Brick Triplex With Detached
New
For Sale
$345,000
1023 S QUEEN Street, York, PA 17403
Multi-Family, YORK, PA
Property Size2,250 SF
Lot Size0.05 Acres
Price / SF$153.33
Days on Market2
Property Features for 1023 S QUEEN Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking
1
Parking features
Garage - Detached
Subdivision
YORK CITY
Elementary school district
YORK CITY
Middle school district
YORK CITY
High school district
YORK CITY
Standard status
Active
Size
2,250 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5161
Utilities
Heating system
Other (Heating)
Building Details
Year built
1900
Number of units
3
Building materials
Brick
Architectural style
Other
Listing Agency:
Core Partners Realty · Century 21 Real Estate
(717) 718-0748
Listed By:
John MacDonald · License #RS342306
(717) 495-2443
Added: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# PAYK2110396
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 2,250-square-foot triplex contains three rental units within a brick building constructed in 1900. The property includes other heating equipment and a detached garage for parking or storage.
Located at 1023 S Queen Street in York, Pennsylvania, the property sits on a 0.0527-acre lot in ZIP Code 17403. Its three-unit configuration provides an established multifamily layout for a residential rental operation.
Located at 1023 S Queen Street in York, Pennsylvania, the property sits on a 0.0527-acre lot in ZIP Code 17403. Its three-unit configuration provides an established multifamily layout for a residential rental operation.
Key Highlights
- Three rental units in a 2,250‑square‑foot triplex
- Brick construction
- Detached garage
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
$22,326
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
6.47%
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%
$446,520
$446.5K
Cap Rate 7%
$318,943
$318.9K
Cap Rate 9%
$248,067
$248.1K
Market Conditions
NOI Build-Up for 2,250 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
$33.8K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$31.9K $14.17/SF
− OpEx
−$9.6K −$4.25/SF
NOI
$22.3K $9.92/SF
Area
York County, PA
Vacancy
5.50%
Lease Rate
$15.00 /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%
$446,520
Cap Rate 7%
$318,943
Cap Rate 9%
$248,067
Alternative Uses
Best Use
Multifamily LT 5
$318.9K
$279.1K – $372.1K
NOI $22,326 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$296.3K
$259.2K – $345.6K
NOI $20,738 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$651.5K
$570.0K – $760.0K
NOI $45,602 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,360
Businesses Nearby
Explore this area
Business Placement
Demographics for 17403, PA
40,344
Population
16,490
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
89%
High-School Grad
20.6 sq mi
ZIP Area
1,958
Density / Sq Mi
$72,233
Median Household Income
$38,105
Median Earnings
$1,072
Median Rent
$206,900
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?
Triplex - Three rental units occupy a brick multifamily property with a detached garage.
Where is this triplex located?
The property is located at 1023 S QUEEN Street York, PA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Three rental units in a 2,250‑square‑foot triplex; Brick construction; Detached garage
