Lead-Compliant Three-Family
For Sale
$985,000
148 Congress Ave, Chelsea, MA 02150
Updated three-family with multiple bedrooms, lead compliance, a spacious backyard, and a full-size basement for storage.
Property Size3,924 SF
Days on Market51
Property Features for 148 Congress Ave
General Information
Standard status
Active
Size
3,924 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,165
Amenities
spacious backyard
full-size basement
Building Details
Building Size
3,924 SF
Year Built
1920
Stories
3
Tenancy
Multi
Listing Agency:
Century 21 North East
Listed By:
Luis Tejada · License #449506422
(617) 306-0732
Source:
Classifiedrealtygroup
Added: Jul 25
Changed: Sep 11
Last Checked: Sep 13 at 5:41AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This well-maintained, extensively updated three-family residence offers a flexible layout across three levels, with 3 bedrooms on the first floor and 4 bedrooms on both the second and third floors. The building is presented as lead compliant, and includes features such as numerous updates over time, a spacious backyard, and a full-size basement with abundant storage and additional potential.
The property is described as having a convenient Chelsea location close to schools, public transportation, shopping, laundromats, restaurants, parks, and major commuting routes.
As currently configured, it also has existing rental income and is positioned for continued rental growth, according to the seller’s remarks.
The property is described as having a convenient Chelsea location close to schools, public transportation, shopping, laundromats, restaurants, parks, and major commuting routes.
As currently configured, it also has existing rental income and is positioned for continued rental growth, according to the seller’s remarks.
Key Highlights
- Updated three‑family built in 1920 with extensive updates throughout the years
- Unit layout: 3 bedrooms on the first floor, plus 4 bedrooms each on the second and third floors
- Lead compliant for added peace of mind for tenants
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
$74,757
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
7.59%
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%
$1,495,140
$1.5M
Cap Rate 7%
$1,067,957
$1.1M
Cap Rate 9%
$830,633
$830.6K
Market Conditions
NOI Build-Up for 3,924 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
$113.0K $28.80/SF
− Vacancy
−$6.2K −$1.58/SF
EGI
$106.8K $27.22/SF
− OpEx
−$32.0K −$8.16/SF
NOI
$74.8K $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%
$1,495,140
Cap Rate 7%
$1,067,957
Cap Rate 9%
$830,633
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$934.5K – $1.25M
NOI $74,757 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$973.8K
$852.1K – $1.14M
NOI $68,165 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,610 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,945
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Updated three-family with multiple bedrooms, lead compliance, a spacious backyard, and a full-size basement for storage.
Where is this triplex located?
The property is located at 148 Congress Ave Chelsea, MA.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Updated three‑family built in 1920 with extensive updates throughout the years; Unit layout: 3 bedrooms on the first floor, plus 4 bedrooms each on the second and third floors; Lead compliant for added peace of mind for tenants
