October 24, 2019 – Spencer Norton of Horvath & Tremblay has successfully completed the sale of 373-379 Howard Street for $575,000. Norton sold the 6-unit multi-family at a 6.99% cap rate.
373-379 Howard Street is a value-add 6-unit apartment building east of downtown Lawrence. The building, which will need significant renovations, contains 15 bedrooms and 6 bathrooms in 7,434 square feet of living space on a 0.16-acre lot. The property is located east of downtown Lawrence on a residential side-street near Lawrence General Hospital with convenient access to Interstate 495. The property features 7 off-street tandem parking spaces for tenants as well as washer/dryer hookups in the units. The rents are below market and the opportunity exists through programmatic upgrades to the units to increase the rental income and offer an investor significant upside. Given the desirable bed counts (2 bed and 3 bed units), as well as the off-street parking, the rental growth is anticipated to be significant.
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.