Two Dorchester Multis Swap Hands for $3.9 Million via Marcus & Millichap TeamMarch 05, 2019
DORCHESTER –Marcus & Millichap’s Multifamily team recently completed the trade of 12 Lyndhurst Street and 26 Thane Street in Dorchester. 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 and procured the buyers on both transactions.
12 Lyndhurst Street is a twelve-unit brick multifamily property located in the St. Mark’s Neighborhood of Dorchester just one block from the MBTA Shawmut Red Line Station. The property consists of (6) one-bedroom units and (6) two-bedroom units. The asset sold for $2,400,000 which equates to a robust $322 per-square-foot - and a capitalization rate of 6.26%. “Dorchester is a dynamic market with a lot to offer and I am extremely bullish on the neighborhood’s long-term appreciation potential. It is no surprise to me that we are seeing multiple bids on all the inventory we have listed,” stated Pepdjonovic.
26 Thane Street is a six-unit brick apartment building located in the Codman Square neighborhood of Dorchester. The property is comprised entirely of four-bedroom/one-bathroom units that had been fully remodeled over the past 7 years. The building fetched $1,500,000, and the capitalization rate at the time of sale was 6.71%. Griffith said the $250,000 per-unit marked a new record for the area. “We have become the most active sales team in Dorchester. With another 3 buildings under agreement, our market share continues to grow at a rapid pace,” added Griffith.26 Thane Street, Dorchester MA Tony Pepdjonovic Evan Griffith