July 15, 2022 – Spencer Norton of Horvath & Tremblay has arranged the sale of a multi-family property in Haverhill, Massachusetts. Norton exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,675,000. The sale represents a Cap Rate of 6.40% and a per unit price of $148,611.
The property is located at 25 Portland Street in Haverhill, Massachusetts. The three-story building contains a total of eighteen (18) units consisting of three (3) 2-Bedroom/1-Bathroom units, eleven (11) 1-Bedroom/1-Bathroom units and four (4) studio units in 9,724 square feet of living area, in 14,750 gross square feet, on a 0.12-acre parcel. Thirteen of the eighteen units (72%) were renovated in 2018. The Property also features a High Efficiency Heating System that was installed in 2012. The Property has below-market rents, the opportunity exists to increase residential rents to market rates in an urban-infill, high demand, supply-constrained residential market. The Property is located in a residential urban infill area, with walkable amenities including local restaurants, retail, and grocery stores. National brands are also represented by Market Basket, CVS, Family Dollar, KFC, Dunkin’ Donuts, and Sam’s Food Stores, all of which are less than a mile away. Located in the north suburbs of Boston (30 miles from downtown), the Property provides direct access to Boston via Interstates 495, 93 and MA Route 28, walkable local retail establishments, eateries and grocery stores, and parks and playgrounds. The Property is only 0.7 miles from the Haverhill Train Station.
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.