A portfolio of four mixed-use buildings in East Boston recently sold for $4.275 million to an unidentified limited liability company. The properties consist of three-story buildings with one restaurant and 11 apartment units each, constructed in the early 1900s on lots ranging from 0.03 to 0.05 acres. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the seller and facilitated the transaction with the buyer, marking a historic moment as it was first time this property has traded hands in over 100 years.
Pepdjonovic commented that “the four-building portfolio presents a tremendous value-add opportunity in an area experiencing large scale development.” This sale is indicative of East Boston’s potential for growth within its real estate market, providing investors with great opportunities for investment returns through redevelopment projects such as this one which have been successful thus far .
