Girolamo, Kelleher and Pentore of Horvath & Tremblay sell 36-unit property for $8.367 million

Lynn, MA Stephen Girolamo, Dennis Kelleher, and John Pentore of Horvath & Tremblay completed the sale of a 36-unit multifamily property at 12-16 Border St. for $8.367 million, equivalent to $232,417 per unit. Fergal Woods of Finance Boston secured the debt for the buyer in the acquisition.

12-16 Border St. consists of three buildings and contains a total of 36 units with 15, two-bedroom/one-bathroom units and 21)], one-bedroom/one-bathroom units with 25,890 s/f of living area in 26,880 s/f of gross area on a 0.93-acre parcel. In-place leases are significantly below market rates; the opportunity exists to upgrade the unrenovated unit interiors to drive rental rates in an urban-infill, high demand/supply-constrained residential market. 

The property is well-located in a densely populated residential neighborhood in Lynn’s south end, with convenient access to both local and regional transportation, as well as retail amenities along N Shore Rd. and around Central Sq. The property offers quick access to Summer St. and Western Ave. and is 0.7 miles from Market Basket. Additionally, The property is just minutes from Nahant Beach, close to several MBTA bus stops, one mile from the River Works commuter rail station with services to Boston’s North Station, and 11 miles from Downtown Boston.