Charlesgate Multifamily brokers $5.85 million sale of 55-unit apartment building

The 55-unit apartment building located at 5-15 Hancock St. was underperforming for the previous seller with below market rental rates. By examining the financials and analyzing current market conditions, Joe DiGangi and Bobby Quinn of Charlesgate Multifamily were able to deduce that an 8% increase in monthly rents to some units and some upgrades to the exterior and common areas would result in a 7% overall increase in gross rent. Additionally, they assumed that the building’s current vacancy rate of 10% could be reduced by 60%.