Rebuilt Two-Family
New
For Sale
$889,900
31 Franklin Ave, Chelsea, MA 02150
Vacant three-bedroom units provide flexible options for occupancy, leasing, or an owner-occupant arrangement.
Property Size2,486 SF
Price / SF$355.96
Days on Market4
Property Features for 31 Franklin Ave
General Information
Standard status
Active
Size
2,486 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,588
Amenities
hardwood floors
central heat and air
full basement
Building Details
Building Size
2,486 SF
Year Built
1900
Year Renovated
2012
Buildings
1
Stories
2
Units
2
Listed By:
Paul Veronis
(774) 230-0494
Source:
Elliman
Added: Sep 10
Last Checked: Sep 13 at 7:23AM
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 Paul Veronis
Investment Insights
Based on property information with market context.
Located at 31 Franklin Ave in Chelsea, this two-family duplex was substantially rebuilt in 2012 after a fire. Each residence includes three bedrooms, one full bathroom, hardwood flooring, central heat and air, generous living areas, and an open kitchen and dining layout. Both units are being delivered vacant, allowing the next owner to occupy, lease, or combine personal use with rental income.
The property offers nearly 2,500 sq. ft. of living area, along with a full basement and municipal water and sewer service. Public transportation, shopping, highways, and nearby amenities are accessible from the property. Walk Score is 96, Transit Score is 80, and bikeScore is 76.
The property offers nearly 2,500 sq. ft. of living area, along with a full basement and municipal water and sewer service. Public transportation, shopping, highways, and nearby amenities are accessible from the property. Walk Score is 96, Transit Score is 80, and bikeScore is 76.
Key Highlights
- Substantially rebuilt in 2012 following a fire
- Two vacant units, each with 3 bedrooms and 1 full bath
- Nearly 2,500 sq. ft. of living area
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
$47,628
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
5.35%
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%
$952,560
$952.6K
Cap Rate 7%
$680,400
$680.4K
Cap Rate 9%
$529,200
$529.2K
Market Conditions
NOI Build-Up for 2,500 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
$72.0K $28.80/SF
− Vacancy
−$4.0K −$1.58/SF
EGI
$68.0K $27.22/SF
− OpEx
−$20.4K −$8.16/SF
NOI
$47.6K $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%
$952,560
Cap Rate 7%
$680,400
Cap Rate 9%
$529,200
Alternative Uses
Best Use
Multifamily LT 5
$680.4K
$595.4K – $793.8K
NOI $47,628 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$620.4K
$542.9K – $723.8K
NOI $43,428 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$1.48M
$1.29M – $1.73M
NOI $103,599 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,932
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?
Duplex - Vacant three-bedroom units provide flexible options for occupancy, leasing, or an owner-occupant arrangement.
Where is this duplex located?
The property is located at 31 Franklin Ave Chelsea, MA.
What is the asking price?
The asking price for this property is $889,900.
What are key features of this property?
This property features: Substantially rebuilt in 2012 following a fire; Two vacant units, each with 3 bedrooms and 1 full bath; Nearly 2,500 sq. ft. of living area
