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 12 Lyndhurst Street and 26 Thane Street of Boston’s Dorchester neighborhood. 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 and procured the buyers on both transactions.
12 Lyndhurst Street is a twelve unit brick multifamily property located in the St. Mark’s Neighborhood of Dorchester just one block from the MBTA Shawmut Red Line Station. The property consists of (6) one-bedroom units and (6) two-bedroom units. The asset sold for $2,400,000 which equates to a robust $322 per square foot and a capitalization rate of 6.26%. “Dorchester is a dynamic market with a lot to offer and I am extremely bullish on the neighborhood’s long term appreciation potential. It is no surprise to me that we are seeing multiple bids on all the inventory we have listed” stated Pepdjonovic.
26 Thane Street is a six unit brick apartment building located in the Codman Square neighborhood of Dorchester. The property is comprised entirely of four-bedroom/one-bathroom units that had been fully remodeled in the last 7 years. The building fetched $1,500,000 and the capitalization rate at the time of sale was 6.71%. The $250,000 per unit marked a new record for this area. “We have become the most active sales team in Dorchester. With another 3 building under agreement, our market share continues to grow at a rapid pace” added Griffith.
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
