Two-Unit Duplex with In-Unit
New
For Sale
$525,000
231 E FULTON Street, Ephrata, PA 17522
Multi-Family, EPHRATA, PA
Property Size2,374 SF
Lot Size0.21 Acres
Price / SF$221.15
Days on Market1
Property Features for 231 E FULTON Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Parking features
On Street, Parking Lot
Elementary school district
EPHRATA AREA
Middle school district
EPHRATA AREA
High school district
EPHRATA AREA
Standard status
Active
Size
2,374 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
7242
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
central A/C
natural gas heat
in-unit laundry
off-street parking
Building Details
Year built
2024
Number of units
2
Building materials
Stick Built, Vinyl Siding
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 740-2221
Listed By:
Landon Weaver
(717) 466-1685
Added: Sep 21
Last Checked: Sep 21 at 9:06PM
MLS# PALA2095810
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.
Located at 231 E Fulton Street in Ephrata, this 2,374-square-foot duplex contains two separate residences within a two-story building completed in 2024. Each unit includes two bedrooms, two bathrooms, central air, forced-air natural gas heat, and in-unit laundry. Stick-built construction with vinyl siding supports the property's clean, low-maintenance configuration, while parking is provided through an off-street parking lot and on-street spaces.
The property occupies 0.2091 acres in Lancaster County. Its current leasing arrangement includes a one-year lease for the upper unit beginning 9/24 and a month-to-month arrangement for the lower unit. The neighboring single-family property at 233 E Fulton Street is also available for purchase and shares the driveway.
The property occupies 0.2091 acres in Lancaster County. Its current leasing arrangement includes a one-year lease for the upper unit beginning 9/24 and a month-to-month arrangement for the lower unit. The neighboring single-family property at 233 E Fulton Street is also available for purchase and shares the driveway.
Key Highlights
- 2,374‑square‑foot duplex completed in 2024
- Two 2‑bedroom, 2‑bath units
- Central air, forced‑air natural gas heat, and in‑unit laundry in each residence
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
$26,517
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
5.05%
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%
$530,340
$530.3K
Cap Rate 7%
$378,814
$378.8K
Cap Rate 9%
$294,633
$294.6K
Market Conditions
NOI Build-Up for 2,374 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
$38.5K $16.20/SF
− Vacancy
−$577 −$0.24/SF
EGI
$37.9K $15.96/SF
− OpEx
−$11.4K −$4.79/SF
NOI
$26.5K $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%
$530,340
Cap Rate 7%
$378,814
Cap Rate 9%
$294,633
Alternative Uses
Best Use
Multifamily LT 5
$378.8K
$331.5K – $442.0K
NOI $26,517 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$334.1K
$292.3K – $389.8K
NOI $23,385 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$795.5K
$696.1K – $928.1K
NOI $55,688 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 17522, PA
33,848
Population
13,837
Households
2.4
Avg Household Size
40
Median Age
24%
College-Educated
86%
High-School Grad
43.0 sq mi
ZIP Area
787
Density / Sq Mi
$71,865
Median Household Income
$42,588
Median Earnings
$1,171
Median Rent
$263,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Recently built residences offer two bedrooms, two baths, central air, natural gas heat, and laundry within each unit.
Where is this duplex located?
The property is located at 231 E FULTON Street Ephrata, PA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,374‑square‑foot duplex completed in 2024; Two 2‑bedroom, 2‑bath units; Central air, forced‑air natural gas heat, and in‑unit laundry in each residence
