December 6, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of 218-230 Broadway, a 22-unit mixed-use building in Chelsea, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer and the desirable asset sold for $6,625,000.
218-230 Broadway is a mixed-use investment property located in Chelsea, Massachusetts. The Property consists of a three-story building containing a total of twenty-two (22) units. The Property features four (4) retail units (all of which are leased), twelve (12), 1-Bedroom/1-Bathroom units and six (6), 2-Bedroom/1-Bathroom units with 26,008 square feet of living area in 37,563 square feet of total gross area on 0.28 acres of land. All of the residential units were renovated in 2011 and several of them offer upside by bringing rents to market rates. Additionally, two of the retail units (218 & 224) offer upside by increasing below market rents to market rates upon lease renewal. The Property is exceptionally well located along Broadway, the area’s primary commercial corridor, and adjacent to the Chelsea city green. The Property is positioned in the heart of Chelsea, a high-density, urban-infill city just northeast of downtown Boston. The location offers convenient access to Route 1, Route 16, Route 99, Interstate-93, Assembly Row, Kendall Square and Downtown Boston. 218-230 Broadway is located less than 2-miles from Gateway Center, anchored by Costco, Home Depot & Target, and from the new Encore Boston Harbor Resort & Casino. Public transportation is readily available just steps from the Property along Broadway, 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. 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.