Marcus & Millichap closed the sale of 23-25 Hammond St., a 10-unit multifamily property in Cambridge, MA. The asset sold for $6,550,000 in its first time on the market in more than a century.
Senior managing directors Evan Griffith and Tony Pepdjonovic of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the private buyer. “Located directly across from Harvard University in the highly sought-after Agassiz neighborhood, this property benefits from exceptional access to amenities and transit, which drives strong rental demand from students and faculty,” said Pepdjonovic. Griffith cited the “significant value-add potential,” of the property.
Built in 1925, the building spans more than 13,000 square feet and includes five off-street parking spaces. The unit mix includes one-, two- and five-bedroom apartments, with demand supported by its proximity to a major academic institution as well as surrounding retail, dining and transit.
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