Brockton, MA Marcus & Millichap completed the sale of 60 Parker St., a 20-unit apartment property, according to Tim Thompson, regional manager of the firm’s Boston office. The asset sold for $1.39 million.
Tony Pepdjonovic, a senior associate in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also procured by Pepdjonovic.
60 Parker St., built in 1970, is comprised entirely of two-bedroom/one-bathroom apartments. The property provides ample off-street parking. “All of the apartments are de-leaded and have private entrances, resulting in no common area maintenance for the incoming investor. The household heat and electricity are separated and paid for by the tenants” said Pepdjonovic.
The Cap Rate at the time of the sale was 10.78%.
Marcus & Millichap also completed the sale of 118 Buttonwood St., a four-unit apartment property located in Dorchester, Mass., according to Thompson. The asset sold for $1.125 million.
Pepdjonovic had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also procured by Pepdjonovic.
“118 Buttonwood St. is located in the Polish Triangle area of Savin Hill, Dorchester’s most coveted neighborhood. The versatile offering bodes well for a long-term investment property or a condo-conversion play” said Pepdjonovic. The property features off-street parking, a detached garage, and coin-operated laundry for the tenants.
With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company 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.
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