April 27, 2020 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of 1108 Cambridge Street in Cambridge, Ma for $2,870,000, closing at a 5.23% cap rate.
1108 Cambridge Street is a 2-story mixed-use investment property with one (1) street-level retail unit, occupied by Cambridge Cat Clinic (veterinary clinic) and three (3), upper-level residential units. The Property contains 4,864 square feet of livable area, within 7,296 square feet of gross area, on a 0.065-acre mid-block parcel. The Cambridge Cat Clinic retail space was completely renovated in 2018 and over 8 years remain on the initial 10-year lease. Additional improvements to the space include a new furnace, updated electrical, new façade windows to the 1108 section and an ADA accessible ramp. The upper-level residential units consist of (1) three bedroom/1 bath unit and (2) one bedroom, one bath units. Both one-bedroom units feature updated kitchens featuring new granite countertops and stainless-steel appliances including dishwashers.
1108 Cambridge Street is exceptionally well-located on the main artery (Cambridge Street) in Inman Square, a high-density urban village that straddles the border between Cambridge and Somerville. The highly walkable neighborhood offers a multitude of live-work-play amenities and convenient access to I-93, Downtown Boston, Harvard University, MIT, and Kendall Square, one of the most prominent hubs of technology and life-science firms in the world.
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.