Marcus & Millichap Team Arranges Trade of 24-Unit Multifamily in SomervilleOctober 01, 2018 - By The Real Reporter
SOMERVILLE–Marcus & Millichap completed the sale of 162 Summer Street, a 24-unit apartment property centrally located between Union and Porter Square and just a half mile from Harvard University. The asset sold for $8,500,000, at a 3.67% cap rate.
Laurie Ann (L.A.) Drinkwater, Seth J. Richard, Jennifer Athas and Matthew Pierce, investment specialists in Marcus & Millichap’s Boston and Manhattan offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also procured by Drinkwater, Richard, Athas and Pierce. “We are pleased to have facilitated the sale of 162 Summer Street on behalf of our client who had owned in the community since 1980,” extolled Drinkwater. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a going-forward basis through execution of their value-add strategy,” she added.
Built in 1955, the four-story brick building is comprised of 24 units with a total of 20944 square feet on a .29-acre lot. The large units are fitted with modern kitchens, ample closet space and open layouts. The oversized lot allows for off-street parking for each tenant and on-site coin-op laundry is available. The property has access to all of Boston via the bus routes offered by the MBTA. In addition, the Porter Square Red Line T stop is located less than a mile from the property