152-154 Chelsea Street
Mixed Use | 4,650 SqFt
Marketing description
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.
Investment highlights
- Rents ~13% Below Market — Gross scheduled rent marks from $169,452 to $194,200 (+15%), lifting NOI from $128,958 to $151,881 and the cap from 5.61% to 6.60% at the ask.
- The Mark Is Already Proven — Ownership has achieved $2,155 on one-bedrooms and $2,895 on two-bedrooms in-house — the pro forma repeats existing leases rather than projecting new ones.
- Three Income Streams — Five apartments, a street-level retail storefront, and $4,800/yr of income from the adjoining parking lot spread risk across the offering — a 6.16% cap on the trailing twelve.
- Two Miles from Downtown — The Financial District is one tunnel — or two Blue Line stops from Maverick — away; Logan's terminals are a five-minute drive.
- Workforce Renter Base — East Boston is 71% renter-occupied and staffs Logan (~20,000 jobs), the Encore resort, and downtown's service economy — deep, recession-resistant tenant demand.
- Value Rents, Premium Access — One-bedrooms here ask ~$450-500 below the Boston citywide average — the affordability gap that keeps metro vacancy the lowest of the 50 largest U.S. markets.
- Institutional Tailwind — Suffolk Downs (10,000 units) and Clippership Wharf are re-rating the neighborhood — this offering buys the same demand story at $383K/unit.
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