Renovated Triplex with Off-Street
For Sale
$899,000
39 Spencer Ave, Chelsea, MA 02150
Three-family property with separate utilities and updated unit interiors.
Property Size2,496 SF
Price / SF$360.18
Days on Market68
Property Features for 39 Spencer Ave
General Information
Standard status
Active
Size
2,496 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$70,330
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,449
Building Details
Building Size
2,496 SF
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
RSC Global Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 24
Changed: Aug 29
Last Checked: Aug 29 at 2:24PM
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 RSC Global Realty
Investment Insights
Based on property information with market context.
This three-family property contains 2,496 square feet and was built in 1900. The first-floor residence has undergone a full renovation, while the third-floor unit has also been renovated and includes city views. Improvements include updated kitchens and bathrooms, electrical work, and a roof and siding reported in good condition. Separate utilities serve the units, and a private driveway provides two off-street parking spaces.
The property is located at 39 Spencer Ave in Chelsea, Massachusetts, with access to downtown Boston. Schools, shopping centers, a supermarket, bus routes 111, 116, and 117, and the commuter rail are within walking distance. Tenants are already in place, and one unit may be delivered vacant if needed. The property is zoned R2.
The property is located at 39 Spencer Ave in Chelsea, Massachusetts, with access to downtown Boston. Schools, shopping centers, a supermarket, bus routes 111, 116, and 117, and the commuter rail are within walking distance. Tenants are already in place, and one unit may be delivered vacant if needed. The property is zoned R2.
Key Highlights
- 2,496‑square‑foot triplex on 39 Spencer Ave
- First‑floor unit fully renovated; third‑floor unit also renovated with city views
- Private driveway with two off‑street parking spaces
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
$47,552
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
5.29%
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%
$951,040
$951.0K
Cap Rate 7%
$679,314
$679.3K
Cap Rate 9%
$528,356
$528.4K
Market Conditions
NOI Build-Up for 2,496 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
$71.9K $28.80/SF
− Vacancy
−$4.0K −$1.58/SF
EGI
$67.9K $27.22/SF
− OpEx
−$20.4K −$8.16/SF
NOI
$47.6K $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%
$951,040
Cap Rate 7%
$679,314
Cap Rate 9%
$528,356
Alternative Uses
Best Use
Multifamily LT 5
$679.3K
$594.4K – $792.5K
NOI $47,552 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$619.4K
$542.0K – $722.7K
NOI $43,359 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,434 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,521
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?
Triplex - Three-family property with separate utilities and updated unit interiors.
Where is this triplex located?
The property is located at 39 Spencer Ave Chelsea, MA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 2,496‑square‑foot triplex on 39 Spencer Ave; First‑floor unit fully renovated; third‑floor unit also renovated with city views; Private driveway with two off‑street parking spaces
