Salem, MA Dennis Kelleher, John Pentore and Stephen Girolamo of Horvath & Tremblay have arranged the sale of 10 Summer St. and 12-14 Summer St. The two buildings sold for $3.74 million, a cap rate of 5.28% and a price per unit of $133,571.
The two apartment buildings contain a total of 28 units, consisting of 6 one-bedroom units and 22 studio units with off-street parking available for the tenants. Located in downtown, the location offers convenient access to multiple shopping, cultural, dining and entertainment options. Salem State University is located within 1½ miles of the property.
The transit-oriented location offers walkable access to several bus lines that provide express service to Downtown Boston and the MBTA’s Wonderland Station. Commuter rail service is also available from the Salem or Swampscott Commuter Rail Stations, both located less than ten minutes from the property.