Building Details

Year Built 1900

Buildings 1

Listing Agency: Boston Realty Advisors

Listed By: Daniel Alper · License #CN254381 Show Phone

Source: Benoitrealestate

Added: Jul 20 Changed: Oct 12 Last Checked: Oct 16 at 9:15AM

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Investment Insights

Based on property information with market context.

This three-family property contains two lower-level residences scheduled for vacancy at closing and an occupied top-floor apartment leased to a long-term Section 8 tenant. Each unit includes 2 full bathrooms and keyless entry. Building systems include central air in one apartment and a mini-split system in another. The vacant units can support immediate occupancy or conventional re-leasing, while the existing subsidized tenancy provides income already in place.

Located at 344 Bowdoin Street in Dorchester’s Meeting House Hill neighborhood, the property is positioned on an MBTA bus route and near Fields Corner Station on the Red Line. I-93 is readily accessible, with the Dorchester Food Co-op, Ronan Park, and local retail and dining nearby. The building has been very well maintained, and the adjacent property at 342 Bowdoin Street is also available for purchase.

Key Highlights

• Three‑family building with 4,317 square feet, built in 1900
• Two lower‑level units delivered vacant at closing
• Top‑floor unit occupied by a long‑term Section 8 tenant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$109,088

Cap Rate

8.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,181,760 $2.2M

Cap Rate 7%

$1,558,400 $1.6M

Cap Rate 9%

$1,212,089 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,317 SF

Gross rent

$163.2K $37.80/SF

− Vacancy

−$7.3K −$1.70/SF

EGI

$155.8K $36.10/SF

− OpEx

−$46.8K −$10.83/SF

NOI

$109.1K $25.27/SF

Area

Boston, MA

Vacancy

4.50%

Lease Rate

$37.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,181,760

Cap Rate 7%

$1,558,400

Cap Rate 9%

$1,212,089

Alternative Uses

Best Use

Multifamily LT 5

$1.56M

$1.36M – $1.82M (±1% cap)

NOI $109,088 @ 7.0% cap · market cap 8.73%

Second Best

Apartment 5plus

$1.45M

$1.27M – $1.69M (±1% cap)

NOI $101,415 @ 7.0% cap · market cap 8.11%

Theoretical Best

Office A

$3.23M

$2.83M – $3.77M (±1% cap)

NOI $226,280 @ 7.0% cap · market cap 18.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Skin Care Clinic Acupuncture Cafe & Coffee Shop Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

2,019

Businesses Nearby

Explore this area Business Placement

Demographics for 02122, MA

24,385

Population

10,039

Households

2.4

Avg Household Size

35

Median Age

38%

College-Educated

81%

High-School Grad

1.7 sq mi

ZIP Area

14,344

Density / Sq Mi

$82,945

Median Household Income

$53,897

Median Earnings

$2,052

Median Rent

$656,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Two apartments are vacant at closing, while the upper residence has an established Section 8 tenancy.

Where is this triplex located?

The property is located at 344 Bowdoin Street Boston, MA.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Three‑family building with 4,317 square feet, built in 1900; Two lower‑level units delivered vacant at closing; Top‑floor unit occupied by a long‑term Section 8 tenant