Fully Approved 40-Unit (100% Market-Rate) Residential ......UNIT MIX SUMMARY Unit Mix % of Mix # Avg...
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Fully Approved 40-Unit (100% Market-Rate) Residential Development Opportunity Residences at merrimack
Transcript of Fully Approved 40-Unit (100% Market-Rate) Residential ......UNIT MIX SUMMARY Unit Mix % of Mix # Avg...
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Fully Approved 40-Unit (100% Market-Rate)Residential Development Opportunity
Residencesat merrimack
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Colliers Multi-Family Advisory Group is pleased to offer for sale the Residences at Merrimack-360, a fully permitted 40-unit apartment development project ideally located in the bedroom community of Merrimack, New Hampshire. Situated immediately off the F.E. Everett Turnpike, the property is convenient to employers, restaurants, shopping, and entertainment amenities as well as the many recreational opportunities in southern New Hampshire. Merrimack is a sought-after suburban town that features above average schools, excellent transportation options, high quality industries and jobs and is within an hour of the mountains, the Seacoast and downtown Boston. The site has been fully approved by the town of Merrimack and is offered with terrain and sewer permits in-hand, allowing the incoming developer to move forward quickly.
THE OFFERING
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INVESTMENT HIGHLIGHTS
FULLY APPROVED SITE
Permits in-place to build 40 market rate units
100% MARKET-RATE DEVELOPMENT
Flexibility to build rentals or condominiums
IDEAL RENTER LOCATION
• Quality Employers & Employment Drivers
• Prime Commuter Location
• Walkable Amenities
• Strong School System
ROBUST APARTMENT FUNDAMENTALS
• Class A/Recent Construction Competitive Set:
STRONG RENTER DEMOGRAPHIC (within 5 miles)
• Population 60,200 ppl
• Affluent $121,000 Avg HH Income
• Highly Educated 45% w/ bachelor’s degree or higher
6 properties
994 units
±$1.75 - $2.25per SF Rent
(1 and 2 bedroom units)
99% occupancy*
*excluding 2 properties in lease-up
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ACCESS TO QUALITY EMPLOYM
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816 Employees
531 Employees
500 Employees
Nashua AirportNashua Airport
Merrimack Merrimack RiverRiver
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1,077 Employees
6,000 Employees
700 Employees
900 Employees
Everett Turnpike
Everett Turnpike
Daniel Webster Highw
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Daniel Webster Highw
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Nashua AirportNashua Airport
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CONVENIENT LOCAL AMENITIESThe Residences at Merrimack-360 offers future residents a convenient location to high-quality retail amenities and local attractions. The site is adjacent and walkable to Merrimack-360, a recently renovated shopping center offering a first class collection of stores, services and restaurants, including Planet Fitness, Altitude Trampoline Park, Triangle Credit Union, Dollar General, hair and nail salons and local favorite food options --- including Thirsty Moose Tap House, Tucker’s and Hayward’s Ice Cream. The property is a short drive to many national stores and other local shops/restaurants along the Daniel Webster Highway (Route 3) and is just a few miles from the Merrimack Premium Outlets, home to over 100 brand name retailers, including Coach, Michael Kors, Polo Ralph Lauren, Under Armor and Vineyard Vines.
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MERRIMACK-360
Passaconaway Passaconaway Country ClubCountry Club
Merrimack Merrimack RiverRiver
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Entitlements In-place:• Variance• NHDES Terrain permit • NHDES Sewer permit
Building Area NRSF GSF
Garden Level 5,952 7,422
1st Floor 10,020 13,405
2nd Floor 11,904 13,405
3rd Floor 11,904 13,405
Total 39,780 47,637
The Residences at Merrimac-360, addressed as 366 Webster Daniel Highway, will consist of 40 apartments or condominiums in a single three (3) story wood-framed building. The unit mix is comprised of 50% 1-bed/1 bath units and 50% 2-bed/2 bath units. The 1-bed/1-bath units average 787 square feet and the spacious 2-bed/2-bath units average 1,202 square feet. The building is efficient and attractively designed with open plan layouts and indoor and outdoor amenity spaces. The boutique community will be surfaced parked (96 spaces) at a ratio of 1.25+ parking spaces per bedroom, or 2.4 spaces per unit.
PROJECT SUMMARY
40 UNITS (100% Market Rate)
3 STORY Wood Framed Construction
96 (Surface)
Parking Spaces
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FLOOR PLANS
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PROPERTY DESCRIPTIONAddress 366 Daniel Webster Highway, Merrimack, NH
Condominium The subject property is “Unit 2” within the Merrimack 360 Condominium Association. The condo association is comprised of four (4) units, including the subject property (Unit 2), the main retail shopping center building (Unit 1) and two (2) free standing outparcel buildings (Unit 3 and Unit 4).
Lot Area The total site area is 14.082 acres.
Zoning General Commercial (C-2)
Map / Parcel ID 4D3-1
Flood Plain Zone X (Unshaded)
Water Merrimack Village District Water
Sewer Municipal Sewer Service
Visibility Highly visible along the F.E. Everett Turnpike and the Daniel Webster Highway (Route 3).
Access The existing signalized intersection will provide direct ingress/egress to the subject property’s driveway from the Daniel Webster Highway.
Site History The subject property is part of a former sand and gravel pit that was originally developed in 1982 with a +/- 80,000 square foot retail shopping center. The retail portion of the site fronts along the Daniel Webster Highway (Route 3) and was substantially renovated and re-tenanted in 2018/2019. The subject property is located along the F.E. Everett Turnpike at the rear of the site.
unit 2unit 2
unit 1unit 1
unit 3unit 3
unit 4unit 4
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UNIT MIX SUMMARY Unit Mix % of Mix # Avg SF Total SF
1 Bed / 1 Bath 50% 20 787 15,740
2 Bed / 2 Bath 15% 6 1,097 6,582
2 Bed / 2 Bath Outside Corner 35% 14 1,247 17,458
Total 100% 40 995 39,780
DANIEL WEBSTER HIGHWAY
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Unit 1
Unit 2
Unit 4
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OFFER PROCESSThe Residences at Merrimack-360 is offered for sale on an “as-is, where-is” basis. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with the offering and access to additional due diligence materials via the Colliers document center. Once investors have had an opportunity to review the offering materials, Colliers will schedule a “Call for Offers” date with advanced notice.
Everett Turnpike
Everett Turnpike
Manchester-Boston Manchester-Boston Regional AirportRegional Airport
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Daniel Webster Highway
Daniel Webster Highway
Everett Turnpike
Everett Turnpike
Horseshoe Horseshoe PondPond
Litchfield Litchfield State ForestState Forest
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MULTIFAMILY ADVISORY GROUP
Christopher Sower617 330 8141
Bruce Lusa617 330 8043
Jonathan Bryant617 330 8081
John Flaherty617 330 8151
Bob Rohrer603 206 9612
Colliers International | 160 Federal Street | Boston, MA 02110 | www.colliers.com/boston
Residencesat merrimack
