Everett Multifamily Investment
238 Chelsea St, Everett, MA 02149
For Sale
Contact for pricing
26-unit apartment building in Everett with value-add potential.
Property Size16,500 SF
Lot Size0.34 Acres
Price / SF$484.85
Days on Market267
Property Features for 238 Chelsea St
General Information
Standard status
Size
Lot size
Property subtype
Building Details
Units
Listing Agency:
NorthEast Private Client Group Newton
Listed By:
Drew Kirkland · License MA #134670
(860) 882-4461
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Nov 8 at 2:17AM
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.
The Chelsea Street Apartments, located at 238 Chelsea Street in Everett, Massachusetts, present a multifamily investment opportunity. The 3-story brick building, constructed in 1970, is situated on a 0.34-acre (14,810 SF) lot. The property contains 20 studio apartments and 6 one-bedroom units. Residents have access to off-street parking and coin-operated laundry facilities. The building is located less than 2 miles from the Wynn Casino and near new developments including The Pioneer, Jade, and Anthem Everett. The property is located directly north of Boston, with convenient access to Route 1, the MBTA Orange Line, and the Chelsea Train Station. There is an opportunity to increase rents to market rates. The current average rent for studio apartments is $1,674 per month, while the fair market rent for a studio in Everett is $2,359. The current average rent for one-bedroom apartments is $1,838 per month, compared to the fair market rent of $2,475.
Key Highlights
- Significant opportunity to increase rents, with studios averaging $685 and one‑bedrooms averaging $637 below market.
- Prime location directly north of Boston with easy access to Route 1, MBTA Orange Line, and Chelsea Train Station.
- Fully deleaded 3‑story brick building constructed in 1970.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$328,294
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,565,880
$6.6M
Cap Rate 7%
$4,689,914
$4.7M
Cap Rate 9%
$3,647,711
$3.6M
Market Conditions
NOI Build-Up for 16,500 SF
Gross rent
$629.6K $38.16/SF
− Vacancy
−$32.7K −$1.98/SF
EGI
$596.9K $36.18/SF
− OpEx
−$268.6K −$16.28/SF
NOI
$328.3K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,565,880
Cap Rate 7%
$4,689,914
Cap Rate 9%
$3,647,711
Alternative Uses
Best Use
Apartment 5plus
$4.69M
$4.10M – $5.47M
NOI $328,294 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.77M
$8.55M – $11.40M
NOI $683,756 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,841
Businesses Nearby
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Business Placement
Demographics for 02149, MA
49,075
Population
18,541
Households
2.6
Avg Household Size
35
Median Age
23%
College-Educated
80%
High-School Grad
3.4 sq mi
ZIP Area
14,434
Density / Sq Mi
$79,658
Median Household Income
$40,836
Median Earnings
$1,988
Median Rent
$605,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Middlesex County, MA
Properties on Market for Apartment buildings in Middlesex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - 26-unit apartment building in Everett with value-add potential.
Where is this apartment building located?
The property is located at 238 Chelsea St Everett, MA.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Significant opportunity to increase rents, with studios averaging $685 and one‑bedrooms averaging $637 below market.; Prime location directly north of Boston with easy access to Route 1, MBTA Orange Line, and Chelsea Train Station.; Fully deleaded 3‑story brick building constructed in 1970.
