December 15, 2021 – Stephen Girolamo of Horvath & Tremblay has arranged the sale of Magnolia Landing, an 18-unit multi-family building in Gloucester, Massachusetts. Girolamo exclusively represented the seller and procured the buyer to close the transaction at a sale price of $3,555,000.
Magnolia Landing is a multi-family property located at 16 Magnolia Avenue in Gloucester, Massachusetts. The Property consists of a beautiful two-story apartment building with a total of eighteen residential units on a meticulously maintained, professionally landscaped 0.54-acre corner parcel of land in Gloucester’s Magnolia neighborhood, a quiet residential neighborhood on the shores of Magnolia Bay. The building enjoys a classic architectural design with a sprawling covered veranda, wood plank siding, and gable hip asphalt shingle roof. Magnolia Landing consists of fifteen (15), 1-Bedroom/1-Bathroom units and three (3) 2-Bedroom/1-Bathroom units, with 10,576 square feet of living area in 18,950 square feet of total gross area on a 0.54-acre corner parcel of land. The Property features on-site laundry, individual storage units (which the tenants rent), and off-street parking for 24 vehicles. Magnolia is a small affluent village located in Gloucester, Massachusetts, bordering Manchester-by-the Sea. The Property is within walking distance to Lexington Avenue, the location of Magnolia’s lifestyle corridor. The corridor includes a spin studio, hair salon, doggy daycare, and restaurants. The Property proves to be a desirable summer location, as tenants are within walking distance of Gray Beach, and close to several other local beaches Popplestone Beach (0.6-miles), Black Beach (1.5-mile), White Beach (2.0-miles), Graves Beach (2.5-miles), and Good Harbor Beach (6.5-miles).
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.