January 13, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of 103-105 Summer Street, a 6-unit apartment building in Somerville, Massachusetts. The desirable building sold for $2,720,000, $453,333 per unit.
Located in the Spring Hill neighborhood of Somerville, in the path of the future Green Line Extension, the Property offers the rare opportunity to acquire a fully renovated asset in one of the hottest real estate markets in the region that is poised for future growth. The well maintained, three-story building contains six (6) residential units consisting of two (2), 1-Bedroom/1-Bedroom units, two (2), 3-Bedroom/1-Bathroom units, and two (2), 4-Bedroom/1-Bathroom units in 4,326 square feet of living area, in 6,683 square feet of gross area, on a 0.15-acre parcel. The residential units were gut renovated in 2017 and 2018, and the Property features an on-site laundry facility on the first floor. 103-105 Summer Street is exceptionally well-located in the Spring Hill neighborhood, less than ½-mile from the popular shopping, dining, fitness, and entertainment options at Union Square and the future Union Square Station, and 1-mile from the MBTA’s Porter Square Station. 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.
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.