May 8, 2019 – Mike McCarthy of Horvath & Tremblay has successfully completed the sale of a 5-unit Multi-Family building in Boston, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,925,000, which translates to a 5.14% Cap Rate and $385,000 per unit.
475 Massachusetts Avenue, constructed in 1899, is a desirable, five-story brick brownstone building comprised of 5,439 square feet of living area on a 1,980 square foot parcel in Boston’s South End neighborhood. The building consists of four (4) one-bedroom, one-bathroom units, and one (1) two-bedroom, two-bathroom unit. 475 Massachusetts Avenue is situated in an exceptional urban location in the South End between Tremont Street and Huntington Avenue. The property benefits from its close proximity to three subway stations: the Orange Line on Mass Avenue – 0.2 miles, the Green Line (E Branch) at Symphony Station – 0.3 miles, and the Green Line (B, C, D Branches) at Hynes Convention Center – 0.7 miles. The property features one reserved, on-street parking space as well as separate, tenant paid, gas and electric for each unit. The opportunity exists to increase income at the property through modernizing and systematically upgrading the units. 475 Massachusetts Avenue is in a densely populated, urban location; an impressive 102,000+ people live within a 1-mile radius of the Property with an average household income of $124,500.
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.