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Attractive 11-Unit North End Row-Style Multifamily Receives $8.6M Via H&T Orchestrated Trade

December 02, 2022
20 Sheafe Street, Boston MA

BOSTON — Nestled within the historical urban enclave just steps from renowned Italian restaurants and pastry shops, a five-story 11-unit multifamily investment has traded for a whopping $8.6 million. The notable brokerage team of Dennis Kelleher and John Pentore of Horvath & Tremblay successfully completed the assignment of 20 Sheafe Street in Boston’s desirable North End. The 11-unit, brick-row style building sold for $781,818 per unit - at a 4.7% cap rate.

Centrally located in the heart of Boston’s North End and 0.4 miles to Boston’s North Station, 20 Sheafe Street is an “outstanding core asset in an incredible urban-infill location in one of the strongest real estate markets in the Country,” noted EVP, Kelleher.

The Property consists of a turn-key, five-story, brick building with eleven (11) units comprised of one (1) 4-Bedroom/1.5 Bathroom unit, five (5) 3-Bedroom/2-Bathroom units and five (5) 3-Bedroom/1-Bathroom units with 10,478 square feet of living area in 13,309 square feet of total area on a 0.05-acre parcel. “The pricing and cap rate we were able to achieve for this transaction is a testament to the incredible rebound of the rental market in the North End as well as the owners’ hands-on ownership of the asset - keeping it impeccably maintained and getting fantastic in-place rents,” confirmed EVP Pentore.

The asset had been held under EP Sheafe LLC and managed by investment veteran Lisa Campoli. 100 Old Domain Drive DD LLC, managed by Danielle deBenedicts has taken over stewardship of the attractive London Yellow Stock brick facade; a transaction that Pentore credits both parties’ professionalism for producing a “seamless transaction.”

20 Sheafe is fully occupied and was comprehensively renovated in 2017 featuring a new roof and new windows as well as a new electrical and gas service. Unit features consist of condo-quality finishes including granite countertops, hardwood floors, stainless steel appliances, in-unit laundry and dishwashers as well as forced hot air heat and central air conditioning.

20 Sheafe Street is centrally located just 230 feet off Salem Street, an area offering countless amenities with endless dining, retail, and nightlife options. The North Station, Haymarket T-Station, State Street T-Station, and Aquarium T-Station are all less than 0.6 miles from the Property. The location offers convenient access to Boston’s Best Areas including the Seaport District, Downtown Boston, Back Bay, Fenway-Kenmore, and South Boston.

John Pentore Dennis Kelleher