You Won’t Believe How a $6.55M Deal Near Harvard Could Change the Cambridge Real Estate Game Forever!

CAMBRIDGE, Mass. — In a notable real estate transaction, Marcus & Millichap has successfully arranged the sale of a 10-unit multifamily property located at 23-25 Hammond Street in Cambridge for $6.55 million. This sale marks a historic moment, as the property has not been on the market for over a century.

The building, situated directly across from Harvard University in the highly coveted Agassiz neighborhood, has garnered significant interest due to its prime location and the potential for value creation. According to Evan Griffith, Senior Managing Director at Marcus & Millichap, “This property represents a rare opportunity, coming to market for the first time in over a century. It is the epitome of a true trophy asset with ten large units and significant value-add potential.”

Griffith, alongside fellow broker Tony Pepdjonovic, exclusively marketed the property on behalf of the seller, ultimately securing a private buyer. Built in 1925, the building encompasses more than 13,000 square feet and features a mix of one-, two-, and five-bedroom apartments, along with five off-street parking spaces.

Its proximity to Harvard Square, coupled with easy access to the MBTA Red Line, makes it an appealing option for tenants—especially students and faculty seeking convenience. Pepdjonovic emphasized this advantage, stating, “Located directly across from Harvard University, this property benefits from exceptional access to amenities and transit, which drives strong rental demand from students and faculty.”

This sale not only highlights the enduring appeal of multifamily assets in Cambridge but also reflects continued investor interest in properties situated near major academic institutions and transit hubs. The demand for such real estate is particularly strong given the consistent influx of students and educators into the area.

As the Cambridge real estate market evolves, this transaction serves as a reminder of the substantial value that well-located properties can offer, especially in an environment where housing demand remains robust.