Multifamily

Winnisimmet Properties

102, 106, and 203 Winnisimmet Street, Chelsea, MA 02150

Listing Price: $3,975,000

Cap Rate
5.70%
Number of Units
17
Occupancy
100.0%
Price/Unit
$233,824
Price/Gross SF
$228.76
Gross SF
17,376

Investment Overview

We are pleased to offer for sale the fee simple interest in two brick properties located in the heart of downtown Chelsea with immediate access to essential services, shopping and walking distance to multiple public transportation options to downtown Boston, Logan airport, and surrounding communities. There are fifteen residential and two retail units.  Fourteen of the fifteen residential units are covered by project-based Section 8 HAP contracts thru May 2032 and September 2033. The contracts subsidize up to 100% of the contract rents and provide automatic annual rent increases.  Waiting list ensures full occupancy. The two long-term stable retail tenants are essential community services.   These are very well-maintained properties, owned for nearly 40 years by the same Chelsea-based company that gut-renovated them in the 80's.  A new rubber roof was installed on one building in 2020. Other updates include boilers, plumbing, and electrical. Tenants pay for separately metered utilities. Landlord pays for water/sewer only. Longer term opportunity to convert to market rental properties or perform condo conversion in this excellent, continually gentrifying neighborhood.

Investment Highlights

  • Two brick buildings with 15 Residential and 2 Retail Units. HUD HAP Contracts subsidize 93% of the residential rent with consistent annual OCAF rent increases. Persistent waiting list for units.
  • Transit oriented, amenity rich location, blocks from the water and at the doorstep of downtown Boston. Walking distance to Commuter Rail and multiple bus stops
  • Longer term play to condo conversion with continued gentrification in the neighborhood

Exclusively Listed By

Listing Price: $3,975,000

Cap Rate
5.70%
Number of Units
17
Occupancy
100.0%
Price/Unit
$233,824
Price/Gross SF
$228.76
Gross SF
17,376

Investment Highlights

  • Two brick buildings with 15 Residential and 2 Retail Units. HUD HAP Contracts subsidize 93% of the residential rent with consistent annual OCAF rent increases. Persistent waiting list for units.
  • Transit oriented, amenity rich location, blocks from the water and at the doorstep of downtown Boston. Walking distance to Commuter Rail and multiple bus stops
  • Longer term play to condo conversion with continued gentrification in the neighborhood

Investment Overview

We are pleased to offer for sale the fee simple interest in two brick properties located in the heart of downtown Chelsea with immediate access to essential services, shopping and walking distance to multiple public transportation options to downtown Boston, Logan airport, and surrounding communities. There are fifteen residential and two retail units.  Fourteen of the fifteen residential units are covered by project-based Section 8 HAP contracts thru May 2032 and September 2033. The contracts subsidize up to 100% of the contract rents and provide automatic annual rent increases.  Waiting list ensures full occupancy. The two long-term stable retail tenants are essential community services.   These are very well-maintained properties, owned for nearly 40 years by the same Chelsea-based company that gut-renovated them in the 80's.  A new rubber roof was installed on one building in 2020. Other updates include boilers, plumbing, and electrical. Tenants pay for separately metered utilities. Landlord pays for water/sewer only. Longer term opportunity to convert to market rental properties or perform condo conversion in this excellent, continually gentrifying neighborhood.

Exclusively Listed By

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