November 17, 2021 – Spencer Norton of Horvath & Tremblay has arranged the sale of a multi-family property in Lowell, Massachusetts. Norton exclusively represented the seller to complete the transaction at a sale price of $911,000, a 5.07% Cap Rate.
The property is located at 244-246 Concord Street in Lowell, Massachusetts. Built in 1900, 244-246 Concord Street contains 6-units made up of four (4), 3-bedroom/1-bathroom units and two (2) 1-bedroom/1-bathroom units. The Property contains 6,359 square feet of livable space in 8,840 gross square feet on a 0.10-acre lot, and includes three (3) tandem off-street parking spaces. 244-246 Concord Street is located a few blocks away from Moody Elementary School and 0.2-miles from Church Street/Andover Street (MA Route 110), which leads directly to the city center (0.75-miles). The Property is situated in a residential neighborhood in Lowell’s eastern quadrant and is a short walk from the banks of the Concord River, Rogers Fort Hill Park, and Donahue Park. 244-246 Concord Street is 1.5-miles from the UMASS Lowell East Campus. The proximity to the school creates a safe environment that is closely monitored by local authorities. The Location provides convenient access to the area’s major highways – Lowell Connector, Route 3 and I-495. Public transportation is also available 1,000 feet from the Property via LRTA Bus which runs along High Street and connects to Downtown Lowell and offers service throughout the city. The Lowell Commuter Rail Station, providing train service to Boston, is located 1.1-miles from the Property.
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.