Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Lancaster Triplex: Investment Opportunity Title is generated by Realmo AI

    1694 1696 1698 COLUMBIA Avenue, Lancaster, PA 17603

    View on Map
    Claim this Listing
    For Sale
    $475,000

    MULTI_FAMILY - Colonial - LANCASTER, PA

    Property size:
    3,353 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $141/SF
    Added:
    Apr 2, 2026
    Days on Market:
    62
    Last Refresh:
    Jun 2 at 2:06 pm

    Property Features for 1694 1696 1698 COLUMBIA Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Rooms
    Basement, Dining Room
    Parking
    3
    Parking features
    On Street, Driveway
    Interior features
    Bathroom - Tub Shower, Bathroom - Walk-In Shower, Built-Ins, Carpet, Ceiling Fan(s), Dining Area, Window Treatments
    Appliances
    Refrigerator, Stove
    Standard status
    Active
    Size
    3,353 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5357

    Utilities

    Heating system
    Hot Water(Heating)
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1920
    Number of units
    3
    Building materials
    Brick, Masonry
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Anne M Lusk
    Anne M Lusk

    Listing agent Anne M Lusk License #RS210178L

    Listing office Lusk & Associates Sotheby's International Realty 100 Foxshire Drive, Lancaster, PA

    Listing date Apr 2, 2026

    MLS# PALA2085238 Listing URL

    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.

    HighLights

    • Triplex offers a multi‑unit opportunity for investment or owner‑occupancy
    • Prime Lancaster location near dining, shopping, and amenities
    • Three private off‑street parking spaces included
    • Well‑maintained property with strong rental appeal
    • Corner lot with front and side yard areas
    • Units feature desirable amenities such as built‑ins, luxury vinyl plank flooring, and ample natural light

    Overview

    This well-maintained triplex is an exceptional multi-unit opportunity in a prime Lancaster location. The property features three thoughtfully designed units, each offering comfortable living spaces and strong rental appeal. The first main-level unit includes a spacious living area, a dine-in kitchen with abundant built-ins, and two bedrooms connected by a Jack-and-Jill full bath with a tub/shower combo. The second main-level unit offers a generous eat-in kitchen, a bright living room with well-kept luxury vinyl plank flooring, and sizable bedrooms sharing a Jack-and-Jill full bath with a walk-in shower. The upper-level unit features plush carpeting throughout, expansive living spaces, and numerous windows that fill the home with natural light. Situated on a corner lot of 0.17 acres, the property includes three private off-street parking spaces along with front and side yard areas. Conveniently located near local dining, shopping, and everyday amenities, this 3353 square foot property presents an excellent investment or owner-occupant opportunity.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $54.3k $16.20
    − Vacancy −$815 −$0.24
    EGI $53.5k $15.96
    − OpEx −$16.1k −$4.79
    NOI $37.5k $11.17
    3,353 SF · lease $16.20/SF/yr · vacancy 1.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $535.0K
    $468.2K – $624.2K (±1% cap)
    NOI $37,453 @ 7.0% cap · market cap 7.88%
    Second Best
    Apartment 5plus
    $471.8K
    $412.9K – $550.5K (±1% cap)
    NOI $33,029 @ 7.0% cap · market cap 6.95%
    Theoretical Best
    Office A
    $1.12M
    $983.2K – $1.31M (±1% cap)
    NOI $78,653 @ 7.0% cap · market cap 16.56%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.34953
    Latitude
    40.03766

    Nearby Similar for Sale

    • $330,000

      Established Lancaster Restaurant Business Opportunity

      Profitable international cuisine restaurant with loyal clientele for sale.
      798 NEW HOLLAND Avenue, LANCASTER, PA 17602
      View Details
    • $695,000
      2,100 SF

      Farmhouse with Barn and Apartment

      Unique investment opportunity: farmhouse, barn, apartment, and development potential.
      181 WINDOVER Turn, LANCASTER, PA 17601
      View Details
    • $549,900
      3,800 SF

      Charming Lancaster Townhouse with Garden

      Two-unit townhouse with garden, renovated and upgraded. Investment potential.
      145 E CHESTNUT Street, LANCASTER, PA 17602
      View Details
    • $695,000
      4,392 SF

      Mixed-Use Investment Opportunity in Lancaster

      Mixed-use property with apartments, laundromat, and restaurant in Lancaster.
      352 E NEW Street, LANCASTER, PA 17602
      View Details
    • $519,900
      2,890 SF

      Lancaster Multifamily Investment Opportunity

      Four-unit property with carriage house in Lancaster, fully leased.
      534 E GRANT Street, LANCASTER, PA 17602
      View Details
    • $1,500,000

      Turnkey Restaurant/Retail Property in Lancaster

      Renovated restaurant/retail property with business assets in downtown Lancaster.
      30 W LEMON Street, LANCASTER, PA 17603
      View Details
    • $675,000
      1,350 SF

      Downtown Lancaster Mixed-Use Opportunity

      Two-unit building in vibrant downtown Lancaster with commercial and residential spaces.
      15 N LIME Street, LANCASTER, PA 17602
      View Details
    • $3,525,000

      Lancaster Brewery and Restaurant Opportunity

      Brewery and restaurant for sale in Lancaster County, Pennsylvania.
      209 HAZEL Street, LANCASTER, PA 17603
      View Details
    • $349,900
      2,800 SF

      Lancaster Triplex with Detached Garage

      Three-unit property with detached garage in downtown Lancaster.
      404 W ORANGE Street, LANCASTER, PA 17603
      View Details
    • $659,900
      2,688 SF

      Turnkey Lancaster Investment Property

      Four-unit property in Lancaster's Central Business District.
      13 E WALNUT Street, LANCASTER, PA 17602
      View Details
    • $474,900
      3,900 SF

      Downtown Lancaster Triplex Investment Opportunity

      Three-unit property with preserved millwork, backyard access, and parking.
      152 E WALNUT Street, LANCASTER, PA 17602
      View Details
    • $439,000
      1,610 SF

      Updated Lancaster City Two-Unit Property

      Turn-key, updated two-unit property in the heart of Lancaster City.
      18 W LIBERTY Street, LANCASTER, PA 17603
      View Details

    FAQs

    What type of property is this?
    Triplex - Well-maintained triplex in Lancaster, ideal for investors or owner-occupants.
    Where is this triplex located?
    The property is located at 1694 1696 1698 COLUMBIA Avenue Lancaster, PA.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Triplex offers a multi‑unit opportunity for investment or owner‑occupancy; Prime Lancaster location near dining, shopping, and amenities; Three private off‑street parking spaces included
    (717) 271-9339
    We can help!
    Listing Contact
    Anne M Lusk
    Anne M Lusk
    Real Estate License ID: RS210178L
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1694, 1696, 1698 COLUMBIA Avenue, LANCASTER, PA 17603
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!