October 24, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of six (6) multi-family units in Cambridge, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer in the transaction. The desirable asset sold for $3,900,000 and $650,000 per unit.
The multi-family property is located at 361 Washington Street in Cambridge, Massachusetts. Situated in an incredible urban infill location on a tree-lined residential street the Property is 0.2-miles from Massachusetts Avenue (MA Route 2A), 0.3-miles from Broadway and Central Square. The Property is 0.6-miles from MIT and Kendall Square, and 1.1-miles from world renowned Harvard University. 361 Washington Street offers the rare opportunity to acquire a six-unit multi-family asset in one of the country’s best performing real estate markets. The three-story building contains six (6) 3-Bedroom/1-Bathroom residential units with 6,378 square feet of living area in 9,220 square feet of gross area on a 0.12-acre parcel. The Property has good curb appeal with a well-maintained exterior and grounds and offers on-site laundry and tandem parking. Each unit is separately metered for electricity, gas heat (forced hot-water radiators), and gas fired hot water, which the Tenants can pay directly. The landlord is responsible for domestic water and sewer. 361 Washington Street is located on a residential street and is seconds from Central Square and the Central Square T-Station. The Property is also a short walk from the Kendall Square commercial district, one of the most prominent hubs of technology and life-science firms in the world. In addition to the numerous employers are a myriad of shopping, dining, entertainment and public transportation options, all of which make Kendall Square one of the most sought after and desirable places to live in the region. Apartment demand in the neighborhood is driven by a diverse mix of families, young professionals, blue-collar workers, and the graduate students, employees and faculty from nearby MIT and Harvard University.
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.