Everett Multifamily Investment
For Sale
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238 Chelsea St, Everett, MA 02149
26-unit apartment building in Everett with value-add potential.
Property Size16,500 SF
Lot Size0.34 Acres
Price / SF$484.85
Days on Market175
Property Features for 238 Chelsea St
General Information
Standard status
Active
Size
16,500 SF
Lot size
0.34 Acres
Property subtype
Multifamily
Building Details
Units
26
Listing Agency:
NorthEast Private Client Group Shelton
Listed By:
Anthony Rakuskas · License #9588289
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 8 at 6:43AM
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 Shelton
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 = 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
$328,294
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
4.10%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,841
Businesses Nearby
Explore this area
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
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 - 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.
