BOSTON– Marcus & Millichap (NYSE: MMI) announced the sale of a 7-unit multifamily property at 200-206 Franklin St. in Cambridge, Massachusetts, for $2,750,000.
“Located just a three-minute walk from Central Station on the Red Line, this transit-oriented property offers an ideal investment in a vibrant and highly sought-after area near MIT and Harvard, with convenient access to Boston,” said Tony Pepdjonovic, senior vice president investments. “With strong rental demand driven by college students and young professionals, this property presents a significant value-add opportunity, offering the potential for increased returns in one of Cambridge’s most desirable areas,” added Evan Griffith, senior vice president investments.
Griffith and Pepdjonovic exclusively marketed the property on behalf of the seller and procured the buyer.
Built in 1915, this three-story multifamily property includes a mix of one and two-bedroom units. The area is home to world-class institutions and major employers, including MIT, Harvard, Google, and Amazon, as well as a vibrant mix of restaurants, shops, and landmarks. The capitalization rate at the time of sale was 4.29%.
