Renovated Duplex
For Sale
$809,000
128 Washington Ave., Chelsea, MA 02150
Two residential duplex units feature separate utilities, updated interiors, private outdoor space, and substantial building improvements.
Property Size2,112 SF
Days on Market30
Property Features for 128 Washington Ave.
General Information
Standard status
Active
Size
2,112 SF
Property subtype
2 Family - 2 Units Up/Down
Taxes and HOA fees
Annual Taxes
$7,297
Building Details
Building Size
2,112 SF
Year Built
1900
Buildings
1
Stories
4
Construction
brick
Tenancy
Multi
Listing Agency:
Carlton's Wharf & Co.
(617) 610-2840
Listed By:
Jhonny Guananga
Source:
Jonathanradford
Added: Jul 22
Changed: Aug 18
Last Checked: Aug 20 at 11:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Carlton's Wharf & Co.
Investment Insights
Based on property information with market context.
Located at 128 Washington Ave. in Chelsea, this 4-story brick duplex property, built in 1900, contains two residential units with separate utilities. The first unit is a 2-bedroom duplex with an open living, dining, and kitchen arrangement, hardwood flooring, in-unit laundry, storage, and access to a private fenced backyard. The second is a 3-bedroom duplex with an open living and kitchen layout, high ceilings, oversized windows, large bedrooms, and extensive closet space, with some storage provided by armoires or dressers.
Capital work includes a new roof, two high-efficiency Navien/Burham heating systems, a new electrical panel, newer water heaters, asbestos removal, rebuilt code-compliant railings, masonry repointing, new fascia and flashing, updated flooring, and fresh paint. The property can be delivered with Unit 2 occupied, vacant, or with one unit occupied and one vacant if an offer is accepted promptly.
Capital work includes a new roof, two high-efficiency Navien/Burham heating systems, a new electrical panel, newer water heaters, asbestos removal, rebuilt code-compliant railings, masonry repointing, new fascia and flashing, updated flooring, and fresh paint. The property can be delivered with Unit 2 occupied, vacant, or with one unit occupied and one vacant if an offer is accepted promptly.
Key Highlights
- Two duplex units with separate utilities
- 4‑story brick property built in 1900
- 2‑bedroom duplex with hardwood floors, in‑unit laundry, storage, and fenced backyard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,236
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$804,720
$804.7K
Cap Rate 7%
$574,800
$574.8K
Cap Rate 9%
$447,067
$447.1K
Market Conditions
NOI Build-Up for 2,112 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.8K $28.80/SF
− Vacancy
−$3.3K −$1.58/SF
EGI
$57.5K $27.22/SF
− OpEx
−$17.2K −$8.16/SF
NOI
$40.2K $19.05/SF
Area
Suffolk County, MA
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$804,720
Cap Rate 7%
$574,800
Cap Rate 9%
$447,067
Alternative Uses
Best Use
Multifamily LT 5
$574.8K
$503.0K – $670.6K
NOI $40,236 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$524.1K
$458.6K – $611.5K
NOI $36,688 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,521 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,165
Businesses Nearby
Explore this area
Business Placement
Demographics for 02150, MA
40,721
Population
14,162
Households
2.9
Avg Household Size
34
Median Age
22%
College-Educated
69%
High-School Grad
2.2 sq mi
ZIP Area
18,510
Density / Sq Mi
$72,122
Median Household Income
$41,046
Median Earnings
$1,861
Median Rent
$476,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential duplex units feature separate utilities, updated interiors, private outdoor space, and substantial building improvements.
Where is this duplex located?
The property is located at 128 Washington Ave. Chelsea, MA.
What is the asking price?
The asking price for this property is $809,000.
What are key features of this property?
This property features: Two duplex units with separate utilities; 4‑story brick property built in 1900; 2‑bedroom duplex with hardwood floors, in‑unit laundry, storage, and fenced backyard
