November 2, 2023 – Stephen Girolamo of Horvath & Tremblay has arranged the sale of eight units in Salem, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to close the property at a sale price of $2,625,000.
The multi-family investment properties are located at 277 Lafayette Street and 28 Summit Avenue in Salem, Massachusetts. The multi-family properties are adjacent to each other and contain a total of eight (8) residential units consisting of five (5), 3-Bedroom/1-Bathroom units, one (1), 2-Bedroom/1-Bathroom unit, and two (2), 1-Bedroom/1-Bathroom units with 9,818 square feet of total gross area on a combined 0.52-acres of land. The Properties also features seven (7) on-site parking spaces and three (3) garage bays. The units are separately metered for utilities and feature gas heat. The Properties are well-located in the southern portion of Salem’s Downtown. Positioned along Lafayette Street (MA Route 114) the Properties enjoy convenient access to Canal Street, the area’s primary commercial corridor, as well as the center of Downtown Salem, Salem Harbor, Salem Hospital and the area schools. The location is walkable to numerous dining, drinking, shopping, cultural and entertainment amenities. The Properties are located just minutes from Interstate 95, the Yankee Division Highway, US Route 1 and MA Routes 107 and 114. MBTA bus route 455 stops near the Properties, providing convenient local access throughout the North Shore. Commuter Rail Service to Boston is available 1.1-miles from the Properties at the Salem Train & Bus Station. Salem is located 15 miles along the north shore from Downtown Boston, a major draw for many of the city’s residents.
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.