Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    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

    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

    Overview

    Waterfront Land: 590 Unit Potential

    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.

    We can help!

    Listing Contact
    Stephen Bremis

    Learn more

    Property Insight Report

    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.
    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
    State
    Massachusetts
    Longitude
    -71.012308
    Latitude
    42.400308

    Nearby Similar for Sale

    • $699,900
      1,800 SF

      Chelsea Two-Family Home with Updates

      Updated two-family in Chelsea near Boston, ideal for investors.
      30 High St, Chelsea, MA 02150
      View Details
    • $1,275,000
      5,976 SF

      Well-Maintained Multifamily in Prattville Area

      Spacious 4-family property with updates and convenient location.
      3 Nichols St, Chelsea, MA 02150
      View Details
    • Contact for pricing

      Updated Two-Family Home Near Downtown

      Updated two-family home near Downtown Chelsea with strong rental income.
      29 Cottage St, Chelsea, MA 02150
      View Details
    • Contact for pricing

      New Construction Two-Family in Chelsea

      New construction two-family with modern finishes and commuter convenience.
      469 Washington Ave, Chelsea, MA 02150
      View Details
    • Contact for pricing

      Chelsea Commercial Building For Sale

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

      Chelsea Multi-Family Investment Opportunity

      Multi-family property with cash-flow potential near transportation and amenities.
      230 Chestnut St, Chelsea, MA 02150
      View Details
    • Contact for pricing

      Seven Condominium Units Near Boston

      Seven corner condominium units near Boston and Logan Airport.
      175 Cottage St, Chelsea, MA 02150
      View Details
    • $885,000

      Chelsea Two-Family Home Opportunity

      Two-family home in Chelsea, ideal for investors or owner-occupants.
      17 Ingleside Ave, Chelsea, MA 02150
      View Details
    • Contact for pricing

      Spacious Two-Family Home Near Transit

      Two-family home near transit, ideal for investors or conversion.
      65 6Th St, Chelsea, MA 02150
      View Details
    • $949,900

      Chelsea Multifamily Investment Opportunity

      Fully occupied three-unit property in a prime Chelsea location.
      837 Broadway, Chelsea, MA 02150
      View Details
    • Contact for pricing

      Updated Two-Family Home

      Recently updated two-family home with ADU zoning.
      330 Washington Ave, Chelsea, MA 02150
      View Details
    • Contact for pricing

      Retail Opportunity Near Chelsea City Hall

      Retail variety store with inventory and equipment included in sale.
      479 Broadway, Chelsea, MA 02150
      View Details

    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
    Request Owner's contact information
    1 Forbes St Chelsea, MA 02150
    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.
    1 Forbes St
    Chelsea, MA 02150
    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
    1 Forbes St Chelsea, MA 02150
    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

    We can help!
    Listing Contact
    Stephen Bremis
    (617) 242-4222
    Learn more
    Google sign-in failed. Please try again or use another login method.