Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Waterfront Land: 590 Unit Potential Title is generated by Realmo AI

    1 Forbes St, Chelsea, MA 02150

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $29,999,900

    LAND ONLY, approved for 590 residential units and 20,000 sq ft of retail

    Property size:
    20,000 SF
    Lot size:
    17.86 Acres
    Price / SF:
    $1,499/SF
    Added:
    Dec 26, 2024
    Days on Market:
    511
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 1 Forbes St

    General Information

    Standard status
    Active
    Property type
    Commercial land, Land
    Size
    20,000 SF
    Net Rentable
    20,000 SF
    Total Parking Spaces
    963
    Elevators
    N/A
    Lot size
    17.86 Acres

    Building Details

    Units
    590

    We can help!

    Listing Contact
    Stephen Bremis

    Listing agent Stephen

    Listing office

    Listing date Dec 26, 2024

    Overview

    This 17.86-acre waterfront land parcel is located on Chelsea Creek in Chelsea, Massachusetts. The site has previously approved plans for a mixed-use project featuring 590 residential units and 20,000 square feet of retail space, along with 963 parking spots. The property includes three adjacent parcels on Crescent Avenue. The site is located on Route 1A, across from Suffolk Downs and less than 10 minutes from Logan International Airport. The property includes four existing structures described as "Mill Type" buildings in various states of disrepair and deemed unsafe. The seller is open to structuring options to facilitate a successful transaction. Alternative pricing structures are available for phased development, contingent upon buyer approvals and subsequent closing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chelsea
    County
    Suffolk
    State
    Massachusetts
    Longitude
    -71.012308
    Latitude
    42.400308

    Nearby Similar for Sale

    • $1,099,988
      3,045 SF

      Chelsea Multi-Family Investment Opportunity

      Well-maintained 3-family home in Chelsea with strong rental income.
      37 Maverick St, Chelsea, MA 02150
      View Details
    • $700,000
      1,990 SF

      Two-Family Property Near Boston Airport

      Two-unit property with recent updates, convenient location, and parking.
      80 Maverick St, Chelsea, MA 02150
      View Details
    • $700,000

      Two-Family Property Near Boston

      Two-unit property with recent updates, convenient location near Boston.
      80 Maverick St, Chelsea, MA 02150
      View Details
    • $799,900

      Renovated Brick Rowhouse with Loft-Style Apartments

      Meticulously renovated rowhouse featuring stylish, urban loft-like apartments.
      319 Spruce St, Chelsea, MA 02150
      View Details
    • $1,299,000

      Mixed-Use Asset in Chelsea Location

      Well-maintained mixed-use property with commercial and residential units.
      11 Williams Street, Chelsea, MA 02150
      View Details
    • $799,215

      Renovated Two-Family Home

      Two-family home with renovated unit, convenient location.
      205 Webster Ave, Chelsea, MA 02150
      View Details
    • $359,000

      Centrally Located Garage For Sale

      Garage available for sale, great for contractors and tradesmen.
      155 Division St, Chelsea, MA 02150
      View Details
    • $1,099,988

      Chelsea Three-Family Home

      Well-maintained, 9-bedroom, 3-unit property in Chelsea, MA.
      37 Maverick St, Chelsea, MA 02150
      View Details
    • $24,900

      Corner Parcel with Billboard Lease

      Small corner parcel with existing billboard lease through August 2026.
      78 Winnisimmet St, Chelsea, MA 02150
      View Details
    • $1,299,000
      4,060 SF

      Chelsea Mixed-Use Asset For Sale

      Mixed-use property with commercial tenant and residential units in Chelsea.
      11 Williams Street, Chelsea, MA 02150
      View Details
    • $2,700,000

      Chelsea Multifamily Asset with Parking

      Newly constructed 6-unit multifamily property with condo finishes and parking.
      43-45 Blossom Street, Chelsea, MA 02150
      View Details
    • $1,399,000
      1,338 SF

      Chelsea Commercial Building with Redevelopment Potential

      Versatile commercial building in Chelsea's transforming downtown district.
      22 Washington Ave, Chelsea, MA 02150
      View Details

    FAQs

    What type of property is this?
    Commercial land - LAND ONLY, approved for 590 residential units and 20,000 sq ft of retail
    Where is this commercial land located?
    The property is located at 1 Forbes St Chelsea, MA.
    What is the asking price?
    The asking price for this property is $29,999,900.
    (617) 242-4222
    We can help!
    Listing Contact
    Stephen Bremis
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1 Forbes St, Chelsea, MA 02150
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!