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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.
- ◦Sale/Acquisition
