November 28, 2022 – Steven Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of 20 Hy-Sil Avenue, a 16-unit apartment building in Chelsea, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer and the desirable asset sold for $4,210,000.
20 Hy-Sil Avenue is a sixteen-unit multi-family investment property located in Chelsea, Massachusetts. The desirable brick building is comprised of six (6), 2-Bedroom/1-Bathroom units and ten (10), 1-Bedroom/1-Bathroom units with 14,478 square feet of living area in 15,240 total square feet on a 0.15-acre parcel. The building’s utilities are separately metered; tenants are responsible for their own heat (electric), hot water (electric) and electric. 20 Hy-Sil Avenue also features a rooftop Cell Tower that has been in place since 2014. The Cell Tower lease features 5-year renewal options with attractive 15% rent increases. The Property has been well maintained and features ample on-site parking. While the building is fully occupied, there is an opportunity to add value by raising rents to market rates in a supply constrained, highly desirable rental market. Situated adjacent to the intersection of Hy-Sil Avenue and Washington Avenue, the Property offers convenient access to US Route 1 (Northeast Expressway) and MA Route 16 (Revere Beach Parkway) as well as Interstates 90 and 93. Public transportation is readily available just steps from the Property along Washington Avenue, with MBTA buses providing regular service, and Train Service from the Chelsea Station on the MBTA Commuter Rail (Newburyport/Rockport Line), and service along the MBTA’s silver line. The Property is close to area shopping and offers numerous dining options and entertainment venues. Additionally, the Property enjoys close proximity to Downtown Boston (6 miles) and Boston’s Logan International Airport (4 miles).
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.