January 8, 2021 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of two Multi-Family buildings totaling 9 units in Cambridge, Massachusetts. The duo procured the buyer to complete the transaction at a sale price of $3,565,000, which is $396,111 per unit.
The property consists of two adjacent buildings located at 25 & 29 Lambert Street in the Kendall Square neighborhood of Cambridge, Massachusetts (the “Property”). The Properties consists of nine (9) multi-family units with 6,877 square feet of gross living area (10,225 square feet of total gross area) on a 0.11 acre-parcel with off-street parking. 25 Lambert Street is a 3-story hard plank building that contains three (3), 1-Bedroom/1-Bathroom units and 29 Lambert Street is a 3-story brick building that contains three (3), 1-Bedroom/1-Bathroom units, two (2), 23-Bedroom/1-Bathroom units and one (1), 2-Bedroom/1-Bathroom unit. 25 Lambert Street has landlord paid, gas fired heat and hot water with tenant paid electricity. 29 Lambert Street has individual tenant paid utilities for each unit featuring gas fired heat and hot water. The Properties are exceptionally well-located in a densely populated residential neighborhood adjacent to the commercial center of Kendall Square, one of the most prominent hubs of technology and biotechnology in the world. Kendall Square is located adjacent to Massachusetts Institute of Technology (MIT) and immediately across the Longfellow Bridge from Boston, allowing for quick access to Downtown Boston on foot or via the Red Line subway station at Kendall Square. Kendall square is an urban-infill neighborhood located directly across the Charles River from Downtown Boston. Over 705,000 employees and 524,500 people live within a 3-mile radius of the Properties with an average household income of over $128,000.
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.