Grove Property Group closes on sale of 397-399 West 4th St. for $4.25 million

South Boston, MA Grove Property Group (GPG) has closed on 397-399 West 4^th St., a four-unit brick multifamily building that sold for $4.25 million – translating to $1,062,500 per unit, a figure that ranks among the highest ever recorded for a multifamily asset in the neighborhood, particularly for a property without dedicated parking.

The result is notable precisely because of the building’s size: four units. Achieving over $1 million per unit on a small asset reflects both the quality of the property and the strength of buyer demand in city’s multifamily market.

The building underwent a full renovation in 2022, and since then has been managed by GPG, maintaining full occupancy with consistent rent growth. The 18-bedroom property currently generates $25,000 in monthly rental income. Units feature modern kitchens, designer bathrooms, central HVAC, and in-unit laundry, with a private turf backyard – a rare amenity in the neighborhood. The location, just one block from the restaurants and shops along Broadway, adds to its appeal.

The buyer acquired the property as part of a 1031 exchange and financed just 25% of the purchase – a conservative leverage position that signals strong conviction in the asset’s value.

“While it wasn’t our biggest sale in terms of total volume, the price per unit achieved here is exceptional and something our team is incredibly proud of,” said John Federico of GPG. “It checks off another box for us as a leading company in the area, proving that our approach to high-quality assets continues to yield record-breaking results.”

GPG is actively working on additional deals across South Boston and is currently under contract on several transactions outside of Boston, expanding their presence across the state. The firm is also offering free property valuations for owners looking to understand their current market position.