May 12, 2023 – Dennis Kelleher, John Pentore and Spencer Norton of Horvath & Tremblay have arranged the sale of two multi-family investment properties in Lawrence, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,990,000.
The two properties are located at 53-57 Salem Street & 95 Farnham Street in Lawrence, Massachusetts. The two Properties contain a total of fourteen (14) units comprised of six (6) 1-Bedroom/1-Bathroom units, five (5), Studio units, one (1) 4-Bedroom/1-Bathroom unit, one (1) 3-Bedroom (Plus)/1-Bathroom unit, and one (1) 2-Bedroom/1-Bathroom unit with 9,360 square feet of living area in 14,800 gross square feet on a combined 0.44-acres of land. Both Properties provide a significant value-add opportunity for an investor with below market rents. The Properties also feature on-site parking for residents, on-site laundry facilities, and low maintenance vinyl siding. Located in the north suburbs of Boston (25 miles from downtown), Lawrence benefits from a solid transportation infrastructure, and proximity to the largest city in New England. The Properties are located in a residential urban infill area, with walkable amenities including local restaurants, retailers, and grocery stores. National brands are also represented by Walgreens, Starbucks, Dunkin’, Wendy’s, Domino’s, and McDonald’s, all of which are less than a mile away. Both of the Properties provide direct access to Boston via Interstates 93 and 495, MA Route 28, and The Lawrence Train Station with service on the MBTA’s Haverhill Line (0.5-miles). The Properties are walkable to local retail establishments, eateries, grocery stores, and parks and playgrounds.
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.