Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sales of 323 W Fourth Street and 560 E Broadway in South Boston, Ma. The assets sold for an aggregate value of $4,365,000.
Evan Griffith, first vice president investments, and Tony Pepdjonovic, vice president investments in Marcus & Millichap’s Boston office, had the exclusive listings to market the properties on behalf of both sellers. 323 W Fourth Street is a ground-up new construction apartment building comprised of (3) four-bedroom/ two bathroom units and four garage parking spaces with a monthly income of $17,200. The duo was able to set a new South Boston record of $950,000 per unit with the final sale price of $2,850,000. “We were thrilled about the listing from the onset and we knew the expert craftsmanship paired with the in-place income would result in record pricing for the neighborhood” stated Pepdjonovic.
560 E Broadway is a brick row house building comprised of (4) one-bedroom apartments located right in the heart of South Boston. The building featured two deeded parking spaces, private balconies, and spectacular views of Downtown Boston. The asset is a versatile offering that bodes well as a long term rental property or a condominium conversion play. “The building created a frenzy of activity resulting in 7 offers on the first day of marketing. The bidding war allowed us to achieve over-asking price with a non-contingent deal” stated Griffith. The asset sold for $1,515,000 which equates to a robust $725 per square foot for an un-renovated building.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
