Duplex Property with Gas
For Sale
$774,900
192 Lexington St, Boston, MA 02128
Residential Income, Boston, MA
Property Size1,914 SF
Lot Size0.03 Acres
Price / SF$404.86
Days on Market20
Property Features for 192 Lexington St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Directions
East Eagle to 192 Lexington Street
Standard status
Active
APN
W:01 P:03043 S:000,1333528
Size
1,914 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7776
Building Details
Year built
1880
Floors in Building
3
Number of units
2
Listing Agency:
Keller Williams Realty
(508) 238-5000
Listed By:
Scott Morris
(508) 238-5000
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 31 at 2:06AM
MLS# 73562684
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family property contains two separate units arranged across three floors, with 1,914 square feet of living area. Gas heat and gas hot water serve the home. Built in 1880, the property sits on a 0.025-acre lot and is being sold as-is; substantial updating is required.
The property is located in East Boston within Boston’s 02128 ZIP code, with access to public transportation, major highways, Logan Airport, shopping, and dining. R2 zoning supports its residential classification. The existing two-unit layout provides a defined structure for renovation, modernization, or continued residential use.
The property is located in East Boston within Boston’s 02128 ZIP code, with access to public transportation, major highways, Logan Airport, shopping, and dining. R2 zoning supports its residential classification. The existing two-unit layout provides a defined structure for renovation, modernization, or continued residential use.
Key Highlights
- Two separate residential units across three floors
- 1,914 square feet of property size
- 0.025‑acre lot in East Boston
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
$48,365
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
6.24%
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%
$967,300
$967.3K
Cap Rate 7%
$690,929
$690.9K
Cap Rate 9%
$537,389
$537.4K
Market Conditions
NOI Build-Up for 1,914 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
$72.3K $37.80/SF
− Vacancy
−$3.3K −$1.70/SF
EGI
$69.1K $36.10/SF
− OpEx
−$20.7K −$10.83/SF
NOI
$48.4K $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%
$967,300
Cap Rate 7%
$690,929
Cap Rate 9%
$537,389
Alternative Uses
Best Use
Multifamily LT 5
$690.9K
$604.6K – $806.1K
NOI $48,365 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$642.3K
$562.1K – $749.4K
NOI $44,964 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,324 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 02128, MA
43,066
Population
19,124
Households
2.3
Avg Household Size
33
Median Age
38%
College-Educated
77%
High-School Grad
5.0 sq mi
ZIP Area
8,613
Density / Sq Mi
$92,079
Median Household Income
$48,549
Median Earnings
$2,009
Median Rent
$680,000
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?
Duplex - Separate residences extend across three floors and use gas heat and gas hot water.
Where is this duplex located?
The property is located at 192 Lexington St Boston, MA.
What is the asking price?
The asking price for this property is $774,900.
What are key features of this property?
This property features: Two separate residential units across three floors; 1,914 square feet of property size; 0.025‑acre lot in East Boston
