August 20, 2024 – Stephen Girolamo of Horvath & Tremblay has arranged the sale of eleven lodging house units in Salem, Massachusetts. Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $2,360,000.
The lodging house investment property is located at 2-4 Howard Street in Salem, Massachusetts. The lodging house property contains eleven (11) residential units comprised of two (2), 1-Bedroom/1-Bathroom units, six (6) Studio units, and three (3), 2-Room Studio units with 4,368 square feet of living area in 6,944 square feet of total area on a 0.062-acre parcel. The Property has recently undergone extensive renovations to 10 of the 11 units. The renovated units feature hardwood flooring, granite countertops, white shaker cabinets, and stainless-steel appliances in the kitchens. The bathrooms feature tile flooring and walk-in showers. The property also features new coin-operated laundry machines for the tenants to use. The Property is well-located on Howard Street, just steps from Salem Common in the heart of Salem’s Historic Downtown with easy access to public transportation and numerous retail amenities. The Property is 0.3-miles from the Salem Train & Bus Station, also just 1.3-miles from Salem Hospital and 1.5-miles from Salem State University. 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.