Updated Jan 3, 2025
Development Site Sold For $20 Million In Chelsea Massachusetts With Nicholas Daher As The Broker
284 Eastern Avenue & 284r Eastern Avenue
$20,000,000
$62/SF
Building Size
160,925 SF
Asset Type
Development Site
Closing
Dec 17, 2024
About this deal
AI
This development site, located at 284 Eastern Avenue & 284r Eastern Avenue in Chelsea, MA, was sold for $20,000,000. The asset encompasses a total of 160,925 square feet and is situated on a 3.7-acre industrial zoned parcel. The price per square foot is noted at $124.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Square Footage: 160,925 SF
- Address: 284 Eastern Avenue & 284r Eastern Avenue
- Market: Chelsea, MA
- Broker: Nicholas Daher - Broad Sound Real Estate
The parcel was purchased with plans for development into a Battery Energy Storage Site, marking it as one of the first of its kind in the Commonwealth of Massachusetts. This strategic acquisition highlights the intention to advance energy storage solutions in the area.
On the Map
$20,000,000
$62/SF
Development Site
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Chelsea Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93