Marcus & Millichap Arrange Two Roxbury Multifamily Trades For $3.6MOctober 08, 2019
BOSTON– A mixed-use property and a six-unit multifamily in the Roxbury neighborhood recently traded for a total of $3.6M. 338-342 Warren Street and 74-76 Rockland Street in the Roxbury were recently sold by the Boston brokerage team of Marucus & Millichap. The assets each sold for $2,250,000 and $1,350,000, respectively.
Evan Griffith, First Vice President Investments, and Tony Pepdjonovic, Vice President Investments, brokered both assignments. 338-342 Warren Street is an 8 unit mixed-use building with 6 residential apartments over 2 commercial spaces. The residential portion was comprised entirely of three-bedroom, one-bathroom units.
“The apartments featured recently upgraded kitchens, bathrooms, and flooring while the two commercial spaces were well established mom-and-pop businesses operating over 10 years in this location” stated Pepdjonovic. “338 Warren has direct public bus access and lies in a strong commercial retail corridor as Washington Park Mall is located directly across the street,” he added. The capitalization rate at the time of sale was 6.11%
74-76 Rockland Street is a 6-unit multifamily building comprised of a mix of two and three bedroom apartments. The building featured separated utilities, on-site laundry, and an off-street parking lot for 6 vehicles. According to Griffith, “This area near Dudley Square continues to see some of the strongest property appreciation and rent growth of Boston’s inner city.” “The asset bodes well as a long term rental property or a condo-conversion play as the neighborhood continues its transformation” he added. The capitalization rate at the time of sale was 6.09%.74-76 Rockland Street, Boston MA