Marcus & Millichap Duo Continues Momentum In Active South ShoreJune 20, 2018 - By The Real Reporter
ABINGTON–Marcus & Millichap completed the sales of two apartment buildings at 387 Adams Street, a twelve-unit which sold for $1,850,000 - and 120 North Avenue, a ten unit rental, netting $1,250,000. Evan Griffith, first vice president investments, and Tony Pepdjonovic, senior associate, from Marcus & Millichap’s Boston office, had the exclusive listings to bring the properties to market on behalf of the sellers and secured the buyers for both transactions.
The 387 Adams Street building is comprised of (11) two-bedroom / one-bathroom units and a one-bedroom / one-bathroom apartment. The property had undergone extensive upgrades over the past few years including renovated kitchens and bathrooms, new vinyl siding, wooden decks, and replacement windows. It also features ample off-street parking, coin-operated laundry, and a common backyard area for tenant use; features which made the investment offering appealing, according to Pepdjonovic.
“The offering presented a stable, turn-key investment opportunity with little to no deferred maintenance ... the condition of the property paired with the strong in-place rental income allowed us to achieve full list price for the asset in a highly competitive bidding process,” conferred Pepdjononovic. The capitalization rate at the time of sale was 6.6%. Just a quarter of a mile down the road lies 120 North Avenue, a ten unit apartment building comprised entirely of one-bedroom/one-bathroom apartments. The building features updated apartments, a new roof and gas heating system, and plenty of off-street parking. Furthermore, it is located less than two miles from the Abington MBTA Commuter Rail Station which is a quick 25-minute train ride to Downtown Boston. The capitalization rate at the time of sale was 7.2%.
The duo has secured several deals as they continue working their way down the South Shore at a rapid pace from the beginning of the year. “We have built tremendous momentum throughout the towns South of Boston with an additional 120 units currently available or under contract. The strong overall fundamentals these locations offer continue to be appealing to a broad range of investor groups,” stated Griffith.120 North Ave., Abington MA Tony Pepdjonovic Evan Griffith