Multi-Family Property with Outdoor
For Sale
$875,000
60 Nichols Street, Chelsea, MA 02150
Multi-family with hardwood floors, eat-in kitchens, and elevated decks for each unit plus off-street parking.
Property Size3,156 SF
Price / SF$277.25
Days on Market90
Property Features for 60 Nichols Street
General Information
Standard status
Active
Size
3,156 SF
Total Parking Spaces
4
Property subtype
Multi-family / 2 Family
Zoning
res
Net Operating Income
$62,400
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$9,031
Amenities
City/Town Sewer, Public, for Gas Range
No, .00
No
Wood, Tile
2.0
Unfinished Basement
2
2.00
Fenced
Level
Fenced Yard, Porch, Patio
Porch, Patio
Building Details
Year Built
1923
Tenancy
Multi
Listing Agency:
Compass
(978) 729-1842
Listed By:
Adam Geragosian · License #9568246
(978) 729-1842
Source:
Compass
Added: May 26
Changed: Aug 23
Last Checked: Jul 23 at 6:02AM
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 Compass
Investment Insights
Based on property information with market context.
This multi-family property at 60 Nichols St, Chelsea, MA 02150 is described as meticulously maintained and features classic period details, hardwood floors, and bright, spacious interiors. Unit layouts include large eat-in kitchens, generous bedrooms, formal dining areas, and inviting living rooms designed for comfortable everyday living.
Outside, the property includes elevated decks for each unit, a large slate patio, and a fenced-in yard with a tree-line. The offering also notes ample off-street parking and storage, along with convenient access to public transportation and Logan.
Outside, the property includes elevated decks for each unit, a large slate patio, and a fenced-in yard with a tree-line. The offering also notes ample off-street parking and storage, along with convenient access to public transportation and Logan.
Key Highlights
- Multi‑family property built in 1923 with classic period details and hardwood floors.
- Spacious layouts include large eat‑in kitchens, generous bedrooms, formal dining areas, and inviting living rooms.
- Outdoor space features elevated decks for each unit, plus a huge slate patio and a fenced in, tree‑line yard.
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
$54,824
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
6.27%
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%
$1,096,480
$1.1M
Cap Rate 7%
$783,200
$783.2K
Cap Rate 9%
$609,156
$609.2K
Market Conditions
NOI Build-Up for 3,156 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
$106.0K $33.60/SF
− Vacancy
−$6.4K −$2.02/SF
EGI
$99.7K $31.58/SF
− OpEx
−$44.9K −$14.21/SF
NOI
$54.8K $17.37/SF
Area
Suffolk County, MA
Vacancy
6.00%
Lease Rate
$33.60 /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%
$1,096,480
Cap Rate 7%
$783,200
Cap Rate 9%
$609,156
Alternative Uses
Best Use
Apartment 5plus
$783.2K
$685.3K – $913.7K
NOI $54,824 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,784 @ 7.0% cap · market cap 14.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,259
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?
Multifamily property - Multi-family with hardwood floors, eat-in kitchens, and elevated decks for each unit plus off-street parking.
Where is this multifamily property located?
The property is located at 60 Nichols Street Chelsea, MA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Multi‑family property built in 1923 with classic period details and hardwood floors.; Spacious layouts include large eat‑in kitchens, generous bedrooms, formal dining areas, and inviting living rooms.; Outdoor space features elevated decks for each unit, plus a huge slate patio and a fenced in, tree‑line yard.
