Two-Family Residential Income
For Sale
$900,000
97 Washington Avenue, Chelsea, MA 02150
Well-maintained two-family home with a finished two-level upper unit and partially finished basement.
Property Size2,016 SF
Price / SF$446.43
Days on Market182
Property Features for 97 Washington Avenue
General Information
Standard status
Active
Size
2,016 SF
Total Parking Spaces
5
Property subtype
Multi-family / 2 Family
Zoning
R3
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,885
Amenities
No
Vinyl, Hardwood, Wood
Range, Refrigerator
3.0
Partially Finished
Other(See Remarks), Living Room, Kitchen
2
1
2.50
3
Shingle
Other
Deck
Building Details
Year Built
1910
Year Renovated
2003
Listing Agency:
Re-yes Real Estate
Listed By:
Pablo E. Aguirre · License #9501397
(781) 780-3041
Source:
Compass
Added: Mar 7
Changed: Aug 8
Last Checked: Jul 21 at 3:20AM
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 Re-yes Real Estate
Investment Insights
Based on property information with market context.
This well-maintained two-family residential income property offers two separate living setups within one building. The first floor includes two bedrooms, a living room, a full bathroom, and an eat-in kitchen. The second unit spans two levels and features three bedrooms, an eat-in kitchen, office space, a living room, and an updated bathroom, with vinyl floors throughout. A partially finished basement adds additional flexibility, including a half bathroom, with potential for an ADU.
The property is centrally located near public transportation, including bus routes, the Silver Line, and train stations, with restaurants, shops, and convenience stores within walking distance.
Renovated in 2003, the home has been in the same family for more than 20 years and is now offered for sale to the next owner.
The property is centrally located near public transportation, including bus routes, the Silver Line, and train stations, with restaurants, shops, and convenience stores within walking distance.
Renovated in 2003, the home has been in the same family for more than 20 years and is now offered for sale to the next owner.
Key Highlights
- Two‑family home built in 1910, renovated in 2003, with vinyl and hardwood/wood flooring.
- First‑floor unit: 2 bedrooms, living room, full bathroom, and eat‑in kitchen.
- Second unit spans two levels with 3 bedrooms, eat‑in kitchen, office space, living room, updated bathroom, and vinyl floors.
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
$38,407
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
4.27%
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%
$768,140
$768.1K
Cap Rate 7%
$548,671
$548.7K
Cap Rate 9%
$426,744
$426.7K
Market Conditions
NOI Build-Up for 2,016 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
$58.1K $28.80/SF
− Vacancy
−$3.2K −$1.58/SF
EGI
$54.9K $27.22/SF
− OpEx
−$16.5K −$8.16/SF
NOI
$38.4K $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%
$768,140
Cap Rate 7%
$548,671
Cap Rate 9%
$426,744
Alternative Uses
Best Use
Multifamily LT 5
$548.7K
$480.1K – $640.1K
NOI $38,407 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$500.3K
$437.8K – $583.7K
NOI $35,020 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,543 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,165
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?
Duplex - Well-maintained two-family home with a finished two-level upper unit and partially finished basement.
Where is this duplex located?
The property is located at 97 Washington Avenue Chelsea, MA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Two‑family home built in 1910, renovated in 2003, with vinyl and hardwood/wood flooring.; First‑floor unit: 2 bedrooms, living room, full bathroom, and eat‑in kitchen.; Second unit spans two levels with 3 bedrooms, eat‑in kitchen, office space, living room, updated bathroom, and vinyl floors.
