October 20, 2023 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 172 Salem Street, a five-unit mixed-use building in Boston, Massachusetts. The desirable asset sold for $3,900,000 and $780,000 per unit.
Situated in an Incredible North-End location, 172 Salem Street consists of a turnkey, five-story, brick building with five (5) units comprised of four (4), 3-Bedroom/1-Bathroom units and one (1) commercial unit (The Laundry Room) with 4,775 square feet of living area in 5,730 square feet of total area on a 0.025-acre parcel. 172 Salem Street is fully occupied and has been comprehensively renovated. Unit features consist of condo quality finishes including granite countertops, newer cabinets, Stainless-steel appliances, newer bathrooms and hardwood and carpet floors. Each residential unit features a Mitsubishi Mini-Split System for cooling and forced hot-water baseboard heating. Additionally, 172 Salem features a brand-new roof as well as roof deck for all tenants as well as updated common areas. All apartments are separately metered for electricity, heat, and air-conditioning which the tenants pay for directly. The Landlord pays for the Hot Water for the residential units. The commercial tenant (The Laundry Room) pays for all of their utilities (forced hot air and central air), hot water and pays their water sewer usage. The Laundry Room offers wash, dry, fold and dry cleaning/laundry drop off. 172 Salem Street is situated in an exceptional urban location in the North End neighborhood of Boston. The Property is centrally located on Salem Street and the area offers countless amenities with endless dining, retail and nightlife options. This unparalleled location offers convenient access to four (4) T-Stops (Green D & E-Lines, Blue Line and Orange Line) via North Station, Haymarket T-Station, State Street T-Station, and Aquarium T-Station and are all less than 0.6-miles from the Property. The location offers convenient access to Boston’s Best Areas including the Seaport District, Downtown Boston, Back Bay, Fenway-Kenmore, and South Boston and is positioned 200 feet from Freedom Trail in the heart of the North End. 172 Salem Street is also a short walk from the TD Garden (home to the famed Boston Celtics and Boston Bruins and countless live concerts and shows) Quincy Market, Christopher Columbus Waterfront Park, and Boston Harbor as well as steps from the historic Old North Church, the launch point for Paul Revere’s ride.
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.