September 29, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 870 East 5th Street, a 3-unit apartment building in South Boston, Massachusetts. The desirable asset sold for $3,200,000 and $1,066,667 per unit.
Situated in an Incredible South Boston “Southie” location the property consists of a gut renovated three-story building containing three units with one (1) 5-Bedroom/3-Bathroom unit and two (2) 5-Bedroom/2-Bathroom units with 8,653 square feet of living area in 9,798 gross square feet on a 0.07-acre parcel. The Property is fully leased (with all units rented until 8/31/23) and has undergone a total renovation, every system and building element is brand-new, featuring condo quality finishes including new kitchens and bathrooms with modern amenities, new forced hot air heating and central air conditioning systems in all units, upgraded electrical service and luxury, vinyl plank flooring throughout. Building amenities include dishwashers and laundry in all units, rear decks, and a backyard, which creates incredible outdoor space for tenants in an urban-infill location. 870 East 5th Street is situated in an exceptional urban location in South Boston, just over 1 mile from the Seaport and a short walk to East Broadway, one of the main streets in the neighborhood, as well as to multiple MBTA Bus routes on the adjacent Farragut Road. The area offers countless amenities, with endless dining, retail, nightlife and beach/park options. The location offers convenient access to Boston’s best areas, including the Seaport District, Downtown Boston, Back Bay, the North End, the South End and a short driving distance to I-93. Approximately 38,000 people live within the 3.1-square mile neighborhood representing an impressive 12,231 people per square mile.
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.