Brookline Commercial Development
For Sale
$8,900,000
Pending
115 Dummer St, Brookline, MA 02446
Versatile 18,000+ sq ft commercial property near BU.
Property Size18,699 SF
Days on Market110
Property Features for 115 Dummer St
General Information
Standard status
Pending
Size
18,699 SF
Property subtype
Commercial
Zoning
G20, Legal Conforming
Taxes and HOA fees
Annual Taxes
$83,757
Building Details
Building Size
18,699 SF
Year Built
1910
Listing Agency:
Coldwell Banker Realty - Newton
(617) 512-5169
Listed By:
Shari Sklar Jacobson
(617) 512-5169
Source:
Liongatere
Added: Apr 25
Changed: Aug 8
Last Checked: Aug 3 at 3:00AM
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 free-standing commercial property in Brookline offers over 18,000 square feet of space. The building is situated near Boston University and features a flexible, open floor plan suitable for various commercial or creative uses. The property includes more than 10 on-site parking spaces, a fully equipped kitchen with a dedicated dining area, and a large drive-in studio space measuring 48' x 48'. It also contains multiple private offices, several conference rooms, and a reception area. The property has 4 half baths and separate entrances. Located one block from Commonwealth Avenue, the property provides convenient access to public transportation, shops, and restaurants. It is also in close proximity to Fenway, Back Bay, I-90 (Mass Pike), and Storrow Drive.
Key Highlights
- Exceptional commercial development opportunity in a sought‑after Brookline location near BU.
- Expansive 18,000+ sq ft free‑standing building with flexible floor plan.
- 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
$571,147
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
6.42%
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%
$11,422,940
$11.4M
Cap Rate 7%
$8,159,243
$8.2M
Cap Rate 9%
$6,346,078
$6.3M
Market Conditions
NOI Build-Up for 18,000 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
$976.3K $54.24/SF
− Vacancy
−$214.8K −$11.93/SF
EGI
$761.5K $42.31/SF
− OpEx
−$190.4K −$10.58/SF
NOI
$571.1K $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%
$11,422,940
Cap Rate 7%
$8,159,243
Cap Rate 9%
$6,346,078
Alternative Uses
Best Use
Office B
$8.16M
$7.14M – $9.52M
NOI $571,147 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.66M
$9.32M – $12.43M
NOI $745,915 @ 7.0% cap · market cap 8.38%
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 - Versatile 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 flexible floor plan.; 10+ on‑site parking spaces**, a rare amenity in this area.
