Versatile Brookline Commercial
For Sale
$8,900,000
Pending
115 Dummer St, Brookline, MA 02446
Exceptional 18,000+ sq ft commercial property near BU.
Property Size18,699 SF
Days on Market155
Property Features for 115 Dummer St
General Information
Standard status
Pending
Size
18,699 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$83,757
Building Details
Year Built
1910
Listing Agency:
Coldwell Banker Realty - Newton
(617) 969-2447
Listed By:
Shari Sklar Jacobson
Source:
Corcoran
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty - Newton
Investment Insights
Based on property information with market context.
This versatile free-standing commercial property, totaling over 18,000 sq ft, is located near BU. The building features a flexible, open floor plan suitable for various commercial or creative uses. It includes over 10 on-site parking spaces, a fully equipped kitchen with a dedicated dining area, and 4 half baths. The property also offers separate entrances and a large drive-in studio space measuring 48' x 48'. Inside, there are multiple private offices, several conference rooms, and a reception area. Situated one block from Commonwealth Avenue, the property provides convenient access to public transportation, shops, and restaurants. It is also located near Fenway, Back Bay, I-90 (Mass Pike), and Storrow Drive. This property represents a commercial asset in Brookline.
Key Highlights
- Exceptional commercial development opportunity in a sought‑after Brookline location near BU.
- Expansive 18,000+ sq ft free‑standing building with a flexible, open floor plan.
- Benefit from 10+ on‑site parking spaces, a rare amenity in this area.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$593,327
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,866,540
$11.9M
Cap Rate 7%
$8,476,100
$8.5M
Cap Rate 9%
$6,592,522
$6.6M
Market Conditions
NOI Build-Up for 18,699 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.01M $54.24/SF
− Vacancy
−$223.1K −$11.93/SF
EGI
$791.1K $42.31/SF
− OpEx
−$197.8K −$10.58/SF
NOI
$593.3K $31.73/SF
Area
Middlesex County, MA
Vacancy
22.00%
Lease Rate
$54.24 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,866,540
Cap Rate 7%
$8,476,100
Cap Rate 9%
$6,592,522
Alternative Uses
Best Use
Office B
$8.48M
$7.42M – $9.89M
NOI $593,327 @ 7.0% cap · market cap 6.67%
Second Best
Industrial
$2.84M
$2.49M – $3.32M
NOI $198,900 @ 7.0% cap · market cap 2.23%
Theoretical Best
Office A
$11.07M
$9.69M – $12.91M
NOI $774,882 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,731
Businesses Nearby
Explore this area
Business Placement
Demographics for 02446, MA
31,957
Population
15,298
Households
2.1
Avg Household Size
34
Median Age
85%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
24,582
Density / Sq Mi
$127,519
Median Household Income
$73,950
Median Earnings
$2,757
Median Rent
$1,172,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Exceptional 18,000+ sq ft commercial property near BU.
Where is this office building located?
The property is located at 115 Dummer St Brookline, MA.
What is the asking price?
The asking price for this property is $8,900,000.
What are key features of this property?
This property features: Exceptional commercial development opportunity in a sought‑after Brookline location near BU.; Expansive 18,000+ sq ft free‑standing building with a flexible, open floor plan.; Benefit from 10+ on‑site parking spaces, a rare amenity in this area.
