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Chelsea Street Mixed Use 154 Chelsea St 4,536 SF 100% Leased Retail Building East Boston, MA 02128 $2,300,000 ($507.05/SF)
Investment Highlights
- Rents ~13% Below Market
- Three Income Streams
- Workforce Renter Base
- The Mark Is Already Proven
- Two Miles from Downtown Boston
- Value Rents, Premium Access
Executive Summary
Northeast Private Client Group is pleased to present 152–154 Chelsea Street , a six-unit mixed-use building with an adjoining parking lot in, East Boston, two miles from downtown Boston.
The offering consists of (3) one-bedroom and (2) two-bedroom apartments over a street-level retail storefront, plus the on-site parking lot generating $4,800 per year of additional income. Tenants pay their own heat and electric, keeping the expense load light.
In-place residential rents run roughly 13% below market, and ownership’s own recent leasing proves the mark — one-bedrooms have already achieved $2,155 and two-bedrooms $2,895. Marking the remaining units to market lifts NOI from $128,958 to $151,881 and the cap rate from 5.61% to 6.60% on the $2,300,000 asking price.
East Boston is the city’s workforce-housing hub: 71% renter-occupied, anchored by Logan Airport’s ~20,000 jobs next door, the Encore casino across the creek, and downtown’s employment core two Blue Line stops from Maverick Square. Asking rents here still sit hundreds of dollars below Boston’s citywide average — durable demand at attainable rents, minutes from everything.
All interested and qualified parties will have the opportunity to obtain additional information upon request.
The offering consists of (3) one-bedroom and (2) two-bedroom apartments over a street-level retail storefront, plus the on-site parking lot generating $4,800 per year of additional income. Tenants pay their own heat and electric, keeping the expense load light.
In-place residential rents run roughly 13% below market, and ownership’s own recent leasing proves the mark — one-bedrooms have already achieved $2,155 and two-bedrooms $2,895. Marking the remaining units to market lifts NOI from $128,958 to $151,881 and the cap rate from 5.61% to 6.60% on the $2,300,000 asking price.
East Boston is the city’s workforce-housing hub: 71% renter-occupied, anchored by Logan Airport’s ~20,000 jobs next door, the Encore casino across the creek, and downtown’s employment core two Blue Line stops from Maverick Square. Asking rents here still sit hundreds of dollars below Boston’s citywide average — durable demand at attainable rents, minutes from everything.
All interested and qualified parties will have the opportunity to obtain additional information upon request.
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Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,536 SF
Building Class
B
Year Built/Renovated
1899/1965
Price
$2,300,000
Price Per SF
$507.05
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.49
Lot Size
0.07 AC
Zoning
RC
Frontage
55’ on Chelsea Street
Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,399,300 | |
| Land Assessment | $482,500 | Total Assessment | $1,881,800 |
Property Taxes
Parcel Numbers
Land Assessment
$482,500
Improvements Assessment
$1,399,300
Total Assessment
$1,881,800
Contacts
-
Anthony Rakauskas -
Francis Saenz -
Drew Kirkland -
James Casey -
Northeast Private Client Group
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