December 17, 2021 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a ten (10) unit Multi-Family Property in East Boston, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,525,000.
The property is located at 142 Gove Street in East Boston, Massachusetts. The four-story building contains a total of ten units, consisting of one (1) 2-Bedroom/1.5-Bathroom unit, four (4) 2-Bedroom/1-Bathroom units, three (3) 1-Bedroom/1-Bathroom unit, and two (2) studios in 7,308 square feet of living area (9,135 square feet of gross area), on a 0.04-acre parcel. 142 Gove Street features a low maintenance brick exterior, and the current ownership has renovated 8 out of the 10 units. Each unit is separately metered for electricity and gas (heat and hot water), which the Tenants pay directly. The Landlord is solely responsible for water and sewer. 142 Gove Street is situated in an exceptional urban location in East Boston, with excellent access to local and regional transportation, as well as Boston’s Logan Airport. The Property is located in the Jeffries Point sub-district of East Boston and near Maverick Square, the primary commercial areas in East Boston that offer convenient access to an array of urban amenities, including retail, restaurants, entertainment and public transportation. Additionally, Gove Street is just 0.4 miles from the Maverick transit station, which offers service on the MBTA Blue Line and serves as a transfer point to various buses. In 2019 the Boston Planning and Development Agency approved the Frankfort and Gove Street Housing Project, which involves the conversion of the former Mount Carmel Church at 120-134 Gove Street into a residential building with fourteen residential units, as well as the construction of a new, multi-level residential building with 94 units, 84 off-street vehicle parking spaces, and a new landscaped greenspace.
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.