Marcus & Millichap facilitates $6.55 million multifamily sale

Cambridge, MA Marcus & Millichap has completed the sale of 23-25 Hammond St., a 10-unit multifamily property. The asset sold for $6.55 million.

“This property represents a rare opportunity, coming to market for the first time in over a century; the epitome of a true trophy asset with ten large units and significant value-add potential,” said Evan Griffith, senior managing director. 

“Located directly across from Harvard University in the highly sought-after Agassiz neighborhood, this property benefits from exceptional access to amenities and transit, which drives strong rental demand from students and faculty,” said Tony Pepdjonovic, senior managing director.

Griffith and Pepdjonovic of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the private buyer.

Located in the city’s Agassiz neighborhood, the property is within walking distance of Harvard Sq. and the MBTA Red Line station. Built in 1925, the building spans more than 13,000 s/f and includes five off-street parking spaces. The unit mix includes one-, two- and five-bedroom apartments, with demand supported by its proximity to a major academic institution as well as surrounding retail, dining and transit.