Three-Unit Multifamily
For Sale
$945,000
15 Shurtleff Street, Chelsea, MA 02150
Occupied residential income property with three two-bedroom apartments and driveway parking near Admiral’s Hill.
Property Size2,640 SF
Price / SF$357.95
Days on Market110
Property Features for 15 Shurtleff Street
General Information
Standard status
Active
Size
2,640 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
_
Net Operating Income
$61,666
Taxes and HOA fees
Annual Taxes
$8,292
Building Details
Building Size
2,640 SF
Year Built
1910
Stories
3
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 15
Changed: Aug 31
Last Checked: Aug 31 at 12:38PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
This 1910 multifamily property contains three residential units, each configured with two bedrooms and one bathroom. The 2,640-square-foot building is currently 100% occupied and includes a driveway capable of accommodating several cars.
The property is located on Shurtleff Street in Chelsea, adjacent to the Admiral’s Hill neighborhood. Its commuter-oriented setting provides access to Logan International Airport, Downtown Boston, Charlestown, Cambridge, Somerville, and the Seaport. Restaurants and bars are also nearby within one of Chelsea’s walkable neighborhoods.
The property is located on Shurtleff Street in Chelsea, adjacent to the Admiral’s Hill neighborhood. Its commuter-oriented setting provides access to Logan International Airport, Downtown Boston, Charlestown, Cambridge, Somerville, and the Seaport. Restaurants and bars are also nearby within one of Chelsea’s walkable neighborhoods.
Key Highlights
- Three‑unit multifamily building with three 2‑bedroom/1‑bathroom apartments
- 2,640 SF building constructed in 1910
- Currently 100% occupied
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
$50,295
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
5.32%
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%
$1,005,900
$1.0M
Cap Rate 7%
$718,500
$718.5K
Cap Rate 9%
$558,833
$558.8K
Market Conditions
NOI Build-Up for 2,640 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
$76.0K $28.80/SF
− Vacancy
−$4.2K −$1.58/SF
EGI
$71.9K $27.22/SF
− OpEx
−$21.6K −$8.16/SF
NOI
$50.3K $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%
$1,005,900
Cap Rate 7%
$718,500
Cap Rate 9%
$558,833
Alternative Uses
Best Use
Multifamily LT 5
$718.5K
$628.7K – $838.3K
NOI $50,295 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$655.1K
$573.3K – $764.3K
NOI $45,860 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,401 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,843
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?
Triplex - Occupied residential income property with three two-bedroom apartments and driveway parking near Admiral’s Hill.
Where is this triplex located?
The property is located at 15 Shurtleff Street Chelsea, MA.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Three‑unit multifamily building with three 2‑bedroom/1‑bathroom apartments; 2,640 SF building constructed in 1910; Currently 100% occupied
