BOSTON - Boston Realty Advisors, the largest Boston-based independent real estate brokerage firm, is exclusively representing the owners of the Chelsea Portfolio, a 12-unit apartment property in Chelsea, MA.
The portfolio, in a community that is growing an seeing an influx of new development, sparked in part by a direct MBTA transit connection to Downtown Boston, consists of four multifamily buildings within a half mile of each other.
The Chelsea Portfolio, owned by Second City Properties, LLC, includes four units at 200 Washington Ave., three units at 300 Spruce St., three units at 76 Clark Ave. and two at 115 Orange St.
“This is a well-located four-budling portfolio in an emerging market, Chelsea, on a quiet street,“ said Matt Ericson, Associate Analyst of Boston Realty Advisors. “These are well-kept bulidings that have value add. The owner has done a great job of keep up the properties, and they’re all within a five-minute walk of each other.“
The properties are available as a portfolio or individually. Boston Realty Advisors is conducting tours, with a call for offers to follow.
Like other municipalities that are neighbors of Boston, Chelsea has seen a rise in multifamily development, with more than 1,200 new units delivered in the past five years.New development in Chelsea includes Class A multifamily, retail and commercial projects. More than 2,700 units are planned within one mile of the four buildings of the Chelsea Portfolio.
This property offering constitutes an immediate opportunity to own a dozen value-add residences, as below-market rents offer new owners the potential for increased cash flows.
The demand for residences continues in the city in part because of its close proximity to major Boston, Cambridge, Somerville and other labor markets, as well as access not only to the MBTA’s relatively new Silver Line but also to other transit connections. These properties are all within 10 minutes of the Silver Line and less than a mile from a Newburyport/Rockport Commuter Rail station.
The 200 Washington Ave. property, built in 1900, is 4,502 square feet on .11 of an acre. The 300 Spruce St. building, also built in 1900, is 4,368 square feet on .11 acre. The 76 Clark Ave. building, from 1893, is 5,285 square feet on .1 acre. And the 115 Orange St. property, built in 1900, is 4,368 square feet on .11 acre.
BRA research shows that multifamily assets in Chelsea have increased in price by 15 percent over the last five years, and the rental market has jumped 27 percent during that period.