Gray Property Group

UNDER CONTRACT | 270 Amory Street, Manchester, NH 🏢

Gray Property Group is excited to announce that we are under contract to acquire 270 Amory Street (Gosselin Plaza) on Manchester’s West Side.

This 34,500 SF mixed use property sits on 2.71 acres and consists of 17 commercial spaces, roughly half retail and half industrial contractor bays.

This deal is a short-term value-add project and medium-term covered land redevelopment play.

Our value-add plan includes:
🔨 Installation of a new roof
🚗 Parking lot improvements
🪧 Updated property signage
🏢 Strategic renovations of select units

These improvements will stabilize and strengthen the property's performance, improve the tenant experience, and unlock additional value while maintaining occupancy and cash flow.

Looking further ahead, our long-term vision for the property includes the potential redevelopment of the site into affordable workforce housing, helping address a critical housing shortage in the Manchester market while creating significant value for investors and the community.

We believe this acquisition represents an exceptional buy-and-hold investment with opportunities for both immediate returns through operational improvements and long-term upside through future redevelopment.

We look forward to closing on the property and sharing updates as we execute our business plan.

NEW LISTING | 261 Union Avenue, Laconia, NH 📍
Offered at $1,130,000

Investment opportunity in the heart of Laconia! This 9-unit mixed-use property consists of eight occupied apartments and one vacant commercial space.

🏠 8 1-bedroom units
🏢 928 SF commercial space
📈 ~$155,000 Pro Forma Gross Revenue
💰 ~$105,000 NOI
📊 9.3% Cap Rate at Asking Price

The property has benefited from updates to several apartments and common areas, and a new roof was installed in 2021. All residential units are occupied with strong in-place rents averaging $1,432 per month, while additional value can be created by leasing the vacant commercial space.

Additional features include 6 off-street parking spaces, ample nearby street parking, and a highly visible central Laconia location.

📩 Contact Nick Gray at Gray Property Group at (603) 637-4812 or [email protected] for financials or to schedule a showing.

NEW LISTING | 17 Bridge Street, Pittsfield, NH 📍
Offered at $599,000

Well-maintained 4-unit multifamily opportunity in a central Pittsfield location directly abutting Drake Field and within walking distance to downtown amenities.

The property consists of:
🏠 One 3-bedroom unit
🏠 Two 2-bedroom units
🏠 One 1-bedroom unit

Several units feature private porches, with select units offering in-unit washer/dryer. The property generates approximately $81K in annual gross income and ~$50.5K in NOI, with separately metered electricity and hot water helping control operating expenses.

A large attached barn offers additional upside potential through possible storage income or future conversion opportunities, subject to approvals.

Conveniently located with easy access to Concord, Manchester, and the Seacoast, this is a strong opportunity for investors seeking stable in-place cash flow with long-term value-add potential.

📩 Contact Nick Gray at Gray Property Group at (603) 637-4812 or by email at [email protected] for additional financials or to schedule a showing.

Congratulations to the seller of 33 Andrew Street #12 🏡✨

We’re excited to share the successful closing of this condominium in North End Estates in Manchester, NH. With Nick’s strategic guidance, the seller received a quality all-cash offer, minimized out-of-pocket costs, and closed in under 60 days from the listing date.

This sale marks a positive conclusion after four years under Gray Property Group’s management and reflects the strength of our full-service real estate model.

Thank you to our client for trusting us throughout the process. We’re grateful to have been a part of another successful closing in the Manchester market. 🔑

Thinking about buying or selling in New Hampshire or Florida? Connect with Nick Gray and the team at Gray Property Group at (603) 637-4812.

✨ 2025 Operating Highlights | Mill City Apartments ✨

Mill City Apartments closed out 2025 with another strong year of performance across our 15-unit scattered-site multifamily portfolio in Manchester, NH:

🔑 95.5% portfolio-wide occupancy
💸 $48K cash flow / 8.0% cash return
📈 2.11x 3-year equity multiple
📊 14.2% return on capital

The portfolio consists of:
📍68 Kenney Street (6 units)
📍84 Blodget Street (5 units)
📍185 Calef Road (4 units)

Total portfolio revenue reached $310K in 2025, with $154K of net operating income despite elevated maintenance activity at select properties. Even with increased supply entering the Manchester market, the portfolio maintained strong occupancy and stable rent performance throughout the year.

Based on current comparable sales, we estimate the portfolio value at ~$2.85M (~$190K/unit), compared to original invested capital of $600K. Total investor equity is now estimated at ~$1.12M, with cumulative distributions since acquisition totaling $144K.

