Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 7-unit multifamily property at 200-206 Franklin Street in Cambridge, Massachusetts, for $2,750,000.
“Located just a three-minute walk from Central Station on the Red Line, this Franklin Street transit-oriented property offers an ideal investment in a vibrant and highly sought-after area near MIT and Harvard, with convenient access to Boston,” said Tony Pepdjonovic, senior vice president investments. “With strong rental demand driven by college students and young professionals, this property presents a significant value-add opportunity, offering the potential for increased returns in one of Cambridge’s most desirable areas,” added Evan Griffith, senior vice president investments.
Built in 1915, this Franklin Street three-story multifamily property includes a mix of one and two-bedroom units. The area is home to world-class institutions and major employers, including MIT, Harvard, Google, and Amazon, as well as a vibrant mix of restaurants, shops, and landmarks. The capitalization rate at the time of sale was 4.29%.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
