Investment Analysis — 38-38A Browning Ave

Major Dorchester asset coming to market. A three-family: 3,505 SF above grade across three 3BR/1BA units, plus an 888.6 SF finished lower level with a full bath. NEW HEATING SYSTEMS. Tenants pay gas, heat, and electric; owner pays water and sewer only. All three tenancies are TENANT AT WILL — NO LEASES IN PLACE.Unit 1 at $2,700. Unit 2 owner-occupied and available at closing ($3,000–$3,200 potential). Unit 3 at $3,000 (potential $3,200). Collected today: $5,700/mo. Market-rate potential: $9,600/mo — $115,200/yr, roughly $46,800 of annual upside. ~7% cap at market rents; ~7.6% at historical rents of $3,400/unit.ADU POTENTIAL: Boston's expanded ADU allowances plus up to $50,000 in City grant dollars put a fourth income stream on the table. Buyer to verify feasibility.LOCATION: A quiet residential side street between Blue Hill Avenue and Harvard Street. One block to the Blue Hill Ave corridor, where the City and MBTA are installing center-running dedicated bus lanes and rebuilt stations. Roughly a quarter mile to Talbot Ave station on the Fairmount Line — commuter rail to South Station. Harambee Park, Franklin Field, and Franklin Park's 527 acres are all close by, with groceries, pharmacy, the Codman Square Health Center, and the Codman Square BPL branch nearby. OWNER-OCCUPANT BUYERS: ONE+ Boston offers 3% down on a three-family with a discounted interest rate and no PMI for eligible first-time buyers. FHA is 3.5% down on buildings up to four units, and NACA is zero down with zero closing costs. All can be paired with down payment assistance and a rate buy-down. Income limits and eligibility apply. Ask the listing agent — we do this every day. Buyer & broker package with rent roll, pro forma, and CMA on request. Join us for the Open House on Friday, September 18th, 2026, from 11:00 PM–12:00 PM