Three-Unit Multifamily
For Sale
$1,250,000
344 Bowdoin Street, Boston, MA 02122
Two apartments are vacant at closing, while the upper residence has an established Section 8 tenancy.
Property Size4,317 SF
Days on Market8
Property Features for 344 Bowdoin Street
General Information
Standard status
Active
Size
4,317 SF
Property subtype
3 Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,863
Amenities
keyless door entry
central air
mini-split system
Building Details
Building Size
4,317 SF
Year Built
1900
Buildings
1
Listing Agency:
Boston Realty Advisors
Listed By:
Daniel Alper · License #CN254381
(617) 768-7333
Source:
Downtownbostonrealty
Added: Aug 26
Changed: Aug 31
Last Checked: Sep 1 at 10:33PM
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 Boston Realty Advisors
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.
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 = 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
$109,088
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
8.73%
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%
$2,181,760
$2.2M
Cap Rate 7%
$1,558,400
$1.6M
Cap Rate 9%
$1,212,089
$1.2M
Market Conditions
NOI Build-Up for 4,317 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
$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 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%
$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
NOI $109,088 @ 7.0% cap · market cap 8.73%
Second Best
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,415 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,280 @ 7.0% cap · market cap 18.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
