June 25, 2024 – Stephen Girolamo of Horvath & Tremblay has arranged the sale of twenty-one multi-family units in Salem, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to close the property at a sale price of $5,325,000.
The multi-family investment property is located at 296-300 Washington Street in Salem, Massachusetts. The multi-family property contains a total of twenty-one (21) residential units consisting of two (2) Studio units, seven (7), 1-Bedroom/1-Bathroom units, and twelve (12), 2-Bedroom/1-Bathroom units with 14,013 square feet of living area on 0.18-acres of land. The units are separately metered for electricity, heat, and hot water which the tenants pay directly. The Property is well-located in the southern portion of Salem’s Downtown. Situated at the intersection of Washington Street and Lafayette Street (MA Route 1A) the Property enjoys 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 Property is 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 Property, providing convenient local access throughout the North Shore. Commuter Rail Service to Boston is available 0.6-miles from the Property 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.