July 25, 2024 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a six (6) unit mixed-use property in Somerville, Massachusetts. Horvath & Tremblay exclusively represented the seller in the transaction. The desirable asset sold for $4,250,000 and $708,333 per unit.
One Beacon Street in Somerville, Massachusetts (the “Property”). Located in Somerville’s Inman Square neighborhood on the Somerville/Cambridge border, the Property is a short walk from Union Square and is equidistant from Harvard Square and Porter Square. The Property consists of a three-story building with six (6) units consisting of two (2), commercial units, four (4) 4-Bedroom/2-Bedroom units with 6,812 square feet of gross living area, in 10,166 square feet of gross area, on a 0.13-acre corner parcel. The two commercial units, Trina’s Starlite Lounge and Parlor Sports (both leased by one tenant), recently extended their lease for 5-years (through August 31, 2029). The lease provides that the Tenants reimburse their pro-rata share of Real Estate Taxes, Insurance and Utilities. The Property is fully leased and has undergone extensive interior unit renovations featuring condo quality finishes including brand new kitchens with custom cabinets, quartz counter tops and stainless-steel appliances, updated bathrooms with new tile flooring and high-end fixtures, vinyl plank floors as well as new forced hot air and central air-conditioning systems and navien tankless hot water systems. Building amenities include private porches for the residential tenants as well as common laundry room on each residential floor. There is off-street parking at the rear of the property which is utilized by the retail tenants. One Beacon is exceptionally well-located in Somerville’s Inman Square neighborhood, less than 1.3-miles from the popular shopping, dining, fitness and entertainment options in Union Square, Harvard Square and Porter Square, and less than 0.6-miles from the Union Square Station. The Property is seconds from Whole Foods, Walgreens and CHA Cambridge Hospital. The highly walkable neighborhood offers a multitude of appealing live-work-play amenities, convenient public transportation and highway access, as well as proximity to the nearby commercial centers of Harvard Square, Kendall Square and Downtown Boston.
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.