Building Details

Year Built 1880

Listing Agency: Tony Pepdjonovic, Marcus & Millichap Real Estate Investment Services

Listed By: Nancy Hurley Show Phone

Source: Massneighborhoods

Added: Aug 14 Changed: Oct 16 Last Checked: Oct 16 at 8:53AM

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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 Tony Pepdjonovic, Marcus & Millichap Real Estate Investment Services

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Investment Insights

Based on property information with market context.

This two-family property contains two separate residential units arranged across three floors of living space. Built in 1880, the 1,914-square-foot home is equipped with gas heat and gas hot water. The property requires considerable updating and is being sold as-is, offering a renovation project for an investor, contractor, or owner seeking a residential income asset.

The home is located at 192 Lexington St in Boston’s East Boston area, with access to public transportation, major highways, Logan Airport, shopping, and dining. The existing two-unit configuration supports options that include renovating for rental use or occupying one unit while renting the other, as described in the property information.

Key Highlights

• Two separate residential units across three floors
• 1,914 square feet; built in 1880
• Gas heat and gas hot water

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$48,365

Cap Rate

6.67%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$967,300 $967.3K

Cap Rate 7%

$690,929 $690.9K

Cap Rate 9%

$537,389 $537.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,914 SF

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 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 (±1% cap)

NOI $48,365 @ 7.0% cap · market cap 6.67%

Second Best

Apartment 5plus

$642.3K

$562.1K – $749.4K (±1% cap)

NOI $44,964 @ 7.0% cap · market cap 6.20%

Theoretical Best

Office A

$1.43M

$1.25M – $1.67M (±1% cap)

NOI $100,324 @ 7.0% cap · market cap 13.84%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Acupuncture HVAC Service (Bike/Boat/Book/etc) Store Pet Grooming Service Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two separate units provide a flexible residential income configuration in East Boston.

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 $724,900.

What are key features of this property?

This property features: Two separate residential units across three floors; 1,914 square feet; built in 1880; Gas heat and gas hot water