October 10, 2019 – Spencer Norton of Horvath & Tremblay has successfully completed the sale of 131-133 Haverhill Street for $560,000. The value-add, 9-unit apartment building situated in downtown Lawrence sold at a 4.24% cap rate.
131-133 Haverhill Street is a 9-unit apartment building containing 9 bedrooms and 9 bathrooms in 8,550 square feet of living space on a 0.21-acre lot. The subject property will need significant renovations to bring it to its highest and best use. The location provides walkable access to a multitude of shopping, dining, public transportation options and outdoor space. 131-133 Haverhill Street is located in downtown Lawrence across from Campagnone Common and near Lawrence General Hospital, the Lawrence YMCA, Lawrence Commuter Rail Station and Interstate 495. Due to the property’s overall condition, the rents are below market and the opportunity exists through programmatic upgrades to the units to increase the rental income of the asset.
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.