February 12, 2025 – Sean McHale and Tim Hines of Horvath & Tremblay have successfully completed the sale of an eight (8) unit multi-family Property in East Greenwich, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer in the transaction. The multi-family Property sold for $1,000,000.
The multi-family Property is located at 23 Melrose Street in East Greenwich, Rhode Island. The Property features a three-story building containing eight (8) residential units comprised of two (2) Studio units, five (5), 1-Bedroom/1-Bathroom units, and one (1), 2-Bedroom/1-Bathroom unit with 5,100 square feet of living area in 7,034 square feet of gross area on a 0.191-acre corner parcel with off-street parking. The Property offers a private deck for one of the units and green space at the rear of the Property. The in-place rents are below market and the opportunity exists to increase the overall rent roll through programmatic upgrades to the unrenovated units. 23 Melrose Street is well-located in a highly desired, densely populated residential neighborhood in the northeaster portion of East Greenwich. The Property is positioned at the intersection of Peirce Street and Melrose Street and is one block from Main Street (US Route 1), the area’s primary commercial and commuter corridor. The Property is seconds from the municipal bus line and is 0.4 miles from the shores of Greenwich Cove on Greenwich Bay. The location offers convenient access to the area’s major roadways, public transportation, area schools, and numerous retail amenities.
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.