Four-Unit Residential Income
For Sale
$625,000
19 & 23 NURSERY Lane, Lancaster, PA 17603
MULTI_FAMILY - Ranch - LANCASTER, PA
Property Size1,680 SF
Lot Size0.23 Acres
Price / SF$372.02
Days on Market82
Property Features for 19 & 23 NURSERY Lane
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking
4
Parking features
Driveway
Elementary school district
PENN MANOR
Middle school district
PENN MANOR
High school district
PENN MANOR
Standard status
Active
Size
1,680 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
2985
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Amenities
outdoor yard space
Building Details
Year built
1957
Number of units
4
Building materials
Frame, Vinyl Siding
Architectural style
Ranch
Listing Agency:
Lusk & Associates Sotheby's International Realty
(717) 291-9101
Listed By:
Anne M Lusk · License #RS210178L
(717) 271-9339
Added: Jun 12
Changed: Aug 18
Last Checked: Sep 1 at 11:06PM
MLS# PALA2089876
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 four-unit quadplex at 19 & 23 Nursery Lane includes one two-bedroom, one-bath apartment and three one-bedroom, one-bath units. The units are described as well-maintained and many feature luxury vinyl plank flooring along with carpeted areas. Each unit has its own separate entrance, supporting practical day-to-day privacy and tenant access, while the property also includes outdoor yard space and a private driveway with ample off-street parking. The site totals 0.23 acres and the property size is listed at 1,680 square feet.
The property is located in Lancaster, Pennsylvania, and is presented as offering convenient access to shopping, dining, and major commuter routes. Off-street parking and a private driveway help reduce reliance on on-street spaces for tenants and visitors.
As a residential income property, the layout offers a mix of one-bedroom and two-bedroom configurations within a single building, which can support different household needs. The combination of separate entrances, on-site parking, and a maintained exterior and yard area can be appealing to buyers or operators looking for a manageable, multi-tenant setup.
The property is located in Lancaster, Pennsylvania, and is presented as offering convenient access to shopping, dining, and major commuter routes. Off-street parking and a private driveway help reduce reliance on on-street spaces for tenants and visitors.
As a residential income property, the layout offers a mix of one-bedroom and two-bedroom configurations within a single building, which can support different household needs. The combination of separate entrances, on-site parking, and a maintained exterior and yard area can be appealing to buyers or operators looking for a manageable, multi-tenant setup.
Key Highlights
- Ranch‑style multi‑unit property built in 1957 with frame and vinyl siding construction
- Four rental units total: one 2‑bedroom, 1‑bath unit and three 1‑bedroom, 1‑bath units
- Window unit cooling and baseboard/electric heating
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
$18,765
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
3.00%
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%
$375,300
$375.3K
Cap Rate 7%
$268,071
$268.1K
Cap Rate 9%
$208,500
$208.5K
Market Conditions
NOI Build-Up for 1,680 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
$27.2K $16.20/SF
− Vacancy
−$408 −$0.24/SF
EGI
$26.8K $15.96/SF
− OpEx
−$8.0K −$4.79/SF
NOI
$18.8K $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%
$375,300
Cap Rate 7%
$268,071
Cap Rate 9%
$208,500
Alternative Uses
Best Use
Multifamily LT 5
$268.1K
$234.6K – $312.8K
NOI $18,765 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$236.4K
$206.9K – $275.8K
NOI $16,549 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$563.0K
$492.6K – $656.8K
NOI $39,408 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
638
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?
Quadplex - Well-maintained four-unit property with separate entrances, off-street parking, and yard space in Lancaster, PA.
Where is this quadplex located?
The property is located at 19 & 23 NURSERY Lane Lancaster, PA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Ranch‑style multi‑unit property built in 1957 with frame and vinyl siding construction; Four rental units total: one 2‑bedroom, 1‑bath unit and three 1‑bedroom, 1‑bath units; Window unit cooling and baseboard/electric heating
