Brick Triplex With Commercial
For Sale
$339,000
121 LAUREL Street, Lancaster, PA 17603
Multi-Family, LANCASTER, PA
Property Size1,876 SF
Lot Size0.05 Acres
Price / SF$180.70
Days on Market67
Property Features for 121 LAUREL Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking
2
Parking features
Garage - Detached
Appliances
Oven/Range - Gas, Refrigerator
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
1,876 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
4590
Utilities
Heating system
Hot Water(Heating), Other (Heating)
Building Details
Year built
1900
Number of units
3
Building materials
Brick, Masonry
Architectural style
Other
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(717) 553-2500
Listed By:
Matthew Joseph Koch · License #RS339842
(717) 788-8347
Added: Jul 2
Changed: Aug 19
Last Checked: Sep 6 at 4:06AM
MLS# PALA2090842
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 1,876-square-foot triplex, built in 1900, combines a street-level commercial salon space with two residential apartments. The property includes two detached garages, nearly all replacement windows, and existing washer and dryer hookups in both apartments. Gas oven/range and refrigerator appliances are present, while the building features brick and masonry construction with hot-water heating and other heating systems.
The property occupies 0.05 acres at 121 Laurel Street in Lancaster, Pennsylvania. A Lead Safe Certification was obtained through the city last year. The owner currently covers water, sewer, trash, and common-area electric service. The detached garages add storage or rental functionality, and the mixed-use layout accommodates both commercial and residential occupancy within one asset.
The property occupies 0.05 acres at 121 Laurel Street in Lancaster, Pennsylvania. A Lead Safe Certification was obtained through the city last year. The owner currently covers water, sewer, trash, and common-area electric service. The detached garages add storage or rental functionality, and the mixed-use layout accommodates both commercial and residential occupancy within one asset.
Key Highlights
- Three‑unit configuration with a street‑level commercial space and two residential apartments
- 1,876 square feet on a 0.05‑acre lot
- Two detached garages included
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
$23,300
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
6.87%
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%
$466,000
$466.0K
Cap Rate 7%
$332,857
$332.9K
Cap Rate 9%
$258,889
$258.9K
Market Conditions
NOI Build-Up for 1,876 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
$40.5K $21.60/SF
− Vacancy
−$3.2K −$1.73/SF
EGI
$37.3K $19.87/SF
− OpEx
−$14.0K −$7.45/SF
NOI
$23.3K $12.42/SF
Area
Lancaster County, PA
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$466,000
Cap Rate 7%
$332,857
Cap Rate 9%
$258,889
Alternative Uses
Best Use
Mixed Use
$332.9K
$291.3K – $388.3K
NOI $23,300 @ 7.0% cap · market cap 6.87%
Second Best
Multifamily LT 5
$299.4K
$261.9K – $349.3K
NOI $20,955 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$628.7K
$550.1K – $733.4K
NOI $44,006 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,278
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?
Triplex - Mixed-use configuration includes a street-level salon space, two apartments, and detached garages.
Where is this triplex located?
The property is located at 121 LAUREL Street Lancaster, PA.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Three‑unit configuration with a street‑level commercial space and two residential apartments; 1,876 square feet on a 0.05‑acre lot; Two detached garages included
