Building Details

Year Built 1902

Buildings 1

Stories 3

Units 6

Tenancy Multi

Listing Agency: NorthEast Private Client Group Newton

Listed By: Patrick Wheeler · License #9552789 Show Phone

Source: Crexi

Added: Jul 9 Changed: Oct 21 Last Checked: Oct 20 at 6:35PM

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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

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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.

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 / Yr

$113,518

Cap Rate

4.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,270,360 $2.3M

Cap Rate 7%

$1,621,686 $1.6M

Cap Rate 9%

$1,261,311 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,650 SF

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 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 (±1% cap)

NOI $113,518 @ 7.0% cap · market cap 4.94%

Second Best

Apartment 5plus

$1.56M

$1.37M – $1.82M (±1% cap)

NOI $109,238 @ 7.0% cap · market cap 4.75%

Theoretical Best

Office A

$3.48M

$3.05M – $4.06M (±1% cap)

NOI $243,734 @ 7.0% cap · market cap 10.60%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Law Firm Building Supply Acupuncture Furniture & Home Goods HVAC Service Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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 East 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