October 31, 2024 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of an 8-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 $1,675,000.
351 Boston Street is a multi-family building in Lynn, Massachusetts. The two-story building contains eight (8), 1-Bedroom/1-Bathroom units with 4,560 square feet of living area in 6,912 square feet of gross area on a 0.14-acre corner parcel. The Property also features an on-site laundry facility and parking for eight (8) 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. 351 Boston Street is well-located in a densely populated residential neighborhood adjacent to downtown Lynn, with convenient access to both local and regional transportation, as well as retail amenities within walking distance and around Lynn’s Central Square. The Property is within 0.4-miles of two grocers and is just 1-mile from Central Square, the primary commercial area in Downtown Lynn that offers convenient access to an array of “downtown” amenities, including retail, restaurants, entertainment and public transportation. Additionally, the Property is just 1.2 miles from the Central Square commuter rail station, with service to Boston’s North Station, and 11 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.