Updated Sep 16, 2024
1422 Washington St
1422 Washington St, Hanover, MA, 02...
$6,200,000
$235/SF
Building Size
26,307 SF
Asset Type
Retail
Closing
Nov 20, 2023
About this deal
AI
The property asset involved in the transaction is the Hanover Shopping Plaza, located at 1422 Washington St, Hanover, MA. The retail center spans 26,307 square feet and was sold for $6,200,000.00. The property is anchored by Town Fair Tire, Papa Gino’s, D’Angelo, and Pearle Vision. The property was developed in 1975 and has been noted for its potential for renovation.
Summary of transaction details:
- Property Type: Retail Center
- Transaction Amount: $6,200,000.00
- Address: 1422 Washington St, Hanover, MA
- Market: Hanover
- Square Footage: 26,307
- Seller's Representatives: Kevin Gleason - JLL, Evan Griffith - Marcus & Millichap
- Buyer: Unknown
- Seller: Limited Liability Company
- Buyer's Plans: Renovation and leasing of vacant space
The deal was brokered by Evan Griffith and Tony Pepdjonovic from Marcus & Millichap, representing the seller in the transaction. The buyer, also a limited liability company, has expressed intentions to renovate the property and fill existing vacancies within the retail center.
On the Map
$6,200,000
$235/SF
Retail
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Players
Hanover Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93