Three-Unit Residential Income
For Sale
$859,000
86 Grove St, Chelsea, MA 02150
Well-maintained three-family with 2-bedroom units, eat-in kitchens, private decks, and recent updates to key systems.
Property Size2,343 SF
Price / SF$366.62
Days on Market99
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Property Features for 86 Grove St
General Information
Standard status
Active
Size
2,343 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
REMAX Andrew Realty Services
Listed By:
Guy Contaldi
(617) 201-0247
Source:
Gooddeedsrealtypartners
Added: Jul 9
Changed: Oct 13
Last Checked: Oct 7 at 3:40PM
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 REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
A well-maintained three-family residential income property offering three separate 2-bedroom units. Each unit features spacious living areas, eat-in kitchens, and private deck space. The property also provides access to the backyard, offering additional outdoor flexibility for occupants.
Set at the top of the hill in flourishing Bellingham Square in Chelsea, the home provides easy highway access and close proximity to the Chelsea Greenway. Commuting and day-to-day access are supported by nearby bus routes and the Silver Line, along with walking and bike paths.
Recent improvements include renovated bathrooms, a new furnace, and newer water heaters. With leases currently on a tenancy at will basis, the property may offer added flexibility for future ownership plans, including rental adjustments or the possibility of owner occupancy.
Set at the top of the hill in flourishing Bellingham Square in Chelsea, the home provides easy highway access and close proximity to the Chelsea Greenway. Commuting and day-to-day access are supported by nearby bus routes and the Silver Line, along with walking and bike paths.
Recent improvements include renovated bathrooms, a new furnace, and newer water heaters. With leases currently on a tenancy at will basis, the property may offer added flexibility for future ownership plans, including rental adjustments or the possibility of owner occupancy.
Key Highlights
- 3‑family property built in 1900 with three 2‑bedroom units
- Each unit includes an eat‑in kitchen, spacious living area, and private deck space
- Recent updates include renovated bathrooms, a new furnace, and newer water heaters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,637
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$892,740
$892.7K
Cap Rate 7%
$637,671
$637.7K
Cap Rate 9%
$495,967
$496.0K
Market Conditions
NOI Build-Up for 2,343 SF
Gross rent
$67.5K $28.80/SF
− Vacancy
−$3.7K −$1.58/SF
EGI
$63.8K $27.22/SF
− OpEx
−$19.1K −$8.16/SF
NOI
$44.6K $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 Rate 5%
$892,740
Cap Rate 7%
$637,671
Cap Rate 9%
$495,967
Alternative Uses
Best Use
Multifamily LT 5
$637.7K
$558.0K – $744.0K
NOI $44,637 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$581.4K
$508.8K – $678.4K
NOI $40,701 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,093 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,867
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
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained three-family with 2-bedroom units, eat-in kitchens, private decks, and recent updates to key systems.
Where is this triplex located?
The property is located at 86 Grove St Chelsea, MA.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: 3‑family property built in 1900 with three 2‑bedroom units; Each unit includes an eat‑in kitchen, spacious living area, and private deck space; Recent updates include renovated bathrooms, a new furnace, and newer water heaters
