News: Front Section
Posted: April 6, 2018
Creahan of United Multi Family handles $2.85 million sale of a 9-unit apartment building
Somerville, MA United Multi Family brokered the sale of a 9-unit apartment building located at 255 Medford St. for $2.85 million ($316,667 per unit). The property is comprised of 3 two-bedroom and 6 one-bedroom apartments totaling 6,370 s/f in a three-story brick garden style building built in 1970.
Jack Creahan of UMF represented the seller and procured the buyer in an off market transaction. The property was sold by the Wang Family Trust to 255 Medford Street Realty Trust.
Financing provided by East Boston Savings Bank. The CAP rate at the time of sale was 3.67% with the property having a gross annual income of $146,700.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Quick Hits
.png)
Columns and Thought Leadership
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
