October 28, 2024 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 17-unit multi-Family property in Lynn, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $3,800,000.
303 Broadway is a multi-family building in Lynn, Massachusetts. The three-story brick building contains seventeen (17) units comprised of twelve (12), 2-Bedroom/1-Bathroom units and five (5), 1-Bedroom/1-Bathroom units with 12,528 square feet of living area in 12,573 square feet of total gross area on a 0.261-acre parcel of land. The Property also features storage in the basement for tenants, an on-site laundry facility, and parking for seventeen (17) vehicles. In-place leases are significantly below market rates; the opportunity exists to upgrade the unrenovated unit interiors to drive rental rates in an urban-infill, high demand/supply-constrained residential market. 303 Broadway is well-located in a densely populated residential neighborhood 1.5-miles northwest of Downtown Lynn, with convenient access to both local and regional transportation, as well as retail amenities along Boston Street and Western Avenue. The Property offers convenient access to Central Square, the primary commercial area in Downtown Lynn, that provides an array of “downtown” amenities, including retail, restaurants, entertainment, and public transportation. Additionally, The Property is 2-miles from the Central Square commuter rail station with services to Boston’s North Station, and 12 miles from 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.