March 15, 2023 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of 40 Rockland Avenue, a 16-unit apartment building in Malden, Massachusetts. The desirable asset sold for $4,900,000 and $306,250 per unit.
The multi-family investment property is located at 40 Rockland Avenue in Malden, Massachusetts. The Property consists of a four-story brick building containing a total of sixteen (16) residential units. The Property features a desirable unit mix consisting of fourteen (14) 2-Bedroom/1-Bathroom units and two (2) 1-Bedroom/1-Bathroom units with 19,200 square feet of living area in 19,276 square feet of total gross area on a 0.38-acre corner parcel. The well-maintained Property also features an on-site laundry facility and 22 parking spaces. Each unit is separately metered for electricity, which the Tenants pay directly. 40 Rockland Avenue is a well-maintained fully leased investment Property in an exceptional, urban-infill location. The Property is located on a corner parcel in a high-density, urban-infill neighborhood in Malden. The location offers convenient access to Routes 60 and 99 (Broadway), Route 1, Route 16, Interstate-93, Assembly Row, Kendall Square and Downtown Boston. Public transportation is readily available on Clifton & Summer Streets with MBTA buses providing regular service throughout the area and the Malden Center Station with service on the MBTA’s Orange Line & Haverhill Line (Commuter Rail) (0.4-miles away). The Property is also just 0.6-miles from the Oak Grove MBTA Station. 40 Rockland is less than 0.6-miles from Stop & Shop and CVS and 1-mile from Target. The Property is also just a short walk from Downtown Malden which offers an array of retail shops, restaurants and bars and is located 2.5 miles from Gateway Center, and 3-miles from the Encore Boston Harbor Resort & Casino. The Malden submarket continues to accelerate thanks to continued commercial and infrastructure development in Malden and the surrounding areas 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.