Marcus & Millichap recently closed the sale of a 12-unit multifamily property located at 218-220 Middlesex Ave. in Medford, MA for $3.5 million. The transaction was facilitated by SVPs Evan Griffith and Tony Pepdjonovic from Marcus & Millichap’s Boston office, who represented the seller and found a buyer for the property.
According to Pepdjonovic, this property offers exceptional access to top-notch amenities such as Assembly Square, Station Landing, Encore Casino and downtown Boston. This makes it an attractive option for renters looking for convenience and easy access to the city.
Griffith also noted that aside from its prime location, the building has been well-maintained by its previous owner over two decades which presents an opportunity to increase rental income by approximately 20% through a more aggressive leasing strategy.
The multifamily property is conveniently situated on a public bus line with Wellington MBTA Station within walking distance. At the time of sale,the capitalization rate was recorded at 5.39%.
