April 14, 2023 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of 268 & 278-280 Washington Avenue, a 16-unit apartment building in Chelsea, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer and the desirable asset sold for $4,001,000.
268 & 278-280 Washington Avenue is a sixteen-unit multi-family investment property located in Chelsea, Massachusetts. The desirable building is comprised of eleven (11), 2-Bedroom/1-Bathroom units and five (5), 1-Bedroom/1-Bathroom units with 12,995 square feet of living area in 17,323 total square feet on a 0.14-acre parcel. 278-280 Washington Avenue is a private parking lot for the residents and consists of 0.11-acres of land. The building’s utilities are separately metered for electricity and heat which the tenants pay directly while the landlord is responsible for hot water and domestic water and sewer. The building has been well maintained during ownership and includes a coin-op laundry room and large rear yard creating outdoor space in an urban setting for tenants of the property. While the building is typically fully occupied, the opportunity exists to drive rental rates through programmatic upgrades and renovations to the kitchens and bathrooms in all units, allowing the incoming owner to maximize rents in a supply constrained market. Situated along Washington Avenue, the Property is ideally positioned between US Route 1 and Broadway, the area’s primary commercial corridor in the heart of downtown Chelsea. 268 Washington Avenue offers convenient access to US Route 1 (Northeast Expressway) and MA Route 16 (Revere Beach Parkway) as well as Interstates 90 and 93. Public transportation is readily available just steps from the Property along Washington Avenue, 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 just 0.7-miles away. The Property is close to area shopping and offers numerous dining options and entertainment venues. 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.