August 21, 2018 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of an 11-unit apartment building in Salem located at 248 Lafayette Street in Salem for $1,400,000. The stabilized property closed at a 6.47% cap rate.
248 Lafayette Street contains 11 units made up of 10 studio units and one, 2-bedroom unit. The Property features off-street parking for 11 vehicles and coin-operated common laundry. The multi-family asset is well located on an attractive, residential section of Lafayette Street that doubles as both Route 114 and Route 1A, approximately ½ mile south of Salem’s Historic Downtown and ½ mile north of Salem State University. In addition to walkable access to Downtown Salem and Salem State University, the location offers convenient access to multiple transportation, shopping, cultural, dining and entertainment 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.