Operationally, 2025 was focused on maintaining occupancy, navigating turnover, and continuing to strengthen long-term property condition across the portfolio. While 84 Blodget Street experienced elevated maintenance costs related to plumbing repairs and steam heat servicing, there is currently no deferred maintenance across any of the three properties.

Looking ahead, our focus remains on disciplined operations, tenant retention, reserve rebuilding, and positioning the portfolio for a potential refinancing in 2027 as we continue compounding long-term value.

Interested in future investment opportunities or learning more about our strategy? Let’s connect.

Here’s to a strong finish to 2025 and an even stronger 2026. 🚀

Exterior Upgrades Complete | Phillippi Square Apartments

We’re excited to share the completion of a series of exterior improvements at Phillippi Square Apartments designed to enhance the overall look, feel, and resident experience throughout the property 🌴✨

Over the past several months, improvements have included new garden beds in front of the buildings, additional palm trees along the entrance, upgraded exterior lighting, new pool furniture, new card-reader laundry machines, and several other property enhancements aimed at creating a more welcoming and relaxing environment for residents and guests.

One of the most exciting additions, and the true centerpiece of this improvement project, is our set of brand-new custom murals brought to life by the incredibly talented Bethany Dhennin (Murals by Bethany) 🎨✨

A huge thank you to Bethany and her husband for their hard work, creativity, and attention to detail throughout this project. The murals have already received an overwhelmingly positive response from residents, prospective tenants, vendors, and our property management team, and it’s been amazing to see how much it enhances the space 🖌️🌿

This was a collaborative effort aimed at elevating the aesthetic of the property by creating a more welcoming, relaxing environment while emphasizing the natural beauty and vibrant feel of Florida’s Gulf Coast 🌴🌊☀️

We’re incredibly proud of how these improvements came together and are excited for residents, visitors, and future tenants to experience the refreshed Phillippi Square Apartments 🏡✨

We’re hiring a Part-Time Leasing Agent for a 28-unit multifamily property in Sarasota, FL 📍

This is a flexible, commission-based opportunity for a licensed Florida real estate agent looking for a very part-time role, whether you’re newly licensed and want hands-on leasing experience or simply looking for a side income opportunity.

This role is ideal for someone confident in lead generation, prospect follow-up, scheduling tours, and converting qualified prospects into signed leases.

• $500 per signed lease
• 5–6 hours per week max
• Flexible schedule
• Higher commission potential based on performance

Must hold an active Florida real estate license and be available for local showings in Sarasota.

To apply, please send your resume and contact information to [email protected].

Please join us in welcoming Andrew to Gray Property Group 👏

Andrew is a residential and investment-focused agent serving the Seacoast, Manchester, and surrounding New Hampshire markets. He brings a background in property and operations management along with experience in investment analysis. Andrew holds a degree in Finance and Entrepreneurship and takes an analytical, detail-oriented approach to each transaction. He has developed strong relationships with local property owners and contractors, allowing him to provide clients with practical insight and added value throughout the process.

If you’re looking to buy, sell, or invest in New Hampshire, Andrew is here to help. 📍

📧 [email protected]
📱 978-315-5285

Welcome to the team, Andrew! 🤝

After 23 months under contract, we officially closed on the northern parcel for Palmetto Marina & Main in Palmetto, Florida. 📍

This project started as a vision to bring a waterfront mixed-use development to Downtown Palmetto. Today’s closing moves that vision one step closer to reality.

Along the way, we have secured a comprehensive plan amendment, a 13-year tax incentive, and a 60-year public parking garage lease. These are the pieces that make a project like this feasible.

This closing also allowed us to complete a 1031 exchange, rolling capital from a prior sale into a long-term development opportunity.

The full project is planned for 80 apartments and 15,000+ SF of retail in a walkable, riverfront-adjacent location.

The remaining piece is the southern city-owned parcel, where a deed restriction is being cleared through a quiet title process. We are targeting clear title within the next 120 days, followed by entitlements and a path to construction. We are still targeting a late 2027 groundbreaking.

Projects like this take time. This is a meaningful step forward, with more work ahead. 🤝

Please join us in welcoming George Ge to Gray Property Group in Sarasota 👏

George is a licensed real estate sales associate based in Sarasota. Originally from the Washington, D.C., Maryland, and Virginia (DMV) area, he has a background in mathematics and engineering and takes a systematic approach to real estate as part of a broader investment portfolio. George believes that understanding client goals and providing education throughout the process are both critical to helping clients make informed decisions and deploy capital with confidence. He works with clients pursuing a range of objectives, whether they are evaluating investment opportunities, relocating to the area, planning for retirement, or purchasing a home for seasonal use in the Sarasota area.

If you’re looking to buy, sell, or invest in Sarasota, George is here to help 📍
📧 [email protected]
📱 941-529-7880

Welcome to the team, George! 🤝