Mixed-Use Development Site in
For Sale
$2,799,000
2-8 Bowdoin Street, Boston, MA 02121
Approved 22-unit mixed-use development site in Four Corners/Fairmount corridor.
Property Size7,462 SF
Lot Size0.17 Acres
Price / SF$375.10
Days on Market207
Property Features for 2-8 Bowdoin Street
General Information
Standard status
Active
Size
7,462 SF
Lot size
0.17 Acres
Property subtype
Commercial
Building Details
Year Built
1910
Listing Agency:
Keller Williams Realty Boston-Metro | Back Bay
(617) 542-0012
Listed By:
Lindsey & Associates Realty Team
Source:
Stevebremis
Added: Jan 16
Changed: Aug 8
Last Checked: Aug 11 at 5:07AM
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 Keller Williams Realty Boston-Metro | Back Bay
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire a ZBA-approved 22-unit mixed-use development site at 2-8 Bowdoin Street, Dorchester, situated in the rapidly growing Four Corners/Fairmount corridor. The project is approved for approximately 33,452 square feet. Plans call for 22 residential rental units, including 4 affordable units, along with approximately 2,400 square feet of ground-floor retail/restaurant space. This transit-oriented development offers a strong opportunity for an investor or development partner to capitalize on a well-located site with significant entitlement progress already achieved. Situated on a prominent corner in a designated growth area, the project features zero-parking approval and benefits from strong visibility, neighborhood momentum, and municipal support. The property size is 7,462 square feet. This is a compelling development opportunity in one of Dorchester's evolving mixed-use corridors.
Key Highlights
- ZBA‑approved 22‑unit mixed‑use development site.
- Located in the rapidly growing Four Corners/Fairmount corridor.
- Approved for approximately 33,452 SF with plans for 22 residential units and 2,400 SF of retail/restaurant space.
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
$182,166
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
6.51%
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%
$3,643,320
$3.6M
Cap Rate 7%
$2,602,371
$2.6M
Cap Rate 9%
$2,024,067
$2.0M
Market Conditions
NOI Build-Up for 7,462 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
$313.4K $42.00/SF
− Vacancy
−$21.9K −$2.94/SF
EGI
$291.5K $39.06/SF
− OpEx
−$109.3K −$14.65/SF
NOI
$182.2K $24.41/SF
Area
Boston, MA
Vacancy
7.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,643,320
Cap Rate 7%
$2,602,371
Cap Rate 9%
$2,024,067
Alternative Uses
Best Use
Mixed Use
$2.60M
$2.28M – $3.04M
NOI $182,166 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $175,298 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$5.59M
$4.89M – $6.52M
NOI $391,128 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,623
Businesses Nearby
Explore this area
Business Placement
Demographics for 02121, MA
28,766
Population
11,384
Households
2.5
Avg Household Size
33
Median Age
21%
College-Educated
75%
High-School Grad
1.9 sq mi
ZIP Area
15,140
Density / Sq Mi
$38,565
Median Household Income
$33,700
Median Earnings
$1,316
Median Rent
$548,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Approved 22-unit mixed-use development site in Four Corners/Fairmount corridor.
Where is this mixed-use property located?
The property is located at 2-8 Bowdoin Street Boston, MA.
What is the asking price?
The asking price for this property is $2,799,000.
What are key features of this property?
This property features: ZBA‑approved 22‑unit mixed‑use development site.; Located in the rapidly growing Four Corners/Fairmount corridor.; Approved for approximately 33,452 SF with plans for **22 residential units** and **2,400 SF of retail/restaurant space.**
