July 5, 2019 – Spencer Norton of Horvath & Tremblay has successfully completed the sale of 161-163 Boxford Street for $485,000. The Boxford Street property closed for $161,667 per unit.
161-163 Boxford Street, a value-add 3-unit apartment building, is exceptionally well-located on a residential side-street in the high-density neighborhood of South Lawrence. The building contains 10 bedrooms and 3 bathrooms in 4,023 square feet of living space on a 0.13-acre lot. The location provides walkable access to a multitude of shopping, dining, public transportation options and outdoor space. The neighborhood also features convenient access to Interstate-495, the Lawrence Commuter Rail Station, and Lawrence High School. The property features 8 off-street parking spaces, washer/dryer hookups in two of the units, gas cooking and newer hot water heaters. The units are separately metered for utilities protecting the landlord against rising energy costs. The rents are below market and offer an investor upside through moderate rental increases in an urban-infill, high demand, supply-constrained residential market.
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.