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Marcus & Millichap has completed the $4.8-million sale of two multifamily real estate buildings in Somerville, MA.

Somerville Multifamily Package with $27K Monthly Rents Sells for $5M

Marcus & Millichap has completed the $4.8-million ($685,714 per unit) package sale of multifamily buildings at 39-41 Gilman Street and 24 Belknap Street in Somerville, MA.

Tony Pepdjonovic, Evan Griffith and Brendan Forauer of the Griffith Pepdjonovic Group at Marcus & Millichap represented the sellers and procured the buyer.

“Gilman and Belknap were both fully renovated within the last five years and had a monthly rent roll of over $27,000,” said Pepdjonovic. “We have seen more interest than ever for the turn-key buildings with strong rent rolls as cost and time for renovations continue to challenge the value-add investors.”

39-41 Gilman Street has two four-bedroom and two five-bedroom units. The property is a short walk of the new Gilman Square Station on the Green Line Extension. 24 Belknap Street is a three-unit property comprised entirely of four-bedroom layouts. The property is less than a mile to Tufts University.


Inside The Story

Marcus & Millichap's Pepdjonovic

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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