Marcus & Millichap Inc.

04/02/2024 | Press release | Distributed by Public on 04/03/2024 16:16

Marcus & Millichap Brokers 7-Unit Sale of Beacon Hill Property

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Marcus & Millichap Brokers 7-Unit Sale of Beacon Hill Property

April 02, 2024
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BOSTON, April 2, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a seven-unit mixed-use property in Boston, Massachusetts for $2,475,000.

"Sitting just steps away from the State House, this turnkey generational asset consists of six fully renovated apartments with a long-term retail tenant. Despite rising interest rates, investors are still very actively looking to acquire truly unique urban core properties," said Evan Griffith, senior vice president investments.

Griffith and Tony Pepdjonovic of Marcus & Millichap's Griffith Pepdjonovic Group had the exclusive listing to market the property on behalf of the Seller and procured the Buyer.

"Located in the heart of Beacon Hill, this property is a walker's paradise with all that Boston has to offer with close proximity to Suffolk University, City Hall Plaza, Government Center and MGH," said Tony Pepdjonovic, senior vice president investments.

Built in 1899, the multifamily property is located at 12 Derne St., in the Beacon Hill neighborhood of Boston. The newly renovated three-story property comprises seven total units: six studio apartments and one commercial unit, currently a laundromat. The property is centrally located, with many points of interest including Boston Common, Downtown Crossing, and TD Garden all within a ten-minute walk.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.