Boston landlords David Schwartz and Earl Henry have purchased a 55-unit apartment building in Everett for $5.85 million.

The multifamily property at 5-15 Hancock St. was underperforming for the seller and achieving below-market rental rates, according to information from Charlesgate Realty Group, which brokered the off-market deal. The sales price breaks down to $106,363 per unit.

Before closing on the property, Charlesgate’s multifamily group analyzed the property to see where upgrades could be made and rent could be raised by Henry and Schwartz, a founder of BSA Management, a property management firm and contractor based in Boston’s South End neighborhood.

The brokers determined that the building’s one-bedroom units were being rented for about $100 below market, and the two-bedrooms were nearly $150 below market. The brokerage has suggested an 8 percent increase in monthly rents to some units, as well as upgrades to the exterior and common areas, would provide the new owners a 7 percent overall increase in gross rent. Those changes, according to the brokers, could bring the property to 94 percent occupied from the current occupancy rate of 90 percent.

"As the number of opportunities for purchases in today’s downtown multifamily market have dwindled, we are seeing increased activity in Greater Boston’s emerging markets," Charlesgate broker Joe DiGangi said in a statement.