Five-Unit Apartment
For Sale
$1,850,000
65 Woodlawn Avenue, Chelsea, MA 02150
Five condominium units are held within one HOA and can be operated collectively as an apartment property.
Property Size4,357 SF
Days on Market12
Property Features for 65 Woodlawn Avenue
General Information
Standard status
Active
Size
4,357 SF
Total Parking Spaces
5
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$14,800
Building Details
Building Size
4,357 SF
Year Built
1970
Listing Agency:
Mastrocola Management, Inc.
Listed By:
Frank Mastrocola
(781) 396-1010
Source:
Classifiedrealtygroup
Added: Sep 15
Last Checked: Sep 24 at 7:10AM
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 Mastrocola Management, Inc.
Investment Insights
Based on property information with market context.
Built in 1970, this apartment property comprises five condominium units within a five-unit HOA. Because the ownership includes all five units, the property can function as a single apartment operation, with the option for the HOA to be revoked by the seller before closing at the buyer’s request.
Three units have been substantially improved since original construction. Four units include large walk-in storage closets on the third level, and floor plans are available for review. The property has been professionally managed and maintained by Mastrocola Management for more than forty years.
Three units have been substantially improved since original construction. Four units include large walk-in storage closets on the third level, and floor plans are available for review. The property has been professionally managed and maintained by Mastrocola Management for more than forty years.
Key Highlights
- Five condominium units held within a five‑unit HOA
- All five units can be operated collectively as an apartment property
- Three of five units have been substantially improved since original construction
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
$75,686
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
4.09%
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%
$1,513,720
$1.5M
Cap Rate 7%
$1,081,229
$1.1M
Cap Rate 9%
$840,956
$841.0K
Market Conditions
NOI Build-Up for 4,357 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
$146.4K $33.60/SF
− Vacancy
−$8.8K −$2.02/SF
EGI
$137.6K $31.58/SF
− OpEx
−$61.9K −$14.21/SF
NOI
$75.7K $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%
$1,513,720
Cap Rate 7%
$1,081,229
Cap Rate 9%
$840,956
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$946.1K – $1.26M
NOI $75,686 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,553 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
582
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five condominium units are held within one HOA and can be operated collectively as an apartment property.
Where is this apartment building located?
The property is located at 65 Woodlawn Avenue Chelsea, MA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Five condominium units held within a five‑unit HOA; All five units can be operated collectively as an apartment property; Three of five units have been substantially improved since original construction
