MANSFIELD, Mass. – Marcus & Millichap announced the sale of a 25-unit multifamily property at 1 Samoset Avenue in Mansfield, Massachusetts, for $4,750,000.
“The demand for suburban multifamily remains incredibly strong. This trend was on full display as we received six qualified offers and ultimately closed the property for $50,000 over the asking price. The asset presented a nice blend of steady rental income and value creation opportunity through higher-end unit remodels,” said Tony Pepdjonovic, senior vice president investments.
“Located in the heart of downtown Mansfield, just a short walk from Mansfield Station, this multifamily investment property combines a prime location with strong rental demand from commuters working in Boston or Providence,” added Evan Griffith, senior vice president investments.
Griffith and Pepdjonovic exclusively marketed the property on behalf of the seller and procured the buyer, both local limited liability companies.
1 Samoset Ave., also known as “The Grain Mill,” has a rich history in Mansfield and was an active mill throughout the early 20th century. The building was converted into apartments in 1981. The property comprises 24 loft-style one-bedroom apartments and a two-bedroom penthouse unit that overlooks the downtown area. It is located just 0.3 miles from the Mansfield MBTA station and in close proximity to Interstate 95 and Interstate 495, as well as shopping, dining, and entertainment venues, including Patriot Place, Gillette Stadium, and the Xfinity Center.
