August 21, 2020 – Dennis Kelleher, John Pentore, and Stephen Girolamo of Horvath & Tremblay has arranged the sale of 256-262 Washington Street in Salem, Massachusetts. Horvath & Tremblay represented both buyer and seller to close the property at a sale price of $5,350,000, a cap rate of 6.13%, and a price per unit of $184,484.
5,350,000 Washington Street is a mixed-use property, containing a total of 29 units. The four-story brick building is comprised of twenty-five (25) apartments and four (4) retail suites. The Property is well located in Salem’s Historic Downtown, and is less than one mile from Salem’s Commuter rail. Salem is located 15 miles along the north shore from downtown Boston, a major draw for many of the city’s residents.
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.