Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Approved Condo Development Site Title is generated by Realmo AI

    231-245 Grove St, Boston, MA 02132

    View on Map
    Claim this Listing
    For Sale
    $3,695,000

    Fully approved 33-unit luxury condo development site in West Roxbury.

    Type:Land or Vacant Lot
    Property size:
    32,856 SF
    Lot size:
    0.31 Acres
    Price / SF:
    $112/SF
    Added:
    Sep 8, 2025
    Days on Market:
    270
    Last Refresh:
    Apr 5 at 9:29 pm

    Property Features for 231-245 Grove St

    General Information

    Standard status
    Active
    Size
    32,856 SF
    Lot size
    0.31 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    Michael Doherty

    Listing agent Michael Doherty

    Listing office Citylife Real Estate

    Listing date Sep 8, 2025

    Source Corcoran

    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 Citylife Real Estate

    HighLights

    • Fully approved 33‑unit luxury condo development site in West Roxbury.
    • Shovel‑ready project with approvals, plans, and permit ready.
    • Includes 30 residential condos (16 two‑bedroom, 14 one‑bedroom with 5 affordable units) and 3 street‑level retail spaces.
    • Features 30 garage parking spaces.
    • Located in a high‑demand, low‑supply West Roxbury condo market with easy access to Commuter Rail, Rt. 128/95, Legacy Place, and Longwood Medical area.
    • Amenities include a fitness room, owners lounge, dog walking path, bike storage, and a large common deck.

    Overview

    This is an opportunity to acquire a fully approved 33-unit luxury condo development site located at 231-245 Grove St. in West Roxbury. The project, fully approved by Boston BPDA, is for a 5-story mixed-use building. It includes 30 residential condos and 3 street-level retail spaces, along with 30 garage parking spaces. Current approvals are for 16 two-bedroom units and 14 one-bedroom units, with 5 affordable units included. The total residential square footage is 32,856 SF. The project is shovel-ready, with approvals and plans in hand and permit-ready. The combined sites total 13,486 SF and feature existing vacant 1-story buildings. The West Roxbury condo market has strong demand and limited supply. The area is an ideal commuter location with easy access to Commuter Rail, Rt. 128/95, Legacy Place, and Longwood Medical area. The building, designed by a noted architect, features a fitness room, owners lounge, dog walking path, bike storage, a large common deck, and garage parking.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Boston
    County
    Suffolk
    State
    Massachusetts
    Longitude
    -71.1574
    Latitude
    42.2617

    Nearby Similar for Sale

    • $2,150,000
      3,810 SF

      Three-Unit Residential Investment

      Three-unit Boston property positioned for strong rental demand with convenient public transit access.
      19 Claymoss Rd, Boston, MA 02135
      View Details
    • $2,400,000
      4,300 SF

      Renovated Multifamily Near Stony Brook

      Immaculate, renovated 6-unit building near Stony Brook Orange Line.
      39-41 W Walnut Park, Boston, MA 02119
      View Details
    • $1,190,000
      2,763 SF

      Renovated Triple Decker Triplex

      Recently renovated triplex with three units, including one vacant unit, offering a refreshed mix of 2- and 3-bedroom layouts.
      81 Ellington St, Boston, MA 02121
      View Details
    • $1,790,000
      3,381 SF

      Multifamily Property in Mission Hill

      Well-maintained multifamily near public transport, hospitals, and universities.
      12 Schiller St, Boston, MA 02130
      View Details
    • $2,200,000

      Boston Retail Condominium For Sale

      Street-level retail condominium in Boston's South End.
      485-495 Harrison Ave 101, Boston, MA 02118
      View Details
    • $1,350,000
      3,707 SF

      Remodeled Three-Family Home in Boston

      Remodeled three-family home in East Boston with income potential.
      64 Bremen Street, Boston, MA 02128
      View Details
    • $2,900,000
      3,647 SF

      Two-Family Brownstone with Original Details

      Two-family brownstone in Boston with original period details.
      155 W Concord, Boston, MA 02118
      View Details
    • $2,795,000
      5,476 SF

      Brighton Multifamily Investment Opportunity

      Six-family property in prime Brighton location with strong rental potential.
      65-67 Surrey, Boston, MA 02135
      View Details
    • $2,500,000
      5,345 SF

      Multifamily Property Near Green Line

      Multifamily property with upside potential near Boston's Green Line.
      588-590 Cambridge St, Boston, MA 02134
      View Details
    • $1,579,000
      1,839 SF

      Renovated Multi-Family Brick Building

      Turn-key, renovated 3-family building near public transportation and universities.
      23 Warwick St, Boston, MA 02120
      View Details
    • $750,000
      2,446 SF

      Move-In Ready Duplex with Patio

      Two move-in ready units offer strong owner-occupant or investor flexibility, plus off-street parking and a private patio.
      951 Canterbury St, Boston, MA 02131
      View Details
    • $995,000
      3,543 SF

      Dorchester Triplex in Ashmont Hill

      Spacious three-unit property in desirable Ashmont Hill neighborhood.
      64 Fuller Street, Boston, MA 02124
      View Details

    FAQs

    What type of property is this?
    Commercial land - Fully approved 33-unit luxury condo development site in West Roxbury.
    Where is this commercial land located?
    The property is located at 231-245 Grove St Boston, MA.
    What is the asking price?
    The asking price for this property is $3,695,000.
    What are key features of this property?
    This property features: Fully approved 33‑unit luxury condo development site in West Roxbury.; Shovel‑ready project with approvals, plans, and permit ready.; Includes 30 residential condos (16 two‑bedroom, 14 one‑bedroom with 5 affordable units) and 3 street‑level retail spaces.
    (781) 888-2101
    We can help!
    Listing Contact
    Michael Doherty
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    231-245 Grove St, Boston, MA 02132
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!