Two-Family Duplex with
For Sale
$929,000
1 Lesher Street, Boston, MA 02131
Two occupied units include a renovated first-floor layout and a duplex residence with value-add potential.
Property Size2,326 SF
Lot Size0.09 Acres
Price / SF$399.40
Days on Market140
Property Features for 1 Lesher Street
General Information
Standard status
Active
Size
2,326 SF
Total Parking Spaces
5
Lot size
0.09 Acres
Property subtype
Multi-family
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$77,700
Building Details
Year Built
1910
Listing Agency:
Efron Property Group,LLC
Listed By:
Prospect Boston Team
(617) 236-0711
Source:
Campionre
Added: Apr 13
Changed: Aug 29
Last Checked: May 19 at 9:05AM
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 Efron Property Group,LLC
Investment Insights
Based on property information with market context.
This two-family duplex at 1 Lesher Street includes approximately 2,326 SF of living area on a 3,999 SF lot. The first-floor unit was gut renovated before 2014 and offers three bedrooms and one bath. The upper residence spans the second and third floors with three bedrooms and two baths, creating a distinct duplex configuration with repositioning potential. The property was built in 1910.
Both units have long-term tenants in place, and tenants pay their own utilities. On-site parking includes a two-car garage and three tandem spaces. The property is near Roslindale Village, with access to shops, dining, and transit in the surrounding area.
Both units have long-term tenants in place, and tenants pay their own utilities. On-site parking includes a two-car garage and three tandem spaces. The property is near Roslindale Village, with access to shops, dining, and transit in the surrounding area.
Key Highlights
- Two‑family duplex with approximately 2,326 SF of living area
- Unit 1: 3 Bed / 1 Bath; gut renovated prior to 2014
- Unit 2 spans the 2nd and 3rd floors with 3 Bed / 2 Bath
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
$58,776
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
6.33%
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%
$1,175,520
$1.2M
Cap Rate 7%
$839,657
$839.7K
Cap Rate 9%
$653,067
$653.1K
Market Conditions
NOI Build-Up for 2,326 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
$87.9K $37.80/SF
− Vacancy
−$4.0K −$1.70/SF
EGI
$84.0K $36.10/SF
− OpEx
−$25.2K −$10.83/SF
NOI
$58.8K $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%
$1,175,520
Cap Rate 7%
$839,657
Cap Rate 9%
$653,067
Alternative Uses
Best Use
Multifamily LT 5
$839.7K
$734.7K – $979.6K
NOI $58,776 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$780.6K
$683.0K – $910.7K
NOI $54,642 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,920 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,318
Businesses Nearby
Explore this area
Business Placement
Demographics for 02131, MA
30,544
Population
13,264
Households
2.3
Avg Household Size
39
Median Age
52%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
10,909
Density / Sq Mi
$109,237
Median Household Income
$65,268
Median Earnings
$1,999
Median Rent
$634,200
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 - Two occupied units include a renovated first-floor layout and a duplex residence with value-add potential.
Where is this duplex located?
The property is located at 1 Lesher Street Boston, MA.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: Two‑family duplex with approximately 2,326 SF of living area; Unit 1: 3 Bed / 1 Bath; gut renovated prior to 2014; Unit 2 spans the 2nd and 3rd floors with 3 Bed / 2 Bath
