February 24, 2020 – Spencer Norton of Horvath & Tremblay has successfully completed the sale of 365 Lawrence Street for $365,000. The value-add mixed-use asset sold at a price per unit of $121,666 and at a current cap rate of 2.69%.
365 Lawrence Street is a value-add 3-unit mixed-use building that is well-located in a densely populated residential neighborhood immediately south of Downtown Lowell along the Concord River. The location offers convenient highway access and walking distance to numerous neighborhood amenities and public transportation options. The building contains 6 bedrooms and 3 bathrooms, in 2,630 square feet of living space on a 0.09-acre lot. The highly-connected location provides convenient access to The Lowell Connector, Route 3 and I-495. Also located within 0.6 miles is The Lowell Train Station/ Gallagher Transportation Center, with commuter rail service to Boston’s North Station and regional bus service to New York City. Given the desirable 3-bedroom units, recently renovated retail unit, as well as the off-street parking, the rental growth is expected to be significant. Additional rental income can also be achieved through leasing out additional parking spaces.
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.