July 21, 2019 – Steve Girolamo and Spencer Norton of Horvath & Tremblay have successfully completed the sale of 61 Water Street in North Andover, Ma for $1,050,000. The 11-unit investment property closed at a 6.6% cap rate.
61 Water Street is a value-add 11-unit mixed-use building. The building contains 14 bedrooms and 10 bathrooms as well as a nail salon and office space in 7,491 square feet of living area on a 0.23-acre lot. 61 Water Street is exceptionally well-located across Water Street from North Andover’s historic mill district. East and West Mills, a historical 1800’s mill that was recently completely renovated into a mixed-use destination and is now home to 400,000 square feet of restaurants, wellness facilities, corporate headquarters, research & development firms and loft-style residences. The convenient location is less than 1 mile from I-495 and 1.5 miles from the Lawrence Commuter Rail Station providing service to North Station in Boston. Strong demographics in the area include over 192,000 people living within a 3-mile radius of the Property with an average household income of $99,944. The value-add property provides the opportunity to significantly increase rents through programmatic upgrades to the units as they have desirable bedroom counts, as well as off-street parking.
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.