Mixed-Use Building with Street-Level
For Sale
Contact for pricing
152-154 Chelsea Street, Boston, MA 02128
Six-unit mixed-use property with apartments over a street-level retail storefront and an adjoining parking lot.
Property Size4,650 SF
Price / SF$494.62
Days on Market48
Property Features for 152-154 Chelsea Street
General Information
Standard status
Active
Size
4,650 SF
Property subtype
Mixed Use, Multifamily, Retail
Investment Type
Value Add
Additional Details
Cap Rate
6.6%
Multifamily Units
6
Building Details
Year Built
1902
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
NorthEast Private Client Group Newton
(857) 990-6800
Listed By:
Patrick Wheeler · License #9552789
Source:
Crexi
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 24 at 7:58PM
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 NorthEast Private Client Group Newton
Investment Insights
Based on property information with market context.
152-154 Chelsea Street is a six-unit mixed-use building with apartments positioned above a street-level retail storefront. The residential mix includes three one-bedroom units and two two-bedroom units, with income-producing on-site parking included through an adjoining parking lot.
Tenants are responsible for their own heat and electric, helping keep operating expenses relatively contained. The offering also benefits from additional parking-lot income reported at $4,800 per year.
The property is located in East Boston, approximately two miles from downtown Boston, with the area described as a workforce-housing hub supported by nearby major employment and transit access.
Tenants are responsible for their own heat and electric, helping keep operating expenses relatively contained. The offering also benefits from additional parking-lot income reported at $4,800 per year.
The property is located in East Boston, approximately two miles from downtown Boston, with the area described as a workforce-housing hub supported by nearby major employment and transit access.
Key Highlights
- 6‑unit mixed‑use building with apartments over a street‑level retail storefront plus an adjoining parking lot
- Apartment mix includes (3) 1‑bedroom and (2) 2‑bedroom units over the retail space
- On‑site parking lot generates $4,800/year of additional income
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
$113,518
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
4.94%
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%
$2,270,360
$2.3M
Cap Rate 7%
$1,621,686
$1.6M
Cap Rate 9%
$1,261,311
$1.3M
Market Conditions
NOI Build-Up for 4,650 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
$195.3K $42.00/SF
− Vacancy
−$13.7K −$2.94/SF
EGI
$181.6K $39.06/SF
− OpEx
−$68.1K −$14.65/SF
NOI
$113.5K $24.41/SF
Area
Boston, MA
Vacancy
7.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,270,360
Cap Rate 7%
$1,621,686
Cap Rate 9%
$1,261,311
Alternative Uses
Best Use
Mixed Use
$1.62M
$1.42M – $1.89M
NOI $113,518 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$1.56M
$1.37M – $1.82M
NOI $109,238 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$3.48M
$3.05M – $4.06M
NOI $243,734 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
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?
Apartment building - Six-unit mixed-use property with apartments over a street-level retail storefront and an adjoining parking lot.
Where is this apartment building located?
The property is located at 152-154 Chelsea Street Boston, MA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 6‑unit mixed‑use building with apartments over a street‑level retail storefront plus an adjoining parking lot; Apartment mix includes (3) 1‑bedroom and (2) 2‑bedroom units over the retail space; On‑site parking lot generates $4,800/year of additional income
