December 6, 2022 – Stephen Girolamo of Horvath & Tremblay has arranged the sale of 8 Flume Road in Gloucester, Massachusetts. Girolamo represented the seller and procured the buyer to close the transaction at a sale price of $1,750,000.
50 Rogers Street is a mixed-use property that contains nineteen (19) units comprised of one (1) commercial unit and eighteen (18), single room occupancy (SRO) units with 5,117 square feet of total gross area on a 0.09-acre parcel of land. The Property is conveniently located on Rogers Street in the heart of historic downtown Gloucester. Located at the intersection of Rogers Street (MA Route 127) and Hancock Street, the Property is 1-mile from Yankee Division Highway. The two routes are the primary roadways going into and out of Gloucester, providing easy accessibility to the Property for both town residents and visitors. Located 30 miles north of Boston, Gloucester offers convenient access to the city and all of the North Shore via nearby Yankee Division Highway which connects to MA Route 128, Interstate 95, and US Route 1. Public Transportation is also easily accessed via several CATA Bus Routes in Gloucester and the commuter rail service to Boston’s North Station from the Manchester by the Sea and West Gloucester MBTA Train Stations. The town’s historic character, geographic boundaries (the Atlantic Ocean) and strict building and development codes provide a supply constrained market with extremely high barriers to entry for future commercial development.
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.