December 13, 2024 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a fourteen (14) unit mixed-use property in Cambridge, Massachusetts. Horvath & Tremblay exclusively represented the seller in the transaction. The desirable asset sold for $8,650,000 which represents a 5.94% Cap Rate and $617,857 per unit.
The mixed-use property is located at 660-674 Cambridge Street in the East Cambridge neighborhood of Cambridge, Massachusetts (the “Property”). Situated in an incredible high-density, urban-infill, East Cambridge neighborhood, the highly-walkable location is a short walk from the Green Line at the New Lechmere Station, Cambridge Crossing, Kendall Square, MIT, MGH, the Charles River Esplanade, and Downtown Boston. The Property consists of a turnkey, four-story, brick building with fourteen (14) units comprised of three (3), 3-Bedroom/1-Bathroom units, eight (8), 2-Bedroom/1-Bathroom units, two (2) Studio units, and one (1) commercial unit (Gufo – an Italian Restaurant and Bar) with 15,294 square feet of living area in 19,290 square feet of total area on a 0.10-acre parcel. 660-674 Cambridge Street is fully occupied and has been well maintained. Residential unit features consist of condo quality finishes including granite countertops, newer cabinets, Stainless-steel appliances, newer bathrooms and hardwood and carpet floors. All apartments are separately metered for electricity, heat, and air-conditioning which the tenants pay for directly. The Landlord pays for water & sewer for the residential units. The Property also features an on-site laundry facility. Gufo is an Italian restaurant and bar and commenced a 10-year lease in December of 2022. Gufo has 8+ years remaining on their double net lease, and one (1), 5-year renewal option. Gufo’s lease features attractive annual rent increases, and they also reimburse their pro-rate share of all operating expenses (Real estate tax, insurance, and common area maintenance). The Property is well located on Cambridge Street, seconds from both McGrath Highway (MA Route 28) and Hampshire Street in the high-density, urban-infill neighborhood of Wellington-Harrington. The Property is 0.3-miles from Kendall Square, 0.4-miles from Inman Square, and 0.7 miles from Union Square. The location is an easy walk to the employment centers of Kendall Square and Downtown Boston, multiple public transportation options, and numerous shopping, dining, entertainment, and outdoor recreation options.
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.