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Pine Realty Associates Sells 24-Unit Multifamily Property In Brookline For $10 Million

Property Image
SOLD
$10,000,000
Robert Damigella
Matthew Pierce

Massachusetts

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MultiFamily
Sold 01/21/2025
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Property Image
SOLD

Pine Realty Associates Sells 24-Unit Multifamily Property In Brookline For $10 Million

48 50 Harvard Avenue

See Similar Deals
MultiFamily
Sold 01/21/2025
Robert Damigella
Matthew Pierce
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involved the sale of a multifamily property located at 48-50 Harvard Avenue in Brookline, MA. The sale price for the 24-unit asset was $10,000,000, resulting in a price per unit of $416,667. This property was sold at just over a 3% cap rate.

Summary of transaction details:

Marcus & Millichap facilitated the sale of the Harvard Avenue Apartments, while Marcus & Millichap Capital Corporation arranged $3.25M in acquisition financing, which featured a 6.2% interest rate and 25-year amortization.

Players

Matthew Pierce
Marcus & Millichap
Matthew Pierce
12 deals$54.6M volume(617) 896-7214
BROKER
Robert Damigella
Marcus & Millichap
Robert Damigella
13 deals$103.3M volume
BROKER

Details

SOLD
IMAGE: Matthew Pierce & Robert Damigella DATE: 01/21/2025 ADDRESS: 48-50 Harvard Avenue MARKET: Brookline, MA ASSET TYPE: MultiFamily SELLER: Pine Realty Associates BROKER: Matthew Pierce - Marcus & Millichap (@MarcusMillichapInc) MORTGAGE BROKER: Robert Damigella (@RobertDamigella) - MMCC SALE PRICE: $10,000,000 UNITS: 24 ~ PPU: $416,667 NOTE: Marcus & Millichap brokered the $10M sale of Harvard Avenue Apartments, a 24-unit multifamily property in Brookline, MA, at just over a 3% cap rate. Marcus & Millichap Capital Corporation arranged $3.25M in acquisition financing, featuring a 6.2% interest rate and 25-year amortization

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$533,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22