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Multifamily

Louis Street Apartments

31-47 Louis St, Chelsea, MA 02150

Listing Price: $10,475,000

Cap Rate
4.76%
Number of Units
27
Price/Unit
$387,963
Price/Gross SF
$333.67
Gross SF
31,393

Investment Overview

The Louis Street Apartments offer the rare opportunity to own a full city block (290 feet long) of residential property in Chelsea, MA – a fast growing, dynamic city just minutes from downtown Boston. The property is 100 yards from the water’s edge of the Chelsea Creek, which connects to Boston Harbor – providing unobstructed views of the water and a panorama of Chelsea, East Boston, Logan Airport, South Boston, downtown Boston, and Charlestown. 27 apartment units produce exceptionally reliable cash flow. 70% of the tenants receive substantial rent subsidies. As a result, 65% percent of the property’s total rent roll is paid directly by housing agencies. Over the last 15 years the average turnover was less than 2 tenants per year. 1/3 of the 27 tenants have lived there for 10 years or more. Vacancies are backfilled immediately from a waiting list.

Investment Highlights

  • 6 Buildings | 27 Apartment Units
  • Rare One City Block | 0.57 Acres
  • Off-Street Parking for 22 Vehicles

Exclusively Listed By

Multifamily

Louis Street Apartments

Listing Price: $10,475,000

Cap Rate
4.76%
Number of Units
27
Price/Unit
$387,963
Price/Gross SF
$333.67
Gross SF
31,393

Investment Highlights

  • 6 Buildings | 27 Apartment Units
  • Rare One City Block | 0.57 Acres
  • Off-Street Parking for 22 Vehicles

Investment Overview

The Louis Street Apartments offer the rare opportunity to own a full city block (290 feet long) of residential property in Chelsea, MA – a fast growing, dynamic city just minutes from downtown Boston. The property is 100 yards from the water’s edge of the Chelsea Creek, which connects to Boston Harbor – providing unobstructed views of the water and a panorama of Chelsea, East Boston, Logan Airport, South Boston, downtown Boston, and Charlestown. 27 apartment units produce exceptionally reliable cash flow. 70% of the tenants receive substantial rent subsidies. As a result, 65% percent of the property’s total rent roll is paid directly by housing agencies. Over the last 15 years the average turnover was less than 2 tenants per year. 1/3 of the 27 tenants have lived there for 10 years or more. Vacancies are backfilled immediately from a waiting list.

Exclusively Listed By

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