Boston Retail for Sale - North End/Waterfront
Cushman & Wakefield’s New England Multifamily Advisory Group is pleased to offer for sale 431-439 Hanover Street, a five-story, sixteen (16) unit mixed use apartment and retail building located in Boston’s historic North End. 431-439 Hanover Street presents a rare opportunity to acquire a stabilized, income-producing asset at the very heart of Boston’s historic North End – a district that has emerged as both a premier residential neighborhood and a destination dining and cultural corridor.
431-439 Hanover Street is an opportunity to acquire an irreplaceable property that offers a combination of stable cash flow and upsides. Through strategic reconfiguration and renovation of units (including additional bedrooms), repositioning of the commercial and/or executing a condominium exit strategy, the property offers a variety of value-creation opportunities. While the building has maintained 100% occupancy, there is a distinct opportunity to add bedrooms and upgrade interiors, including kitchens, bathrooms, flooring, lighting and appliances. Following the upgrades, the incoming buyer would elevate the competitive profile of the asset and the renovated units would command significantly higher rents, or be poised for condominium conversion.
The history and architecture of the North End is unmistakable. Settled in the early 1600s, it is the oldest neighborhood of Boston, known for its Italian heritage, feasts, and unmistakable proximity to Boston Harbor and downtown. Blending well with the family-owned Italian enclaves, urban life exemplifies the neighborhood with a thriving bar scene, trendy restaurants and open parks. The Boston Public Market, Rose Kennedy Greenway, and Haymarket are proximate and enhance the neighborhood as a high-demand residential neighborhood and top tourist destination. Positioned to benefit from the old charm and new amenities, the North End is a practical and popular neighborhood for those commuting by foot to downtown Boston’s Financial District. It is also easily accessible via the MBTA, Water Taxis, the Mass Pike (I-90), and I-93. 431-439 Hanover Street presents an unsurpassed opportunity to purchase a legacy apartment building in Boston’s North End.
431-439 Hanover Street is offered for sale on an "as-is" basis and without a formal asking price. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a "Call for Offers" date.
