Boston, MA Marcus & Millichap has completed the sale of 21 Sheafe St., a 7-unit apartment property located in the North End neighborhood of the city. The asset sold for $2.53 million.

Evan Griffith, first vice president investments, and Tony Pepdjonovic, senior associate, in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor, as well as procured the buyer, a developer.

“The property had been family owned and hadn’t seen the open market for over 40 years, adding to the allure of the highly sought after North End asset. We saw a very competitive bidding process among local, international, and 1031 exchange buyers” said Pepdjonovic. 

“The new developments surrounding North Station and the Government Center Garage, known as Bullfinch Crossing, continue to push investor demand for properties throughout the North End,” said Griffith.

21 Sheafe St. is comprised of 6 one-bedroom apartments and one studio. The buyer plans to fully upgrade the units to luxury rentals. The capitalization rate at the time of sale was 3.62%.

With over 1,700 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 over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company 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.