Marcus & Millichap : Brokers 17-Unit Multifamily Property in Lowell Massachusetts

BOSTON, Mar. 19, 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 887 Varnum Ave, a 17-unit multifamily property in Lowell, Massachusetts. The asset sold for $3,150,000.

"The property was very well received by the investor market mainly due to its location in one of the most coveted neighborhoods of Lowell right on the border of North Chelmsford and adjacent to the new Market Basket and Marshall's on the Boulevard," said Tony Pepdjonovic, senior vice president investments. Pepdjonovic, Evan Griffith, and Will Sanborn of Marcus & Millichap's Griffith Pepdjonovic Group had the exclusive listing to market the property on behalf of the seller and procured the buyer.

"This property presents an enticing value-add opportunity as most of the apartments are dated and rented well below market levels, added Griffith, senior vice president investments.

887 Varnum Ave comprises 5 studios and 12 two-bed/one-bath units featuring 25 parking spaces and on-site laundry. The property is conveniently located near UMass Lowell, Lowell General Hospital, and is twelve minutes from Lowell Station.

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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.