Abington, MA Marcus & Millichap has completed the $3.1 million sale of two apartment buildings. The first is 387 Adams St., a twelve-unit building, sold for $1.85 million and the second is 120 North Ave., a ten-unit building sold for $1.25 million.
Evan Griffith, first vice president investments, and Tony Pepdjonovic, senior associate, in Marcus & Millichap’s Boston office, had exclusive listings to market the properties on behalf of the sellers and secured the buyers for both transactions.
387 Adams St. is comprised of 11 two-bedroom/one-bathroom units and a one-bedroom/one-bathroom apartment. The property had undergone upgrades over the past few years including renovated kitchens and bathrooms, new vinyl siding, wooden decks, and replacement windows. The property also features off-street parking, coin-operated laundry, and a common backyard area for tenant use.
“The offering presented a stable, turn-key investment opportunity with little to no deferred maintenance” said Pepdjonovic. “The condition of the property paired with the strong in-place rental income allowed us to achieve full list price for the asset in a highly competitive bidding process” he added. The capitalization rate at the time of sale was 6.6%.
Just a quarter of a mile down the road is 120 North Ave., a ten unit apartment building comprised entirely of one-bedroom/one-bathroom apartments. The property features updated apartments, a new roof and gas heating system, and off-street parking. Furthermore, the property is located less than two miles from the Abington MBTA Commuter Rail Station. The capitalization rate at the time of sale was 7.2%.
“We have built tremendous momentum throughout the towns south of Boston with an additional 120 units currently available or under contract. The strong overall fundamentals these locations offer continue to be appealing to a broad range of investor groups” said Griffith.
With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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.