Four-Family Residential Income
For Sale
$1,399,000
34 Gardner Street, Chelsea, MA 02150
Well-maintained four-unit building with parking and separate utilities, offering updated kitchens across multiple layouts.
Property Size4,644 SF
Price / SF$301.25
Days on Market83
Property Features for 34 Gardner Street
General Information
Standard status
Active
Size
4,644 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
R-2
Net Operating Income
$52,800
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$16,344
Amenities
parking
separate utilities
updated kitchen
hardwood floors
large living room
beautiful exterior door
washer-and-dryer hook-up
Building Details
Building Size
4,644 SF
Year Built
1920
Stories
4
Construction
cement siding
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 15
Changed: Sep 4
Last Checked: Sep 5 at 4:53AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This well-maintained four-family property offers parking and separate utilities for each unit. The first-floor unit (34) features four bedrooms, two bathrooms, gas baseboard heat, and an updated kitchen. The basement unit (32-B) includes two bedrooms and one bathroom. Two additional units include Unit 2R with three bedrooms, one bathroom, an updated kitchen, a large living room, and hardwood floors, and Unit 2L with one bedroom, an updated kitchen, and gas baseboard heat.
The exterior includes cement siding, a rubber roof described as older, and an architect-shingled mansard roof. A gas heating system and gas hot water tanks serve the building, and there is a washer-and-dryer hookup in the basement. Two days’ notice is appreciated for showings.
Additional interior/operating features include the existing gas heating and hot water infrastructure and the in-basement laundry hookups to support day-to-day resident needs.
The exterior includes cement siding, a rubber roof described as older, and an architect-shingled mansard roof. A gas heating system and gas hot water tanks serve the building, and there is a washer-and-dryer hookup in the basement. Two days’ notice is appreciated for showings.
Additional interior/operating features include the existing gas heating and hot water infrastructure and the in-basement laundry hookups to support day-to-day resident needs.
Key Highlights
- Four‑family building built in 1920 with parking and separate utilities
- Unit (34) first floor: 4 bedrooms, 2 bathrooms, gas baseboard heat, updated kitchen
- Unit (32‑B) basement: 2 bedrooms, 1 bathroom
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
$88,474
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
6.32%
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%
$1,769,480
$1.8M
Cap Rate 7%
$1,263,914
$1.3M
Cap Rate 9%
$983,044
$983.0K
Market Conditions
NOI Build-Up for 4,644 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
$133.7K $28.80/SF
− Vacancy
−$7.4K −$1.58/SF
EGI
$126.4K $27.22/SF
− OpEx
−$37.9K −$8.16/SF
NOI
$88.5K $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 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%
$1,769,480
Cap Rate 7%
$1,263,914
Cap Rate 9%
$983,044
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.11M – $1.47M
NOI $88,474 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,672 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,446 @ 7.0% cap · market cap 13.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit building with parking and separate utilities, offering updated kitchens across multiple layouts.
Where is this quadplex located?
The property is located at 34 Gardner Street Chelsea, MA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Four‑family building built in 1920 with parking and separate utilities; Unit (34) first floor: 4 bedrooms, 2 bathrooms, gas baseboard heat, updated kitchen; Unit (32‑B) basement: 2 bedrooms, 1 bathroom
