Updated Triplex With Separate
For Sale
$995,000
Pending
689 Broadway, Chelsea, MA 02150
Three-family property includes an available third-floor unit and updated kitchen, living, and bath areas.
Property Size3,879 SF
Days on Market9
Property Features for 689 Broadway
General Information
Standard status
Pending
Size
3,879 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,208
Building Details
Building Size
3,879 SF
Year Built
1900
Listing Agency:
Century 21 North East
Listed By:
Diane Cambria
(617) 889-2020
Source:
Classifiedrealtygroup
Added: Sep 19
Changed: Sep 26
Last Checked: Sep 26 at 4:08AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This three-family property at 689 Broadway in Chelsea, Massachusetts, was built in 1900 and includes separate systems for the units. Interior improvements include updated kitchens, living areas, and bathrooms, along with bright rooms throughout the building.
The third-floor unit is ready for occupancy or leasing, adding flexibility for an owner occupant or an additional resident. Tenants are responsible for all utilities other than water, providing a clearly defined utility arrangement. The property’s three-unit configuration supports residential income use with multiple living spaces under one roof.
The third-floor unit is ready for occupancy or leasing, adding flexibility for an owner occupant or an additional resident. Tenants are responsible for all utilities other than water, providing a clearly defined utility arrangement. The property’s three-unit configuration supports residential income use with multiple living spaces under one roof.
Key Highlights
- Three‑family property at 689 Broadway, Chelsea, MA 02150
- Built in 1900
- Separate systems for the units
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
$73,900
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
7.43%
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%
$1,478,000
$1.5M
Cap Rate 7%
$1,055,714
$1.1M
Cap Rate 9%
$821,111
$821.1K
Market Conditions
NOI Build-Up for 3,879 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
$111.7K $28.80/SF
− Vacancy
−$6.1K −$1.58/SF
EGI
$105.6K $27.22/SF
− OpEx
−$31.7K −$8.16/SF
NOI
$73.9K $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%
$1,478,000
Cap Rate 7%
$1,055,714
Cap Rate 9%
$821,111
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$923.8K – $1.23M
NOI $73,900 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$962.6K
$842.3K – $1.12M
NOI $67,383 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,745 @ 7.0% cap · market cap 16.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,037
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Three-family property includes an available third-floor unit and updated kitchen, living, and bath areas.
Where is this triplex located?
The property is located at 689 Broadway Chelsea, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Three‑family property at 689 Broadway, Chelsea, MA 02150; Built in 1900; Separate systems for the units
