July 26, 2019 – Spencer Norton of Horvath & Tremblay has successfully completed the sale of 273-279 Andover Street in Lawrence for $1,075,000. The apartment building sold for $119,444 per unit and at a 5.91% cap rate.
The 3-story, 9-unit, multi-family investment property is made up of (6), 2-bedroom units and (3) 1-bedroom units. The Property contains 7,440 square feet of living area in 10,340 gross square feet. Recent capital improvements include exterior paint (2018), new roof (2016) and new double-pane windows throughout (2011). 273-279 Andover Street is centrally located on an attractive residential street in the neighborhood of South Lawrence. South Lawrence is a densely populated, urban-infill, neighborhood featuring single and multi-family homes alongside complimentary neighborhood-service retailers focused primarily on the main north-south thoroughfares.
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.