Chelsea, Massachusetts

🏙️ Mixed-Use Investment Featuring 16 Luxury Apartments + Retail Cannabis Tenant | Fully Renovated | 3 Miles from Downtown Boston | 5.8% Cap Rate

📊 Investment Highlights

• Asking Price: $10,415,000

• Cap Rate (Pro-Forma): 5.80%

• Net Operating Income (NOI): $603,433

• Total Building Size: 17,600 SF

• Total Units: 17 (16 Apartments + 1 Retail Suite)

• Lot Size: 8,600 SF

• Zoning: Enterprise Zone

• Year Built: 1930 | Gut-Renovated 2023

• Stories: 3

• Parking: 8 On-Site Spaces

• Utilities: Separately Metered Electric

• Construction: New Brick Addition + Full Gut Rehab of Existing Building

• Elevator: Yes

• Fire Protection: Fully Sprinklered

• Tenancy: Multi-Tenant (Residential + Retail)

• Retail Component:

  • Fully Leased Retail Cannabis Tenant

  • Two-Level Layout (Ground + Lower Storage/Assembly)

• Residential Unit Mix:

  • Large One-Bedroom Apartments

  • Premium Finishes: Stainless Appliances, Granite Countertops, Solid Wood Soft-Close Cabinets, Premium Vinyl Plank Flooring

  • In-Unit Electric Heat Pumps (High-Efficiency Heating & Cooling)

• Transit Access:

  • 0.5 Miles to Chelsea Station (Direct MBTA Access to North & South Station, Boston)

  • Bus Stop on Block

  • 3 Miles to Downtown Boston

  • 10-Minute Drive to Logan International Airport

• Enterprise Zone: Eligible for Local Incentives & Tax Benefits

🧾 Executive Summary

Broadway & Congress Avenue, Chelsea, MA — a fully redeveloped 17-unit mixed-use investment propertycombining luxury multifamily residences with a stabilized cannabis-licensed retail tenant in one of Greater Boston’s most dynamic submarkets.

Completed in 2023, this property represents a true transformation: a newly built brick addition paired with a gut-rehabilitated historic structure, creating a modern, elevator-served building designed for long-term value.

The residential component includes 16 large one-bedroom units, each featuring granite countertops, stainless-steel appliances, solid-wood soft-close cabinetry, and high-efficiency in-unit heat pumps for low-cost electric heating and cooling. Units are individually metered for electricity, minimizing landlord operating expenses.

The retail suite, located on the corner of Broadway and Congress Ave, is fully leased to a cannabis dispensaryoperating under one of the region’s rare retail cannabis licenses. This tenant occupies a two-level suite with a ground-floor retail showroom and lower-level storage/assembly area, offering dependable long-term cash flow and strong covenant strength within the growing Massachusetts cannabis retail market.

This transit-oriented property sits within half a mile of Chelsea Station, offering direct MBTA commuter rail service to Boston’s North and South Stations. Its proximity to Downtown Boston (3 miles) and Logan Airport (10 minutes)positions it as a strategic investment in a high-growth urban corridor experiencing rapid redevelopment.

🏢 Property Overview

• Property Type: Multifamily / Mixed-Use

• Subtype: Apartment Building with Retail

• Total Units: 17 (16 Residential + 1 Retail)

• Square Footage: 17,600 SF

• Stories: 3

• Year Built: 1930 | Renovated 2023

• Parking: 8 On-Site Spaces

• Zoning: Enterprise Zone

• Construction: Brick / Steel / Fully Sprinklered

• Elevator: Yes

• Utilities: Separately Metered Electric

• Heating/Cooling: In-Unit High-Efficiency Heat Pumps

• Retail Tenant: Licensed Cannabis Retailer (Two-Level Unit)

• Residential Finishes: Granite, Stainless Steel, Solid-Wood Cabinetry, Premium Vinyl Flooring

• Asking Price: $10,415,000

• Cap Rate: 5.8%

• NOI: $603,433

• Ownership: Fee Simple | 1031 Exchange Eligible

📍 Location Advantage

Positioned just 3 miles from Downtown Boston, 35–37 Broadway lies within a thriving live-work-play corridor that has seen significant redevelopment and rent growth over the past five years. The Enterprise Zone designation further enhances investor appeal by offering local economic incentives and potential tax advantages.

Chelsea’s proximity to major highways (US-1, I-93, and I-90), public transportation, and Logan International Airport makes it one of Greater Boston’s most accessible submarkets. With strong local dining, shopping, and connectivity, this location continues to attract young professionals and high-growth tenants seeking quality housing within reach of downtown.

Combining brand-new construction, rare cannabis-licensed retail income, and premium multifamily finishes, this offering represents a one-of-a-kind stabilized investment in the urban Boston metro area — perfect for institutional, family-office, or 1031 exchange investors seeking both yield and long-term appreciation.

Offered Exclusively by Licensed Agents / Brokers

Listing #5035