Kearsarge Mill is an unusual Portsmouth condominium because it occupies a historic industrial building rather than a purpose-built suburban residential development. The property at 361 Hanover Street was historically known as the Heinemann Building and dates to approximately 1850. Its downtown location places it immediately within Portsmouth's historic core, adjacent to municipal parking and within walking distance of the central business district.

The original condominium declaration and bylaws were recorded in April 1986, with the condominium plans prepared by Kimball Chase Company. The existing structure is a large historic mill building with exposed brick and beam characteristics. Recent Portsmouth planning documents describe a major renovation of the existing four-story Kearsarge Mill building together with three new residential buildings, with 51 residential units planned across the completed project.

The principal shared feature is the property's substantial parking capacity and its historic mill common areas. The city has previously entered into parking arrangements involving the Kearsarge Mill Unit Owners Association, including use of adjacent municipal parking facilities. Public information does not establish a pool, clubhouse, tennis courts, or similar recreational package.

The location is one of Kearsarge Mill's strongest advantages. Hanover Street places residents close to downtown Portsmouth, Market Square, the waterfront, restaurants, cultural venues, and municipal services. The site also benefits from convenient regional connections through nearby major roads, while the surrounding historic neighborhood provides a highly walkable urban setting.