Newton, MA– Real estate investment services firm Northeast Private Client Group announced the sale of Sutton Street Apartments located at 90 Sutton Street in North Andover, Massachusetts.
Senior associates Francis Saenz and Drew Kirkland represented the seller and procured the buyer in the $4,950,000 transaction.
Sutton Street Apartments is a three-story, 34-unit brick building constructed in the early 1980s that sits on a 1.06-acre lot in North Andover. The building consists of four retail suites and 30 residential studio units and has ample off-street parking, on-site laundry, and is located less than a mile from Interstate 495 & Lawrence Commuter Rail (Haverhill Line). A value-add investment, the new owner could see increased value by renovating the remaining units and bringing the rents up to market level.
“Through our relationships in the market and due to the rarity of a building of this size in this location along with the tremendous value-add component, we were able to negotiate a contract off-market, north of our asking price for our client.” -Francis Saenz, Senior Associate.
The property closed at a price that equates to $145,588 per unit at a capitalization rate of 4.70% on the current net operating income.
Francis Saenz and Drew Kirkland have risen through the ranks and now serve as Senior Associates of Northeast Private Client Group and co-lead the North Boston investment sales team in the firm’s Newton, MA office.
Together, Francis and Drew have closed an average of over $20 Million in sales annually and greater than $200 Million in total. While specializing in apartment buildings, Francis has helped numerous clients strategize with retail, office & mixed-use buildings throughout Greater Boston. Drew specializes in multi-family portfolios, offices, shopping centers, and retail/mixed-use properties throughout Connecticut and Massachusetts.