January 17, 2023 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of three (3) multi-family units in Cambridge, Massachusetts. Horvath & Tremblay exclusively represented the seller in the transaction. The desirable asset sold for $2,100,000 and $700,000 per unit.
The multi-family property is located at 16 Gore Street in the East Cambridge neighborhood of Cambridge, Massachusetts. Situated in an incredible high-density, urban-infill, East Cambridge neighborhood, the highly-walkable location is just steps from the Green Line at the New Lechmere Station, Cambridge Crossing, Kendall Square, MIT, MGH, the Charles River Esplanade, and Downtown Boston. 16 Gore Street, a three-unit building, is comprised of all 3-bedroom, 2-bathroom units with 2,840 square feet of living space in 3,790 square feet of total gross area on a 0.06-acre parcel. The building has been comprehensively renovated with condo-quality finishes and new appliances throughout as well as all new heating and cooling, plumbing and electrical. 16 Gore Street, which is fully sprinklered, is improved by a master lease with Atlas Living, LLC that encompasses the rental of all three units for a fixed annual rent. Atlas Living, LLC is in the fourth year of their five-year lease. The lease features three (3%) percent annual increases and expires on February 29, 2024. The tenant is responsible for heat, hot water and electric as well as cleaning services to the building’s interior. 16 Gore Street offers the opportunity to acquire a fully leased, comprehensively renovated, turnkey investment in an exceptional, urban-infill location. The subject property is ideal for a potential buyer looking for income growth and strong investment returns. The incoming owner can operate the property in its current lease format until 2024 and potentially beyond or returning the Property to a traditional individual unit market-rate rental format. Either way, the submarket continues to accelerate thanks to continued commercial and infrastructure development in the area and rents are expected to rise over the coming years.
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.