South Boston, MA Marcus & Millichap completed the sales of 323 W Fourth St. and 560 E Broadway. The assets sold for an aggregate value of $4.365 million.

Evan Griffith, first vice president investments, and Tony Pepdjonovic, vice president investments in Marcus & Millichap’s Boston office, had the exclusive listings to market the properties on behalf of both sellers. 

 

 

323 W Fourth St. is a ground-up new construction apartment building comprised of three four-bedroom/ two bathroom units and four garage parking spaces with a monthly income of $17,200. The duo was able to set a new South Boston record of $950,000 per unit with the final sale price of $2.85 million. “We were thrilled about the listing from the onset and we knew the expert craftsmanship paired with the in-place income would result in record pricing for the neighborhood” said Pepdjonovic.

560 E Broadway is a brick row house building comprised of four one-bedroom apartments. The building featured two deeded parking spaces, private balconies, and views of downtown. The asset is a versatile offering that bodes well as a long term rental property or a condominium conversion play. “The building created a frenzy of activity resulting in seven offers on the first day of marketing. The bidding war allowed us to achieve over-asking price with a non-contingent deal” said Griffith. The asset sold for $1.515 million which equates to $725 per s/f for an un-renovated building.