Mixed-Use Property with
For Sale
$675,000
352 E NEW Street, Lancaster, PA 17602
Multi-Family, LANCASTER, PA
Property Size4,392 SF
Lot Size0.07 Acres
Price / SF$153.69
Days on Market120
Property Features for 352 E NEW Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Interior features
Kitchen - Eat-In, Wood Floors
Appliances
Oven/Range - Electric, Refrigerator
Subdivision
NONE AVAILABLE
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
4,392 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
11507
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Kingsway Realty - Lancaster
(717) 569-8701
Listed By:
Ervin J Barkman · License #RS168511L
(717) 468-4424
Added: May 10
Changed: Aug 25
Last Checked: Sep 6 at 8:06AM
MLS# PALA2087358
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 4,392-square-foot mixed-use property, built in 1900, combines four apartments with commercial laundry and restaurant spaces. The brick building includes wood floors, an eat-in kitchen, a basement, hot-water heating, and on-street parking. Electric range and refrigerator appliances are present, while the restaurant area includes stainless steel equipment.
The laundry component is fitted with 14 commercial washers and dryers and includes an ADA bathroom. The restaurant space is fully equipped for continued use. The property occupies a 0.07-acre corner site at 352 E New Street in Lancaster, Pennsylvania, within Northeast Lancaster City.
The laundry component is fitted with 14 commercial washers and dryers and includes an ADA bathroom. The restaurant space is fully equipped for continued use. The property occupies a 0.07-acre corner site at 352 E New Street in Lancaster, Pennsylvania, within Northeast Lancaster City.
Key Highlights
- 6‑unit mixed‑use property with 4 apartment units
- 4,392 square feet on a 0.07‑acre corner site
- Laundromat includes 14 commercial washers and dryers
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
$54,549
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
8.08%
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%
$1,090,980
$1.1M
Cap Rate 7%
$779,271
$779.3K
Cap Rate 9%
$606,100
$606.1K
Market Conditions
NOI Build-Up for 4,392 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
$94.9K $21.60/SF
− Vacancy
−$7.6K −$1.73/SF
EGI
$87.3K $19.87/SF
− OpEx
−$32.7K −$7.45/SF
NOI
$54.5K $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%
$1,090,980
Cap Rate 7%
$779,271
Cap Rate 9%
$606,100
Alternative Uses
Best Use
Specialty Retail
$1.14M
$1.00M – $1.34M
NOI $80,115 @ 7.0% cap · market cap 11.87%
Second Best
Mixed Use
$779.3K
$681.9K – $909.2K
NOI $54,549 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,025 @ 7.0% cap · market cap 15.26%
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
3,061
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 - Brick corner property combines apartments with operating laundry and restaurant components in a compact urban setting.
Where is this mixed-use property located?
The property is located at 352 E NEW Street Lancaster, PA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 6‑unit mixed‑use property with 4 apartment units; 4,392 square feet on a 0.07‑acre corner site; Laundromat includes 14 commercial washers and dryers
