June 11, 2020 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of two Multi-Family buildings totaling 8 units in Cambridge, Massachusetts. The duo procured the buyer to complete the transaction at a sale price of $3,550,000, which is $443,750 per unit.
The property consists of two adjacent buildings containing a total of 8 rental units and 16 bedrooms with shared off-street parking. 31 Gore Street is a three-story building containing six (6), 2-Bedroom/1-Bathroom units in 5,088 square feet of living area and 6,799 square feet of gross area. 33 Gore Street is a 2.5 story building containing one (1), 1-Bedroom/1-Bathroom unit and one (1), 3-Bedroom/1-Bathroom unit in 1,496 square feet of living area and 2,660 square feet of gross area. The two buildings have a combined 0.34 acres of land with a shared driveway and off-street parking. The property is exceptionally well-located in the high-density, urban-infill East Cambridge neighborhood. The highly-walkable location is just steps from the Green Line at Lechmere Station, Cambridge Crossing, Kendall Square, MIT, Mass General Hospital, the Charles River Esplanade and Downtown Boston. The property is strategically located in East Cambridge between Second and Third Streets. An impressive 51,000+ people live within a 1-mile radius of the Property with an average household income of $128,455.
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.