Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 218-220 Middlesex Avenue, a 12-unit multifamily property in Medford, Massachusetts, for $3.5 million.
“This property offers unparalleled access to premier area amenities, including Assembly Square, Station Landing, Encore Casino, and its proximity to downtown Boston, making it an attractive choice for renters seeking convenience and easy access to the city, said Tony Pepdjonovic, senior vice president investments. “In addition to its attractive location, the building and grounds were very well taken care of by the seller for the past two decades, providing an opportunity to raise the rental income approximately 20% through a more aggressive leasing strategy,” said Evan Griffith, senior vice president.
218-220 Middlesex Avenue is located directly on the public bus line and within walking distance (0.6 miles) to Wellington MBTA Station. The Middlesex Avenue property is comprised of 10 one-bedroom, one-bath units and 2 two-bedroom, one-bath units. Recently renovated with modern finishes, the property features four off-street parking spaces and on-site laundry. The capitalization rate at the time of sale was 5.39%.
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.
