News: Front Section
Posted: August 18, 2023
Griffith, Pepdjonovic and Sanborn of Marcus & Millichap facilitate $2.3 million sale of 15-unit apartment property
Stoneham, MA Marcus & Millichap finalized the sale of a 15-unit multifamily property located at 3 Warren St. The 7,084 s/f asset sold for $2.3 million or $153,333 per unit.
“The property was delivered 50% vacant and the buyer plans to implement an extensive renovation program to offer a higher end rental product.” said Tony Pepdjonovic, senior vice president investments.
“This was a unique value-add multifamily opportunity that essentially presented a blank canvas in a highly sought-after downtown Stoneham location,” said Evan Griffith, senior vice president investments.
Griffith, Pepdjonovic, and Will Sanborn, of Marcus & Millichap’s Griffith Pepdjonovic Group had the exclusive listing to market the property on behalf of the seller, 3 Warren Street Realty Trust. A Massachusetts-based limited liability company purchased the property.
The apartments are located at 3 Warren St. and are a16-minute train ride to North Station offering residents access to downtown Boston and nearby metros. Built in 1912 on a 0.21-acre site, the three-story apartment property consists of 7 studio units, and 8 one-bedroom/one-bath units.
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