Three-Unit Triplex with Private
For Sale
$859,000
Pending
86 Grove St, Chelsea, MA 02150
Residential Income, Chelsea, MA
Property Size2,343 SF
Lot Size0.04 Acres
Days on Market47
Property Features for 86 Grove St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 3
Directions
Bellinham to Grove
Standard status
Pending
APN
M:0030 B:0000 L:0064,1287273
Size
2,343 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7676
Amenities
private deck space
backyard
eat-in kitchens
Building Details
Year built
1900
Floors in Building
5
Number of units
3
Listing Agency:
REMAX Andrew Realty Services · RE/MAX International
(781) 395-7676
Listed By:
John Veneziano
(781) 395-7676
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 22 at 6:06AM
MLS# 73545892
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Three-unit triplex located at 86 Grove St in Chelsea, MA, built in 1900. The property sits on a 0.0402-acre lot and totals 2,343 square feet. Each of the three units features two bedrooms, a spacious living area, an eat-in kitchen, and private deck space, with access to the backyard.
Zoned R3, the home is described as being at the top of the hill in Bellingham Square, with easy highway access and proximity to the Chelsea Greenway. Commuting and everyday access are supported by nearby bus routes, the Silver Line, and walking and bike paths.
Recent updates include renovated bathrooms, a new furnace, and newer water heaters. The leases are currently described as tenancy at will, which may offer flexibility for future ownership plans, including potential owner occupancy or rental adjustments.
Zoned R3, the home is described as being at the top of the hill in Bellingham Square, with easy highway access and proximity to the Chelsea Greenway. Commuting and everyday access are supported by nearby bus routes, the Silver Line, and walking and bike paths.
Recent updates include renovated bathrooms, a new furnace, and newer water heaters. The leases are currently described as tenancy at will, which may offer flexibility for future ownership plans, including potential owner occupancy or rental adjustments.
Key Highlights
- R3 zoning for a 3‑unit triplex totaling 2,343 SF
- 0.0402‑acre lot with backyard access
- Built in 1900
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
$44,637
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
5.20%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - R3-zoned three-unit triplex with updated systems, each unit offering two bedrooms, eat-in kitchen, and private deck space.
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: R3 zoning for a 3‑unit triplex totaling 2,343 SF; 0.0402‑acre lot with backyard access; Built in 1900
