Updated 3-Family with In-Law
92 Mill Street Lancaster, MA 01523
92 Mill Street, Lancaster, MA, 01523
$790,000
For Sale
$790,000
Three updated residential units plus an on-site barn, set on a nearly half-acre lot with 10 off-street parking spaces.
Property Size3,557 SF
Price / SF$222.10
Days on Market498
Property Features for 92 Mill Street
General Information
- Standard status
- Active
- Size
- 3,557 SF
- Property subtype
- Multi-family / 3 Family
Building Details
- Year Built
- 1900
Listing agency
Bridgemont Realty LLC
(617) 529-0751
Listed by
Ben Hicks · License #9531820
(617) 529-0751
Source
Compass
Added: Mar 11, 2025 Updated: Jul 21 at 7:56AM Checked: Jul 21 at 7:56AM
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 Bridgemont Realty LLC
Investment Insights
Based on property information with market context.
This updated 3-family property includes a total of three residential units, with Unit 1 configured as a 5-bedroom, 1.5-bath home for a single-family feel, and Units 2 and 3 each offering 2 bedrooms and 1 bath. The property also includes an in-law unit component and a large barn for additional space. Recent improvements include renovated kitchens and baths, a new roof, siding, windows, electrical upgrades, and newer heating systems and a hot water heater.
The home sits on a nearly half-acre lot with 10 off-street parking spaces and convenient access to shopping, dining, and major routes. Current gross income is reported at $99,000, generating $8,250 per month in rent with all tenants TAW, providing flexibility for future occupancy or adjustments. The barn adds further utility as additional space within the property.
The home sits on a nearly half-acre lot with 10 off-street parking spaces and convenient access to shopping, dining, and major routes. Current gross income is reported at $99,000, generating $8,250 per month in rent with all tenants TAW, providing flexibility for future occupancy or adjustments. The barn adds further utility as additional space within the property.
Key Highlights
- Updated 3‑family home with an on‑site in‑law unit and a large barn for additional space
- Nearly half‑acre level, cleared lot with an enclosed porch and rain gutters
- 10 off‑street parking spaces
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $70.4k | $19.80 |
| − Vacancy | −$1.7k | −$0.49 |
| EGI | $68.7k | $19.31 |
| − OpEx | −$20.6k | −$5.79 |
| NOI | $48.1k | $13.52 |
3,557 SF · lease $19.80/SF/yr · vacancy 2.47% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$686.9K
$601.0K – $801.4K
NOI $48,082 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$597.8K
$523.1K – $697.4K
NOI $41,844 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $85,027 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three updated residential units plus an on-site barn, set on a nearly half-acre lot with 10 off-street parking spaces.
Where is this triplex located?
The property is located at 92 Mill Street Lancaster, MA.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Updated 3‑family home with an on‑site in‑law unit and a large barn for additional space; Nearly half‑acre level, cleared lot with an enclosed porch and rain gutters; 10 off‑street parking spaces
