January 6, 2023 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a multi-family property in Somerville, Massachusetts. Horvath & Tremblay exclusively represented the seller to complete the transaction at a price of $1,390,000.
The multi-family property is located at 63 Simpson Avenue in Somerville, Massachusetts. Located in Somerville’s Davis Square neighborhood, the Property is only 4 blocks from the Davis MBTA Station with service on the Red Line. The Property offers the rare opportunity to acquire an exceptionally well-located asset with value-add potential in one of the hottest real estate markets in a region that is poised for future growth. The Property consists of a three-story building with two (2) duplex units consisting of one (1), 4-Bedroom/2-Bathroom duplex unit and one (1), 5-Bedroom/2-Bathroom duplex unit with 3,175 square feet of living area in 4,861 square feet of gross area, on a 0.07-acre parcel. 63 Simpson Avenue offers the ability to add value to a well-constructed building. The current owner has made many updates throughout the course of ownership providing the opportunity to raise rents to market with the existing condition or to renovate the units to condo-quality to raise rents even further. The location offers unparalleled access to Tufts University, the Davis MBTA Station (Red Line), Powder House Square, Ball Square and the new Ball Square MBTA Station (Green Line Extension). The highly-walkable neighborhood offers a multitude of appealing live-work-play amenities, convenient public transportation and highway access, as well as proximity to the nearby commercial centers of Harvard Square, Kendall Square and Downtown Boston.
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.