11-Unit Apartment
For Sale
$575,000
233 W CHESTNUT Street, Lancaster, PA 17602
Multi-Family, LANCASTER, PA
Property Size3,672 SF
Lot Size0.10 Acres
Price / SF$156.59
Days on Market51
Property Features for 233 W CHESTNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Appliances
Oven/Range - Electric, 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
3,672 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
0
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1880
Number of units
1
Building materials
Mixed
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 560-9100
Listed By:
Zachary Wayne Trimble · License #RS351812
(717) 940-6048
Added: Aug 10
Changed: Sep 14
Last Checked: Sep 29 at 5:06PM
MLS# PALA2090434
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 11-unit licensed residential property occupies a 3,672-square-foot building on a 0.1-acre parcel at 233 W. Chestnut Street in Lancaster, Pennsylvania. Constructed in 1880, the property includes a basement, electric oven/range appliances, refrigerators, forced-air heating, and window-unit cooling. Interior turnover and unit repair work have already been completed, while the building is offered in its current as-is condition.
On-street parking serves the property, and the Lancaster address places the apartment building within the 17602 postal area. The asset is configured for multifamily residential use, with existing unit count and building infrastructure in place. Buyers should verify measurements and layouts directly, as available floorplans are preliminary and may contain inconsistencies.
On-street parking serves the property, and the Lancaster address places the apartment building within the 17602 postal area. The asset is configured for multifamily residential use, with existing unit count and building infrastructure in place. Buyers should verify measurements and layouts directly, as available floorplans are preliminary and may contain inconsistencies.
Key Highlights
- 11‑unit licensed residential property
- 3,672‑square‑foot building on a 0.1‑acre parcel
- Interior turnover and unit repairs completed
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
$36,171
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
6.29%
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%
$723,420
$723.4K
Cap Rate 7%
$516,729
$516.7K
Cap Rate 9%
$401,900
$401.9K
Market Conditions
NOI Build-Up for 3,672 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
$66.1K $18.00/SF
− Vacancy
−$330 −$0.09/SF
EGI
$65.8K $17.91/SF
− OpEx
−$29.6K −$8.06/SF
NOI
$36.2K $9.85/SF
Area
Lancaster County, PA
Vacancy
0.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$723,420
Cap Rate 7%
$516,729
Cap Rate 9%
$401,900
Alternative Uses
Best Use
Apartment 5plus
$516.7K
$452.1K – $602.9K
NOI $36,171 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,136 @ 7.0% cap · market cap 14.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
4,835
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Licensed residential property with updated interiors, forced-air heating, window-unit cooling, and on-street parking.
Where is this apartment building located?
The property is located at 233 W CHESTNUT Street Lancaster, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 11‑unit licensed residential property; 3,672‑square‑foot building on a 0.1‑acre parcel; Interior turnover and unit repairs completed
