12 Unit Townhouse-Style Waltham Asset Sells for $2.65M Via Marcus & MillichapMarch 14, 2018 - By The Real Reporter
WALTHAM– Marcus & Millichap recently announced the sale of 2-24 Lawton Place, a 12 unit townhouse-style investment property located in Waltham, MA. The asset sold for $2,650,000.
Evan D. Griffith, a first vice president investments, Tony Pepdjonovic, a senior associate and Jeremy Buckley, an associate in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a Limited Liability Company. The buyer, a private investor, was also procured by Griffith, Pepdjonovic, and Buckley.
“The property is located just a quarter mile from the Waltham Commuter Rail Station and less than a half of a mile to Downtown Waltham that has undergone a major revitalization. Investors clearly saw an opportunity to reposition an underutilized asset into luxury transit-oriented apartments,” said Buckley. “The configuration of the property provides the buyer with long-term flexibility with the option of converting the units to condominiums.”
2-24 Lawton Place in Waltham, MA is comprised of 12 apartments, 11 of which are three bedrooms, one bathroom, and the remaining unit is a four bedroom, two bathroom apartment. All of the units feature two floors of living area, separate entrances, partially finished basements, and private backyards with parking for a minimum of two vehicles. The apartments are separately metered for heat, electricity, as well as water limiting the operating expenses for the buyer.
“We conducted over three dozen tours at the property. The price per unit we were able to achieve for the existing gross income and property condition is a testament to the strength of the Waltham market.” Added Pepdjonovic. The asset sold at a capitalization rate of 4.40%.