Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two multifamily properties in Somerville for a total of $2,810,000. 52 Sargent Avenue, a 4-unit apartment building, sold for $1,410,000, while 134 Pearl Street sold for $1,400,000, according to Thomas Shihadeh, regional manager of the firm’s Boston office.
Evan Griffith and Tony Pepdjonovic, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Evan Griffith and Tony Pepdjonovic.
52 Sargent Ave. is a 4-unit apartment building located within walking proximity to Somerville’s new Gilman Square (Green Line) MBTA station to be completed in the fall of 2021. The property is comprised of one studio unit, one 2-bedroom duplex, and two 2-bedroom units. Built in 1890, the property has been well maintained and updated over the years, with strong in-place income. Griffith comments, “This turnkey asset gives the new buyer strong in-place rents in an area that is poised for future growth. Transit-oriented rental properties are still operating at high occupancy and have strong collections throughout the pandemic.” The property closed at $427/sf and a cap rate of 5.50%.
Located a half mile South of Sargent Ave, 134 Pearl Street is a 5-unit apartment building comprised of two 1-bedroom units and three 3-bedroom units. Built in the 1900s, this property is a rare find in Somerville as a value-add opportunity for an investor wanting to implement comprehensive interior and exterior renovations. Pepdjonovic comments, “East Somerville continues to be an attractive submarket as investors search for higher yields with long term appreciation,” He adds, “With over thirty tours throughout the marketing campaign and multiple offers, we were able to negotiate a very clean contract and provide for a prompt closing timeframe.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.