338-342 Warren Street
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sales of 338-342 Warren Street and 74-76 Rockland Street in the Roxbury neighborhood of Boston, according to John Horowitz, First Vice President and regional manager of the firm’s Boston office. The assets sold for $2,250,000 and $1,350,000 respectively.
Evan Griffith, First Vice President Investments, and Tony Pepdjonovic, Vice President Investments, in Marcus & Millichap’s Boston office, brokered both assignments. 338-342 Warren Street is an 8 unit mixed-use building with 6 residential apartments over 2 commercial spaces. The residential portion was comprised entirely of three-bedroom, one-bathroom units. “The apartments featured recently upgraded kitchens, bathrooms, and flooring while the two commercial spaces were well established mom-and-pop businesses operating over 10 years in this location” stated Pepdjonovic. “338 Warren has direct public bus access and lies in a strong commercial retail corridor as Washington Park Mall is located directly across the street” he added. The capitalization rate at the time of sale was 6.11%
74-76 Rockland Street
74-76 Rockland Street is a 6 unit multifamily building comprised of a mix of two and three bedroom apartments. The building featured separated utilities, on-site laundry, and an off-street parking lot for 6 vehicles. According to Griffith, “This area near Dudley Square continues to see some of the strongest property appreciation and rent growth of Boston’s inner city.” “The asset bodes well as a long term rental property or a condo-conversion play as the neighborhood continues its transformation” he added. The capitalization rate at the time of sale was 6.09%.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
