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Listed by Paul Annaloro • RE/MAX Partners
$ 4,800,000
Est. payment /mo
Active
172 Hanover ST Portsmouth, NH 03801
9,528 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 9,528 sqft
Price per Sqft $503
MLS Listing ID 5077945
Year Built 1850
Annual Tax Amount $39,397
Tax Year 2024
Property Description
172 Hanover Street presents a compelling mixed-use investment opportunity featuring a substantial footprint and multiple income streams in a highly walkable downtown setting. The first floor is anchored by La Carreta, an established Mexican restaurant providing stable in-place income. The ground level was previously occupied by a nightclub and offers strong potential for re-tenanting as restaurant, entertainment, or retail space, creating additional revenue upside. The second floor may be approved for residential use and can potentially be permitted for two units. These unfinished spaces provide immediate value-add potential for luxury rentals, owner occupancy, or high-end condominium conversion, allowing an investor to capitalize on strong residential demand in the area. Ideally positioned among boutique hotels, acclaimed restaurants, galleries, public parking, and major regional institutions, the property benefits from consistent foot traffic, tourism appeal, and sustained local demand. 172 Hanover Street is a rare offering that blends stabilized income with meaningful repositioning and growth opportunities in a vibrant downtown corridor.
Location
State NH
County Nh-rockingham
Area Nh-Rockingham
Zoning CD5
Rooms
Basement Entrance Walkout
Basement Full
Interior
Inclusions Land/Building
Exterior
Utilities Available Cable Available, Gas On-Site
Building
Sewer Public
Nearby Locations
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