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A Compendium of Property & Capital News
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Apr 23
A Compendium of Property & Capital News

Marcus & Millichap Multifamily Duo Trade Two Southie Assets for $4,365,000; Set Record

January 16, 2019
323 W Fourth Street and 560 E Broadway, South Boston

SOUTHBOSTON–Marcus & Millichap’s Multifamily team recently arranged the sales of 323 W Fourth Street and 560 E Broadway in South Boston. The assets sold for an aggregate value of $4,365,000.

Evan Griffith, first vice president investments, and Tony Pepdjonovic, vice president investments in Marcus & Millichap’s Boston office, had the exclusive listings to market the properties on behalf of both sellers. 323 W Fourth Street is a ground-up new construction apartment building comprised of (3) four-bedroom/ two bathroom units and four garage parking spaces with a monthly income of $17,200.

The duo was able to set a new South Boston record of $950,000 per unit with the final sale price of $2,850,000. “We were thrilled about the listing from the onset and we knew the expert craftsmanship paired with the in-place income would result in record pricing for the neighborhood,” stated Pepdjonovic.

560 E Broadway is a brick row house building comprised of (4) one-bedroom apartments located right in the heart of South Boston. The building featured two deeded parking spaces, private balconies, and spectacular views of Downtown Boston. The asset is a versatile offering that bodes well as a long term rental property or a condominium conversion play. “The building created a frenzy of activity resulting in 7 offers on the first day of marketing. The bidding war allowed us to achieve over-asking price with a non-contingent deal” stated Griffith. The asset sold for $1,515,000 which equates to a robust $725 per square foot for an un-renovated building.

Tony Pepdjonovic Evan Griffith