Mixed-Use Retail and
For Sale
$449,900
101 PEARL Street, Lancaster, PA 17603
MULTI_FAMILY - Other - LANCASTER, PA
Property Size2,178 SF
Lot Size0.05 Acres
Price / SF$206.57
Days on Market105
Property Features for 101 PEARL Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street, Off Street
Appliances
Washer/Dryer Hookups Only
Subdivision
CABBAGE HILL
Elementary school
BUCHANAN
Middle school
WHEATLAND
High school
MCCASKEY CAMPUS
Elementary school district
SCHOOL DISTRICT OF LANCASTER
Middle school district
SCHOOL DISTRICT OF LANCASTER
High school district
SCHOOL DISTRICT OF LANCASTER
Standard status
Active
Size
2,178 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
8275
Utilities
Heating system
Forced Air
Building Details
Year built
1905
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 740-2221
Listed By:
Fanny C Castellanos · License #RS306983
(717) 615-7484
Added: May 17
Changed: Jul 13
Last Checked: Aug 29 at 6:06AM
MLS# PALA2088260
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property includes a street-level convenience storefront with a 3-bedroom residential apartment above. The building is supported by a full basement that can serve as additional storage, and it has separate utilities for both the storefront and the apartment. Off-street parking is also included.
Located at 101 Pearl Street in Lancaster, PA, the property benefits from a high-visibility setting in a central district near downtown.
With two separate spaces and utility separation, the layout supports dual occupancy of the retail level and the residential unit above, with basement space available for storage.
Located at 101 Pearl Street in Lancaster, PA, the property benefits from a high-visibility setting in a central district near downtown.
With two separate spaces and utility separation, the layout supports dual occupancy of the retail level and the residential unit above, with basement space available for storage.
Key Highlights
- 1905 brick mixed‑use building with a street‑level convenience storefront and a 3‑bedroom residential apartment above
- Separate utilities for the storefront and the 3‑bedroom apartment
- Forced‑air heating; washer/dryer hookups only
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
$24,328
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
5.41%
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%
$486,560
$486.6K
Cap Rate 7%
$347,543
$347.5K
Cap Rate 9%
$270,311
$270.3K
Market Conditions
NOI Build-Up for 2,178 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
$35.3K $16.20/SF
− Vacancy
−$529 −$0.24/SF
EGI
$34.8K $15.96/SF
− OpEx
−$10.4K −$4.79/SF
NOI
$24.3K $11.17/SF
Area
Lancaster County, PA
Vacancy
1.50%
Lease Rate
$16.20 /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%
$486,560
Cap Rate 7%
$347,543
Cap Rate 9%
$270,311
Alternative Uses
Best Use
Multifamily LT 5
$347.5K
$304.1K – $405.5K
NOI $24,328 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$306.5K
$268.2K – $357.6K
NOI $21,454 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$729.9K
$638.6K – $851.5K
NOI $51,090 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 17603, PA
66,739
Population
28,142
Households
2.4
Avg Household Size
37
Median Age
37%
College-Educated
90%
High-School Grad
30.0 sq mi
ZIP Area
2,225
Density / Sq Mi
$77,156
Median Household Income
$40,043
Median Earnings
$1,265
Median Rent
$244,500
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 - Mixed-use building with a street-level convenience storefront and a 3-bedroom apartment above, plus off-street parking.
Where is this duplex located?
The property is located at 101 PEARL Street Lancaster, PA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 1905 brick mixed‑use building with a street‑level convenience storefront and a 3‑bedroom residential apartment above; Separate utilities for the storefront and the 3‑bedroom apartment; Forced‑air heating; washer/dryer hookups only
