Three-Unit Multifamily
For Sale
$895,000
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$339.02
Days on Market156
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:
Marcus & Millichap Real Estate Investment Services
(617) 896-7200
Listed By:
Evan Griffith · License #(S):MA:9521845
(617) 501-8895
Source:
Churchillprop
Added: May 15
Changed: Oct 6
Last Checked: Oct 16 at 6:56AM
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 Marcus & Millichap Real Estate Investment Services
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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 / Yr
$50,295
Cap Rate
5.62%
Suggested Prices Based on Cap Rates
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
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 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 5.62%
Second Best
Apartment 5plus
$655.1K
$573.3K – $764.3K
NOI $45,860 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,401 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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 $895,000.
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
