Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 699-709 Moody St., a 14-unit mixed-use property
“The two cell tower leases with Verizon and T-Mobile presented a unique opportunity for the buyer providing secure long-term leases with options and rent increases,” said Evan Griffith, senior vice president investments.
Griffith, Tony Pepdjonovic, senior vice president investments, and Jeremy Buckley, associate, had the exclusive listing to market the property on behalf of the seller, and procured the buyer.
Constructed in 1900, the 11,892-square-foot three-story building features one-bedroom/one-bath units, studio units, and four retail tenants.
“Apartment properties in the suburbs of Boston continue to perform incredibly well. This property specifically is an ideal renter’s location on Waltham’s Moody Street, providing tenants with a plethora of dining, shopping, and transportation options,” said Buckley. “The property presents a true value-add opportunity with significant deferred maintenance and oversized apartments that can be reconfigured to add a host of new bedrooms.”
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
