Two-Unit Duplex
New
For Sale
$1,450,000
15 Grant Street, Lexington, MA 02420
RS-zoned duplex with separate interior access, off-street parking, and updated kitchen appliances.
Property Size2,400 SF
Price / SF$604.17
Days on Market4
Property Features for 15 Grant Street
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
RS
Net Operating Income
$76,080
Taxes and HOA fees
Annual Taxes
$10,870
Amenities
Pool
Ceiling Fan(s)
Natural Gas, Hot Water, Oil, Zoned
Full, Interior Entry, Concrete
Dishwasher, Microwave, ENERGY STAR Qualified Refrigerator, Cooktop, Oven, Disposal, Refrigerator
Walk-In Closet(s), Pantry, Ceiling Fan(s)
Stone
Paved, Off Street
Rain Gutters, Garden
Building Details
Building Size
2,400 SF
Year Built
1920
Stories
3
Listing Agency:
(781) 962-0344
Listed By:
Amie Pettengill
(781) 962-0344
Source:
Evrealestate
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 8:13AM
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 Amie Pettengill
Investment Insights
Based on property information with market context.
This 2,400-square-foot duplex, built in 1920, offers two residential units with practical interior features including walk-in closets, pantry storage, ceiling fans, and full concrete lower-level space with interior entry. Kitchens include a dishwasher, microwave, ENERGY STAR Qualified Refrigerator, cooktop, oven, and disposal. Heating and utility features include natural gas, hot water, oil, and zoned systems.
The property at 15 Grant Street in Lexington, Massachusetts, has a stone exterior, paved off-street parking, rain gutters, and garden areas. RS zoning supports the property’s residential setting, while the two-unit configuration provides a defined multifamily layout.
The property at 15 Grant Street in Lexington, Massachusetts, has a stone exterior, paved off-street parking, rain gutters, and garden areas. RS zoning supports the property’s residential setting, while the two-unit configuration provides a defined multifamily layout.
Key Highlights
- 2,400‑square‑foot duplex with two residential units
- Built in 1920 with RS zoning
- Full concrete lower level with interior entry
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
$50,785
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
3.50%
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%
$1,015,700
$1.0M
Cap Rate 7%
$725,500
$725.5K
Cap Rate 9%
$564,278
$564.3K
Market Conditions
NOI Build-Up for 2,400 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
$76.3K $31.80/SF
− Vacancy
−$3.8K −$1.57/SF
EGI
$72.5K $30.23/SF
− OpEx
−$21.8K −$9.07/SF
NOI
$50.8K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,015,700
Cap Rate 7%
$725,500
Cap Rate 9%
$564,278
Alternative Uses
Best Use
Multifamily LT 5
$725.5K
$634.8K – $846.4K
NOI $50,785 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$682.2K
$596.9K – $795.9K
NOI $47,752 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,455 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,481
Businesses Nearby
Explore this area
Business Placement
Demographics for 02420, MA
15,502
Population
5,759
Households
2.7
Avg Household Size
45
Median Age
85%
College-Educated
98%
High-School Grad
7.0 sq mi
ZIP Area
2,215
Density / Sq Mi
$233,068
Median Household Income
$124,695
Median Earnings
$2,771
Median Rent
$1,148,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - RS-zoned duplex with separate interior access, off-street parking, and updated kitchen appliances.
Where is this duplex located?
The property is located at 15 Grant Street Lexington, MA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 2,400‑square‑foot duplex with two residential units; Built in 1920 with RS zoning; Full concrete lower level with interior entry
