Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 15-unit multifamily property located in Stoneham, Massachusetts. The 7,084-square-foot asset sold for $2.3 million or $153,333 per unit.
“The property was delivered 50 percent vacant and the buyer plans to implement an extensive renovation program to offer a higher end rental product.” said Tony Pepdjonovic, senior vice president investments. “This was a unique value-add multifamily opportunity that essentially presented a blank canvas in a highly sought-after downtown Stoneham location,” added Evan Griffith, senior vice president investments.
Griffith, Pepdjonovic, and Will Sanborn, of Marcus & Millichap’s Griffith Pepdjonovic Group had the exclusive listing to market the property on behalf of the seller, 3 Warren Street Realty Trust. A Massachusetts-based limited liability company purchased the property.
The apartments are located at 3 Warren St. and are just a 16-minute train ride to North Station offering residents convenient access to downtown Boston and nearby metros. Built in 1912 on a 0.21-acre site, the three-story apartment property consists of seven studio units, and eight one-bedroom/one-bath units.
