Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    577-579 American Legion Hwy Boston, MA 02131

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $549,900

    Approved parcel for 9-unit development, shovel-ready for 2025 construction.

    Lot size:
    0.09 Acres

    Property Features for 577-579 American Legion Hwy

    General Information

    Lot size
    0.09 Acres

    We can help!

    Listing Contact
    Caroline Costello
    Source: Elliman

    Listing Agent: Caroline Costello

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Approved Development Parcel For Sale

    This approved parcel includes fully designed and approved plans for a 9-unit development. The development features 8 studio apartments above a commercial space. A permit will be delivered at closing, making the project shovel-ready with construction slated to begin in 2025. A proposal from a local contractor prepared to build the project is available should buyers be interested.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Boston
    County
    Suffolk
    State
    Massachusetts
    Longitude
    -71.1094571
    Latitude
    42.2872199

    Nearby Similar for Sale

    • $2,250,000
      4,101 SF

      New Multifamily Home in Dorchester

      Newly built 3-bed, 2.5-bath home in sought-after Dorchester neighborhood.
      43 Chickatawbut St, Boston, MA 02122
      View Details
    • New
      $1,325,000
      3,399 SF

      Two-Family Investment Property in Boston

      Rare two-family property with updated features and convenient location.
      87 Etna St, Boston, MA 02135
      View Details
    • New
      $2,400,000
      4,296 SF

      Roxbury Turnkey Investment Opportunity

      Six-unit multifamily property near Northeastern University and Longwood Medical Area.
      20-22 Rockville Park, Boston, MA 02119
      View Details
    • New
      $899,000
      3,108 SF

      Boston Two-Family Home on Corner Lot

      Remodeled two-family home with modern finishes and convenient location.
      57 Stratton St, Boston, MA 02124
      View Details
    • $650,000
      1,756 SF

      Mattapan Two-Family Home

      Two-family home near transportation, shopping, and recreation.
      10 Briarcliff Ter, Boston, MA 02126
      View Details
    • $1,530,000
      3,730 SF

      Modern Triplex in Dorchester Location

      New construction triplex near Red Line with income potential.
      61 Shepton St, Boston, MA 02124
      View Details
    • $1,999,000
      7,386 SF

      Multi-Family Investment Opportunity

      Multi-property investment with residential and commercial buildings in Boston.
      35 Heron St, Boston, MA 02132
      View Details
    • New
      $1,300,000
      2,148 SF

      Renovated Multi-Family in Roxbury

      Turnkey 3-family near Northeastern, Longwood, and South End.
      22 Rockville Park, Boston, MA 02119
      View Details
    • New
      $1,100,000
      2,148 SF

      Renovated Roxbury Three-Family Property

      Turnkey three-family in prime location, renovated in 2025.
      20 Rockville Park, Boston, MA 02119
      View Details
    • New
      $740,000
      2,734 SF

      Dorchester Two-Family with Renovation Potential

      Spacious two-family in Dorchester with renovation and value-add potential.
      19 Elmhurst St, Boston, MA 02124
      View Details
    • $1,710,000
      3,681 SF

      Triple Decker Near JFK/UMass

      Triple decker near JFK/UMass T Stop with updated features.
      5 Carson St, Boston, MA 02125
      View Details
    • $2,995,000
      5,400 SF

      Ocean View Multifamily in Boston

      Rare multifamily with ocean and city views in South Boston.
      933 E Broadway, Boston, MA 02127
      View Details

    FAQs

    What type of property is this?
    Land - Approved parcel for 9-unit development, shovel-ready for 2025 construction.
    Where is this land located?
    The property is located at 577-579 American Legion Hwy Boston, MA.
    What is the asking price?
    The asking price for this property is $549,900.
    What are key features of this property?
    This property features: - Approved plans for a 9-unit development (8 studios, 1 commercial space).; - Permit delivered at closing; **shovel-ready for construction.**; - Construction can begin in 2025.
    (508) 505-8749
    Request Owner's contact information
    577-579 American Legion Hwy Boston, MA 02131
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    577-579 American Legion Hwy
    Boston, MA 02131
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    577-579 American Legion Hwy Boston, MA 02131
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Caroline Costello
    (508) 505-8749
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.