March 16, 2023 – 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 $2,475,000.
The multi-family property is located at 305-307 Medford Street in Somerville, Massachusetts. Located in Somerville’s Gilman Square, in the path of the future Green Line Extension, 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. Property consists of a three-story building with six (6) units consisting of two (2), 4-Bedroom/1-Bedroom units and four (4) 3-bedroom/1-bathroom units in 7,530 square feet of gross living area, in 10,322 square feet of gross area, on a 0.1-acre parcel. 305-307 Medford Street offers the ability to add significant value to a well-constructed, brick building through renovating the units and the potential opportunity to capture basement space by duplexing the first-floor units with the basement. The location offers unparalleled access to the new Gilman Square Station of the Green Line Extension, less than ¼-mile from the Property. 305-307 Medford Street is exceptionally well-located in Gilman Square, less than a mile from the popular shopping, dining, fitness and entertainment options at Assembly Row and Union Square, less than ¼-mile from the future Green Line Extension Gilman Square Station, and directly across the street from Somerville High School. 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.