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    1 Forbes St Chelsea, MA 02150

    Sponsored
    For Sale
    $29,999,900

    17.86-acre waterfront land, 590 unit potential

    Property size:
    20,000 SF

    Description

    Added:
    Dec 26, 2024
    Days on Market:
    377
    This exceptional 17.86-acre parcel in Chelsea, MA, presents a rare development opportunity. Located on Chelsea Creek, this property boasts previously approved plans for a substantial mixed-use project encompassing 590 residential units and 20,000 square feet of retail space, along with 963 parking spots. The site is strategically positioned on Route 1A, across from Suffolk Downs and less than 10 minutes from Logan International Airport. While the property includes four existing structures (described as "Mill Type" buildings in various states of disrepair and deemed unsafe), the focus is on the significant development potential. Three adjacent parcels on Crescent Avenue are also included in this offering. The asking price is $29,999,900 "as is," with the seller open to structuring options to facilitate a successful transaction. Note that buyer approval of new plans is required. Alternative pricing structures are available for phased development, with a potential asking price of $43 million contingent upon buyer approvals and subsequent closing. A copy of the previous approval is available upon request. This is a truly unique chance to create a landmark development in a prime Boston-area location.

    Property Features for 1 Forbes St

    General Information

    Property type
    Commercial land
    Square Feet
    20,000 SF
    Price / Square Foot
    $1,499
    Total Parking Spaces
    963
    Elevators
    N/A
    Net Rentable
    20,000 SF
    Lot Size
    777,982 SF

    Building Details

    Units
    590

    HighLights

    • 17.86‑acre Chelsea Creek site, previously approved for 590 residential units and 20,000 sq ft of retail.
    • Includes three adjacent Crescent Ave parcels, totaling a significant land assemblage in prime location.
    • $29,999,900 asking price; phased development option available at $43 million.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

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

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    FAQs

    What type of property is this?
    Commercial land - 17.86-acre waterfront land, 590 unit potential
    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.
    What are key features of this property?
    This property features: 17.86-acre Chelsea Creek site, previously approved for 590 residential units and 20,000 sq ft of retail.; Includes three adjacent Crescent Ave parcels, totaling a significant land assemblage in prime location.; $29,999,900 asking price; phased development option available at $43 million.
    (617) 242-4222
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    1 Forbes St Chelsea, MA 02150
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    Realmo Value Estimation

    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.

    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.

    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
    1 Forbes St Chelsea, MA 02150
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