Three-Story Duplex
For Sale
$774,900
192 Lexington St, Boston, MA 02128
Two separate units provide a flexible residential income configuration in East Boston.
Property Size1,914 SF
Price / SF$404.86
Days on Market20
Property Features for 192 Lexington St
General Information
Standard status
Active
Size
1,914 SF
Property subtype
Multi-Family
Building Details
Year Built
1880
Listing Agency:
Robert Chestnut, Keller Williams Realty
(781) 214-0902
Listed By:
Nancy Hurley
(781) 214-0902
Source:
Massneighborhoods
Added: Aug 14
Changed: Aug 31
Last Checked: Sep 1 at 6:36PM
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 Robert Chestnut, Keller Williams Realty
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.
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 = 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
$48,365
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
6.24%
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%
$967,300
$967.3K
Cap Rate 7%
$690,929
$690.9K
Cap Rate 9%
$537,389
$537.4K
Market Conditions
NOI Build-Up for 1,914 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
$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 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%
$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
NOI $48,365 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$642.3K
$562.1K – $749.4K
NOI $44,964 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,324 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $774,900.
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
