M
arcus & Millichap has brokered the sale of a 12-unit multifamily property in Medford, Massachusetts for $3.5 million. Evan Griffith and Tony Pepdjonovic, senior vice presidents in Marcus & Millichap's Boston office, had the exclusive listing and procured the buyer.
The property at 218-220 Middlesex Avenue offers easy access to popular amenities like Assembly Square and downtown Boston, making it a desirable choice for renters. The building has been well-maintained by its previous owner over two decades, providing an opportunity to increase rental income through more aggressive leasing strategies.
Located on the public bus line and within walking distance of Wellington MBTA Station, the property features 10 one-bedroom units, 2 two-bedroom units, modern finishes, off-street parking, and on-site laundry. The sale was completed at a capitalization rate of 5.39%.
