March 25, 2021 – Spencer Norton of Horvath & Tremblay has arranged the sale of a multi-family property in Andover, Massachusetts. Norton represented the seller and procured the buyer to complete the transaction at a sale price of $850,000, a 5.40% Cap Rate.
The property is located at 123 Main Street in Andover, Massachusetts. The property consists of a three-story multi-family investment property with four (4), 2-Bedroom/1-Bathroom residential units. The Property contains 4,845 square feet of livable area and eight (8) deeded off-street parking spaces on a 0.13-acre parcel. 123 Main Street is well-located on in the heart of Downtown Andover. The Property is 0.7-miles from the Andover Train Station (Haverhill Line), ½-mile from Phillips Academy – Andover, and 1.75-miles from Merrimack College. The location offers convenient access to the area’s major roadways (Interstates 495 and 93), public transportation, and numerous retail amenities. The property offers the potential for increased income by driving rental rates through renovations to the unit interiors.
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.