April 8, 2021 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 12-unit multi-family property in Cambridge, Massachusetts. The duo exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,700,000, which is $391,667 per unit.
The property is located at 132 Sherman Street in Cambridge, Massachusetts. The three-story building contains twelve (12) residential units consisting of twelve (12), 2-Bedroom/1-Bathroom units in 8,910 square feet of living area in 11,880 square feet of gross area on a 0.22-acre corner parcel. The fully occupied brick building has been well maintained and offers rare off-street parking for twelve (12) vehicles. The opportunity exists to drive rental rates through upgrades and renovations to the units as well as duplexing the first-floor units into the below grade spaces on the ground floor and increasing the bedroom & bathrooms counts. 132 Sherman Street is exceptionally well-located in close proximity to the burgeoning life science hub in Alewife. One Alewife Center, Alewife Research Center (ARC), as well as Alewife Park which comprises 27 acres surrounding the Alewife T-Station are poised to make the Alewife area an attractive life sciences hub and one of the primary relief valves for expanding life sciences firms that are confronted with rapidly escalating rents and low-to-zero vacancy rates in nearby Kendall Square. Additionally, 132 Sherman is ½-mile from the Fresh Pond Mall which is home to national retailers like Whole Foods, TJ Maxx, Home Goods, McDonald’s and more. The Property is approximately 1-mile from Porter Square Station, Davis Station, and the Alewife Station all with service on the Red Line and offering popular retail, dining, nightlife and entertainment options. The highly-walkable neighborhood offers a multitude of appealing live-work-play amenities, convenient public transportation and proximity to the nearby commercial centers of Harvard Square, Kendall Square, and Downtown Boston.
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.