Griffith Pepdjonovic of Marcus & Millichap Continue Selling Somerville with 2-Building $4.8M TradeMay 31, 2022
SOMERVILLE — In a two-building package sale of 39-41 Gilman Street and 24 Belknap Street in Somerville, MA, the Boston office multifamily team of Marcus & Millichap continued riding the white-hot neighborhood with the recent closing of a $4,800,000 sale - according to Thomas Shihadeh, regional manager of the firm’s Boston office.
Tony Pepdjonovic, first vice president of investments, Evan Griffith, first vice president of investments, and Brendan Forauer, associate, of the Griffith Pepdjonovic Group at Marcus & Millichap, had the exclusive listings to market the properties on behalf of the sellers and procured the buyer. The two assets sold for a combined sale price of $4,800,000 or $685,714 per unit.
“Gilman and Belknap were both fully renovated within the last 5 years and had a monthly rent roll of over $27,000. We have seen more interest than ever for the turn-key buildings with strong rent rolls as cost and time for renovations continue to challenge the value-add investors,” stated Pepdjonovic.
39-41 Gilman Street is comprised of (2) four-bedroom units and (2) five-bedroom units and features central air-conditioning and off-street parking for up to six vehicles. The property is located within a short walk of the new Gilman Square Station on the Green Line Extension. 24 Belknap Street is a three-unit property comprised entirely of four-bedroom layouts. The property offers tandem driveway parking and is located less than a mile to Tufts University.
“Our team continues to be very busy in Somerville as we have three other multifamily deals under contract and over $11M in new inventory coming to the market within the city,” added Griffith.