October 26, 2018 – Dennis Kelleher, John Pentore and Stephen Girolamo of Horvath & Tremblay have arranged the sale of 10 Summer Street and 12-14 Summer Street in Salem, Massachusetts. The two buildings sold for $3,740,000, a cap rate of 5.28% and a price per unit of $133,571.
The two apartment buildings contain a total of 28 units, consisting of 6 one-bedroom units and 22 studio units with off-street parking available for the tenants. Located in the heart of downtown Salem, the location offers convenient access to multiple shopping, cultural, dining and entertainment options. Salem State University is located within 1½ miles of the Property. The transit-oriented location offers walkable access to several bus lines that provide express service to Downtown Boston and the MBTA’s Wonderland Station. Commuter rail service is also available from the Salem or Swampscott Commuter Rail Stations, both located less than ten minutes from the Property.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.