November 19, 2020 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a twelve-unit Multi-Family building in Somerville, Massachusetts. The duo exclusively represented the buyer to complete the transaction at a sale price of $5,400,000, which is $450,000 per unit.
The three-story building is located at 372-374 Beacon Street in Somerville, Massachusetts. The property contains twelve (12) units consisting of six (6), 2-Bedroom/1-Bathroom units and six (6), 1-Bedroom/1-Bathroom units in 10,248 livable square feet and 14,600 square feet of gross area on a 0.12-acre parcel. The Property features a classic architectural design and hardwood floors throughout the units. 372-374 Beacon Street is exceptionally well-located on the border of the Spring Hill and Porter Square neighborhoods of Somerville. The property is just 0.2-miles from Porter Square and the Porter Square MBTA Red line station. Porter Square offers popular shopping, dining, fitness and entertainment options The highly-walkable neighborhood offers a multitude of appealing live-work-play amenities, convenient public transportation and highway access, as well as proximity to the nearby commercial centers of Harvard Square, Kendall Square and Downtown Boston. The property is also just over 1-mile from the new Union Square MBTA Green line station, and the 2.4 million square foot redevelopment. An impressive 65,500+ people live within a 1-mile radius of the Property with an average household income of $153,000.
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.