Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Johns Avenue Apartments, a 34-unit apartment building in Holbrook, Massachusetts, for $7 million.
“There is a significant lack of multifamily inventory south of Boston, particularly in the 12- to 75-unit space, which continues to fuel investor demand as these properties hit the open market,” said Pepdjonovic, senior managing director. “This was another very competitive marketing process, which resulted in seven offers for the selling family, who had owned the property since 1988.”
“This was a prime value-add example, as the average rent was $1,205, and the buyer is already underway with major renovations to both the apartments and the property grounds,” added Griffith, senior managing director.
3 Johns Avenue in Holbrook is located directly on the Braintree line and totals 26,164 square feet on a 0.98-acre lot. Built in 1965, the property features a unit mix of four studios and 30 one-bedroom apartments, along with 52 off-street parking spaces. Situated within walking distance of local amenities, it is a five-minute drive to the Holbrook/Randolph MBTA Station and 15 miles south of downtown Boston, providing tenants with convenient access to both suburban and urban employment centers.
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.
