New Century Gardens, LLC has sold the 179-unit Cambridge Apartments complex to Kimberly Karkos of 2225 Main Street, LLC for a reported $8,525,000 or $47,626 per unit. The 83,205 square foot building located at 2209 Main Street sold at a rate of $102.50 per square foot with a cap rate of 7.09%. The transaction took place on August 31, 2016 after being listed on the market for approximately 317 days at an initial $9,500,000 asking price.
The sale includes a 3-story, 177-unit apartment building and an adjacent 2-unit building. The low-rise apartments were built in 1932 and consist of studio and 1-bedroom units, giving the property a projected annual gross income of more than $1.3M. In terms of amenities, the complex boasts assigned private parking and on-site laundry services. The tenants have great accessibility to Route 8 and the Boston Post Road, as well as being located within walking distance of many small retail and restaurant options north along Main Street.