Two-Unit Mixed-Use
For Sale
$645,000
15 N LIME Street, Lancaster, PA 17602
MULTI_FAMILY - Other - LANCASTER, PA
Property Size2,641 SF
Lot Size0.06 Acres
Price / SF$244.23
Days on Market31
Property Features for 15 N LIME Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Parking features
Driveway
Subdivision
DOWNTOWN LANCASTER
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
2,641 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
9540
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1870
Number of units
2
Building materials
Masonry, Brick
Architectural style
Other
Listing Agency:
Lusk & Associates Sotheby's International Realty
(717) 291-9101
Listed By:
Anne M Lusk · License #RS210178L
(717) 271-9339
Added: Aug 4
Changed: Aug 6
Last Checked: Sep 3 at 11:06AM
MLS# PALA2093106
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 2,641-square-foot mixed-use building contains a flexible commercial area on the first floor and a residential unit above. The commercial level includes two half baths and an open layout that can be configured for a range of business needs. The second-floor apartment provides two bedrooms, two full bathrooms, and a generous living area. Built in 1870, the property features masonry and brick construction, forced-air heat, window-unit cooling, and a driveway with parking for up to four vehicles. The site encompasses 0.06 acres.
Located in Downtown Lancaster near the Musser Park area, the property offers convenient access to restaurants, coffee shops, bakeries, retail, and entertainment. Central Market, the Fulton Theatre, the Ware Center, and the courthouse are all identified as nearby destinations. The combination of commercial and residential space supports an owner-user or investment-oriented mixed-use configuration.
Located in Downtown Lancaster near the Musser Park area, the property offers convenient access to restaurants, coffee shops, bakeries, retail, and entertainment. Central Market, the Fulton Theatre, the Ware Center, and the courthouse are all identified as nearby destinations. The combination of commercial and residential space supports an owner-user or investment-oriented mixed-use configuration.
Key Highlights
- 2,641‑square‑foot mixed‑use building on 0.06 acres
- First‑floor commercial space with two half baths
- Second‑floor apartment with 2 bedrooms and 2 full 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
$32,801
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
5.09%
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%
$656,020
$656.0K
Cap Rate 7%
$468,586
$468.6K
Cap Rate 9%
$364,456
$364.5K
Market Conditions
NOI Build-Up for 2,641 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
$57.0K $21.60/SF
− Vacancy
−$4.6K −$1.73/SF
EGI
$52.5K $19.87/SF
− OpEx
−$19.7K −$7.45/SF
NOI
$32.8K $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%
$656,020
Cap Rate 7%
$468,586
Cap Rate 9%
$364,456
Alternative Uses
Best Use
Mixed Use
$468.6K
$410.0K – $546.7K
NOI $32,801 @ 7.0% cap · market cap 5.09%
Second Best
Multifamily LT 5
$421.4K
$368.8K – $491.7K
NOI $29,500 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$885.0K
$774.4K – $1.03M
NOI $61,951 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,528
Businesses Nearby
Explore this area
Business Placement
Demographics for 17602, PA
52,665
Population
19,472
Households
2.7
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
24.6 sq mi
ZIP Area
2,141
Density / Sq Mi
$71,752
Median Household Income
$38,469
Median Earnings
$1,272
Median Rent
$250,600
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?
Mixed-use property - Ground-floor commercial space pairs with a two-bedroom apartment and off-street parking.
Where is this mixed-use property located?
The property is located at 15 N LIME Street Lancaster, PA.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 2,641‑square‑foot mixed‑use building on 0.06 acres; First‑floor commercial space with two half baths; Second‑floor apartment with 2 bedrooms and 2 full bathrooms
