July 5, 2024 – Dennis Kelleher, John Pentore and Nick Bevilacqua of Horvath & Tremblay have successfully completed the sale of two (2) multi-family units in South Boston, Massachusetts. Horvath & Tremblay exclusively represented the seller in the transaction. The desirable asset sold for $1,915,000 and $957,500 per unit.
The multi-family property is located at 891-893 E Broadway in the South Boston neighborhood of Boston, Massachusetts (the “Property”). Centrally located in the heart of South Boston and 1.6 miles to Broadway Station, 2.0 miles to Boston’s South Station, one city block to the beach at Pleasure Bay as well as walking distance to the numerous shops and restaurants located along East Broadway, the Property offers the rare opportunity to acquire an outstanding, core asset in an incredible urban-infill location in one of the strongest real estate markets in the country. The Property consists of a two-story building containing two residential units comprised of one (1), 5-Bedroom/2-Bathroom duplex unit and one (1) 3.5-Bedroom/1-Bathroom unit with 3,087 square feet of living area in 3,632 gross square feet on a 0.08-acre parcel. The Property enjoys strong historical occupancy and has undergone extensive renovations. The renovated, direct entry units feature condo quality finishes including brand new kitchens with quartz counter tops, white shaker cabinets, stainless-steel appliances with dishwashers, in-unit laundry, hardwood and vinyl plank flooring, tile kitchens and bathrooms. Both units also have private rear decks in addition to a large backyard. The property features a newly painted exterior, new electrical service featuring 100amp service to each unit, Navien on-demand tankless hot water as well as brand new HVAC systems and new windows. Additionally, the basement, which is finished, features a new sprinkler system. The desirable building is individually metered for heat, hot water and electricity which the tenants pay directly. 891-893 E Broadway is a fully leased investment in an exceptional, urban-infill location. The rents in the Property are below market rates and offer upside via lease renewal and on market rents.
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.