April 23, 2021 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 17-unit mixed-use property in Medford, Massachusetts. The duo exclusively represented the buyer to complete the transaction at a sale price of $5,575,000, a 5.5% Cap Rate.
The property is located at 16-22 High Street in Medford, Massachusetts. 16-22 High Street is a mixed-use, multi-family and retail building, consisting of 17 units comprised of 12 residential units, 3 retail units, and 2 office units. The building is stabilized and fully leased with the retail units leased to Medford Optical, Medford Fine Wine & Spirits and Lighthouse Cafe. The desirable brick building has renovated units with separately metered utilities. 16-22 High Street is set in an excellent, urban-infill, location in Medford Square with multiple shopping, dining and entertainment options within walking distance. Downtown Boston, Cambridge and the northern suburbs of Boston are easily accessible via I-93, located just 0.3 miles from the Property. Multiple public transportation options to Boston are also accessible from the property via nearby bus stops providing Express Service to Downtown Boston and local service to the Commuter Rail Station at West Medford and the Orange Line Stations at Malden Center and Wellington. Additional bus routes provide direct service to Tufts University and Harvard University, one mile and three miles away from the Property, respectively.
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.