Mixed-Use Building with Four
For Sale
$1,590,000
144 Chelsea Street, Boston, MA 02128
Brick property combines four one-bedroom apartments with a separate commercial suite and rear garage access.
Property Size3,102 SF
Price / SF$512.57
Days on Market164
Property Features for 144 Chelsea Street
General Information
Standard status
Active
Size
3,102 SF
Total Parking Spaces
1
Property subtype
Multi-family / 4 Family
Zoning
mix-used
Net Operating Income
$119,700
Taxes and HOA fees
Annual Taxes
$13,628
Amenities
Yes, 1.00
No
Hardwood
Range, Refrigerator
5.0
Full, Unfinished Basement
Living Room, Kitchen
4
1
4.50
5
Brick
Rubber
Other
Building Details
Year Built
1896
Listing Agency:
Perlera Real Estate
(617) 418-5280
Listed By:
Saul Perlera · License #9051270
(617) 418-5280
Source:
Compass
Added: Mar 21
Changed: Aug 30
Last Checked: Aug 30 at 11:39PM
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 Perlera Real Estate
Investment Insights
Based on property information with market context.
This 3,102-square-foot brick mixed-use building, constructed in 1896, includes four one-bedroom residential units and one commercial space currently operating as a beauty salon. Each apartment has separate utilities, and all units are occupied under existing leases. The property also includes a full unfinished basement and a one-car garage at the rear, reached through a common alleyway.
Heating is provided through a combination of older gas-fired hot-water baseboard systems and a newer on-demand system. A rubber roof covers the building. The property is located at 144 Chelsea Street in Boston, within a short distance of the Airport, Maverick T Station, Greenway Park, and the YMCA.
Heating is provided through a combination of older gas-fired hot-water baseboard systems and a newer on-demand system. A rubber roof covers the building. The property is located at 144 Chelsea Street in Boston, within a short distance of the Airport, Maverick T Station, Greenway Park, and the YMCA.
Key Highlights
- 3,102‑square‑foot brick mixed‑use building constructed in 1896
- Four one‑bedroom residential units plus one commercial space
- All units currently rented with leases in place
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
$78,385
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
4.93%
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%
$1,567,700
$1.6M
Cap Rate 7%
$1,119,786
$1.1M
Cap Rate 9%
$870,944
$870.9K
Market Conditions
NOI Build-Up for 3,102 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
$117.3K $37.80/SF
− Vacancy
−$5.3K −$1.70/SF
EGI
$112.0K $36.10/SF
− OpEx
−$33.6K −$10.83/SF
NOI
$78.4K $25.27/SF
Area
Boston, MA
Vacancy
4.50%
Lease Rate
$37.80 /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%
$1,567,700
Cap Rate 7%
$1,119,786
Cap Rate 9%
$870,944
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$979.8K – $1.31M
NOI $78,385 @ 7.0% cap · market cap 4.93%
Second Best
Mixed Use
$1.08M
$946.6K – $1.26M
NOI $75,728 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,594 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,070
Businesses Nearby
Explore this area
Business Placement
Demographics for 02128, MA
43,066
Population
19,124
Households
2.3
Avg Household Size
33
Median Age
38%
College-Educated
77%
High-School Grad
5.0 sq mi
ZIP Area
8,613
Density / Sq Mi
$92,079
Median Household Income
$48,549
Median Earnings
$2,009
Median Rent
$680,000
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?
Mixed-use property - Brick property combines four one-bedroom apartments with a separate commercial suite and rear garage access.
Where is this mixed-use property located?
The property is located at 144 Chelsea Street Boston, MA.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: 3,102‑square‑foot brick mixed‑use building constructed in 1896; Four one‑bedroom residential units plus one commercial space; All units currently rented with leases in place
