kitchens, dishwashers, in-unit washer and dryer, mini-splits for heating and cooling, vinyl flooring, and new appliances. The redevelopment of the property has added a high end, modern look. The Property also features a low-maintenance brick exterior and twenty-two (22) on-site parking spaces. Each unit is individually metered for electric hot water, electric heating and cooling, and electricity, all of which are paid for by the tenant. The Landlord is responsible for paying common area electric and public water and sewer. In-place rents are below the current market rates; the opportunity exists to drive rental rates in an urban-infill, high demand/supply constrained residential market. Value add opportunity also exists through the lease up of vacant retail spaces. The assessed value of the property is frozen through Fiscal Year 2028 in accordance with RSA 79-E covenants recorded on 2/23/2022. The RSA 79-E covenant calls for Affordable Housing for 15 units restricted for tenants at or below 80% of Area Medium Income, which is in place until Fiscal Year 2028.
Location
State NH
County Nh-hillsborough
Area Nh-Hillsborough
Zoning CBD
Rooms
Basement Entrance Interior
Basement Other
Interior
Cooling Mini Split
Exterior
Utilities Available Other
Roof Type Membrane
Building
Story 3
Sewer Public
Architectural Style Conversion
Construction Status Existing
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