Victorian Triplex with Private
New
For Sale
$1,150,000
128 Lexington St, Boston, MA 02128
Fully occupied three-family property with separate utilities, period woodwork, and walkable access to transit, dining, schools, and shopping.
Property Size2,348 SF
Price / SF$489.78
Days on Market2
Property Features for 128 Lexington St
General Information
Standard status
Active
Size
2,348 SF
Property subtype
Residential Income
Zoning
R3
Occupancy
100%
Net Operating Income
$71,400
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,567
Amenities
walkout basement
patio
Building Details
Building Size
2,348 SF
Year Built
1850
Buildings
1
Construction
Victorian
Listing Agency:
United Brokers
Listed By:
Bettina Oliva · License #9042356
(617) 816-5229
Source:
413realestate
Added: Sep 9
Last Checked: Sep 10 at 5:19AM
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 United Brokers
Investment Insights
Based on property information with market context.
This Victorian triplex at 128 Lexington St features 2,348 square feet of living space, three family units, high ceilings, hardwood floors with decorative inlaid borders, and marble mantels. A private patio adds outdoor space, while the functional walkout basement provides additional storage or adaptable area. The property is fully occupied and has separate utilities for each unit. H/W heaters were installed in 2023, with a new heating system identified for 2026.
The home is across from Angela's Cafe and within walking distance of Rhino's Restaurant, the Blue line T-Station, bus stops, schools, shopping, and Bremen Park. Its R3 zoning and 1850 construction date add useful context for evaluating this East Boston residential income property.
The home is across from Angela's Cafe and within walking distance of Rhino's Restaurant, the Blue line T-Station, bus stops, schools, shopping, and Bremen Park. Its R3 zoning and 1850 construction date add useful context for evaluating this East Boston residential income property.
Key Highlights
- 2,348‑square‑foot Victorian triplex built in 1850
- Three‑family property with all units fully occupied
- R3 zoning and separate utilities for each unit
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
$59,332
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
5.16%
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%
$1,186,640
$1.2M
Cap Rate 7%
$847,600
$847.6K
Cap Rate 9%
$659,244
$659.2K
Market Conditions
NOI Build-Up for 2,348 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
$88.8K $37.80/SF
− Vacancy
−$4.0K −$1.70/SF
EGI
$84.8K $36.10/SF
− OpEx
−$25.4K −$10.83/SF
NOI
$59.3K $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%
$1,186,640
Cap Rate 7%
$847,600
Cap Rate 9%
$659,244
Alternative Uses
Best Use
Multifamily LT 5
$847.6K
$741.7K – $988.9K
NOI $59,332 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$788.0K
$689.5K – $919.3K
NOI $55,159 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,073 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,553
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied three-family property with separate utilities, period woodwork, and walkable access to transit, dining, schools, and shopping.
Where is this triplex located?
The property is located at 128 Lexington St Boston, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 2,348‑square‑foot Victorian triplex built in 1850; Three‑family property with all units fully occupied; R3 zoning and separate utilities for each unit
