Braintree, MA Marcus & Millichap has completed two sales for an aggregate value of $3.71 million. Evan Griffith and Tony Pepdjonovic, vice presidents investments, in Marcus & Millichap’s Boston office, had the exclusive listings and procured the buyers on both transactions.
255 Elm St. located in Braintree, was a fractured condominium sale where Griffith and Pepdjonovic were hired to market nine investment condominiums in a 12-unit brick residential building. The duo was able to secure a buyer and navigate through the deal for a final sale price of $1.76 million. The capitalization rate at the time of sale was 6.14%. Elm St. lies in an excellent commuter location with highway access and close proximity to the MBTA Red Line.
The team also completed the sale of a 14-unit apartment portfolio located at 79-83 Germain Ave. and 47 Appleton St. in Quincy, for $1.95 million.The capitalization rate at the time of sale was 4.34%.
“The portfolio was on the market for the first time in nearly 50 years. While the properties were in need of extensive renovations and the gross rental income was nearly 40% below market levels, we still were able to draw significant investor interest” said Pepdjonovic. “The winning bidder, a local developer, plans to do a full overhaul of the buildings.”