Duplex with Wraparound
New
For Sale
$1,280,000
24 Fletcher Ave, Lexington, MA 02420
Two residential units feature hardwood floors, kitchens, bathrooms, and separate living areas with off-street parking.
Property Size1,827 SF
Price / SF$700.60
Days on Market2
Property Features for 24 Fletcher Ave
General Information
Standard status
Active
Size
1,827 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Amenities
wrap around front porch
off-street parking
level backyard
central AC
hardwood floors
extra attic storage
Building Details
Year Built
1890
Construction
Colonial style
Listing Agency:
Michelle Faust, Streamline Communities - Franklin
Listed By:
The J. Pavao Team
(774) 319-1169
Source:
Topmassachusettsrealtors
Added: Sep 4
Last Checked: Sep 5 at 7:10AM
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 Michelle Faust, Streamline Communities - Franklin
Investment Insights
Based on property information with market context.
This Colonial-style duplex contains 1,827 square feet and was built in 1890. The first-floor residence offers two bedrooms, a corner living room, kitchen, bathroom with tub, refinished hardwood floors, central AC, updated doors and lighting, fresh paint, and direct access to the level backyard. The second-floor unit also includes two bedrooms, hardwood flooring, a front-facing bathroom, attic storage, and a kitchen with an eating area.
Exterior work includes a new roof, rebuilt soffits, new aluminum gutters, a rebuilt front porch, newer siding, and an exterior repaint. The property includes off-street parking and a wraparound front porch. It is near Town Hall, the library, post office, restaurants, Lexington Green, the Minuteman Commuter Bikeway, Wilson Farms, and major routes. The first-floor renovation and exterior improvements were completed in 2026, while the exterior was freshly painted in 2024.
Exterior work includes a new roof, rebuilt soffits, new aluminum gutters, a rebuilt front porch, newer siding, and an exterior repaint. The property includes off-street parking and a wraparound front porch. It is near Town Hall, the library, post office, restaurants, Lexington Green, the Minuteman Commuter Bikeway, Wilson Farms, and major routes. The first-floor renovation and exterior improvements were completed in 2026, while the exterior was freshly painted in 2024.
Key Highlights
- Two‑family duplex with 1,827 square feet, built in 1890
- First‑floor unit renovated in 2026 with central AC and refinished hardwood floors
- Both units include two bedrooms and separate kitchens and bathrooms
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
$38,660
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
3.02%
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%
$773,200
$773.2K
Cap Rate 7%
$552,286
$552.3K
Cap Rate 9%
$429,556
$429.6K
Market Conditions
NOI Build-Up for 1,827 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
$58.1K $31.80/SF
− Vacancy
−$2.9K −$1.57/SF
EGI
$55.2K $30.23/SF
− OpEx
−$16.6K −$9.07/SF
NOI
$38.7K $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%
$773,200
Cap Rate 7%
$552,286
Cap Rate 9%
$429,556
Alternative Uses
Best Use
Multifamily LT 5
$552.3K
$483.3K – $644.3K
NOI $38,660 @ 7.0% cap · market cap 3.02%
Second Best
Apartment 5plus
$519.3K
$454.4K – $605.9K
NOI $36,351 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$1.08M
$946.4K – $1.26M
NOI $75,710 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,143
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature hardwood floors, kitchens, bathrooms, and separate living areas with off-street parking.
Where is this duplex located?
The property is located at 24 Fletcher Ave Lexington, MA.
What is the asking price?
The asking price for this property is $1,280,000.
What are key features of this property?
This property features: Two‑family duplex with 1,827 square feet, built in 1890; First‑floor unit renovated in 2026 with central AC and refinished hardwood floors; Both units include two bedrooms and separate kitchens and bathrooms
