BOSTON– Marcus & Millichap announced the sale of 218-220 Middlesex Avenue, a 12-unit multifamily property in Medford, Massachusetts, for $3.5 million.
Evan Griffith and Tony Pepdjonovic, senior vice presidents in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“This property offers unparalleled access to premier area amenities, including Assembly Square, Station Landing, Encore Casino, and its proximity to downtown Boston, making it an attractive choice for renters seeking convenience and easy access to the city, said Tony Pepdjonovic, senior vice president investments. “In addition to its attractive location, the building and grounds were very well taken care of by the seller for the past two decades, providing an opportunity to raise the rental income approximately 20% through a more aggressive leasing strategy,” said Evan Griffith, senior vice president.
218-220 Middlesex Avenue is located directly on the public bus line and within walking distance (0.6 miles) to Wellington MBTA Station. The property is comprised of 10 one-bedroom, one-bath units and 2 two-bedroom, one-bath units. Recently renovated with modern finishes, the property features four off-street parking spaces and on-site laundry. The capitalization rate at the time of sale was 5.39%.
