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Medford Apartments Trade at 5.39% Cap Rate
Marcus & Millichap completed the sale of 218-220 Middlesex Ave., a 12-unit multifamily property in Medford, MA, for $3.5 million. SVPs Evan Griffith and Tony Pepdjonovic in Marcus & Millichap’s Boston office marketed 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 Pepdjonovic.
Griffith added, “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.”
218-220 Middlesex Ave. is located directly on the public bus line and within walking distance of Wellington MBTA Station. The capitalization rate at the time of sale was 5.39%.
- ◦Sale/Acquisition
