Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    409 S Shippen St Lancaster, PA 17602

    View on Map
    Sponsored
    For Sale
    $365,000

    MULTI_FAMILY - Other - LANCASTER, PA

    Property size:
    1,900 SF
    Lot size:
    0.03 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 24 at 7:06 pm

    Property Features for 409 S Shippen St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Parking features
    On Street
    Size
    1,900 SF
    Lot size
    0.03 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1900
    Number of units
    2
    Building materials
    Brick, Masonry
    Architectural style
    Other

    We can help!

    Listing Contact
    James Fisher
    James Fisher

    Keller Williams Elite

    Listing agent James Fisher License #RS282542

    Listing date Mar 24, 2026

    MLS# PALA2084988

    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.

    Learn more

    Property Insight Report

    Overview

    Lancaster Duplex Investment Opportunity

    This two-unit building in Lancaster, Pennsylvania, presents an opportunity for investment. The property has been recently refreshed and is currently vacant. The property consists of one 1-bedroom unit and one 3-bedroom unit. Projected rental income is $1350 for the 1-bedroom unit and $1650 for the 3-bedroom unit. The property has low taxes, assessed at $2,205 annually. The building has a total area of 1900 square feet and is situated on a 0.03-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.29823
    Latitude
    40.03789

    Nearby Similar for Sale

    • New
      $330,000
      2,400 SF

      Established Lancaster Restaurant Business Opportunity

      Profitable international cuisine restaurant with loyal clientele for sale.
      798 New Holland Ave, Lancaster, PA 17602
      View Details
    • New
      $1,500,000
      4,500 SF

      Turnkey Restaurant/Retail Property in Lancaster

      Renovated restaurant/retail property with business assets in downtown Lancaster.
      30 W Lemon St, Lancaster, PA 17603
      View Details
    • $320,000

      Established Turn-Key Business Opportunity

      Profitable gourmet food business in busy Lancaster market.
      23 Market St, Lancaster, PA 17603
      View Details
    • New
      $449,900
      3,131 SF

      Lancaster City Multi-Unit Investment

      Two-unit building with separate utilities in prime Lancaster location.
      413 N Queen St, Lancaster, PA 17603
      View Details
    • New
      $359,900
      1,742 SF

      Renovated Duplex in Lancaster City

      Turn-key investment opportunity near McCaskey campus and city amenities.
      312 N Reservoir St, Lancaster, PA 17602
      View Details
    • New
      $350,000
      3,863 SF

      Lancaster Restaurant/Bar Opportunity

      Restaurant/Bar with license and outdoor space in high-traffic area.
      2347 103, Lancaster, PA 17601
      View Details
    • New
      $3,525,000
      24,000 SF

      Lancaster Brewery and Restaurant Opportunity

      Brewery and restaurant for sale in Lancaster County, Pennsylvania.
      209 Hazel St, Lancaster, PA 17603
      View Details
    • $6,000,000
      39,610 SF

      Lancaster Office Investment Opportunity

      Stabilized office property leased until 2030 in Lancaster, PA.
      3020 Columbia Ave, Lancaster, PA 17603
      View Details
    • $1,000,000
      3.07 Acres

      Lancaster Commercial Property with Income

      Commercially zoned property with truck maintenance, storage, and parking.
      40 Pitney Rd, Lancaster, PA 17602
      View Details
    • $999,000

      Lancaster Car Wash Business Opportunity

      Turnkey car wash business with high visibility in Lancaster, PA.
      320 Granite Run Dr, Lancaster, PA 17601
      View Details
    • $340,000
      2,048 SF

      Lancaster City Turnkey Investment Property

      Three-unit property in Lancaster City with stable cash flow.
      747-749 Manor St, Lancaster, PA 17603
      View Details
    • New
      $450,000
      2,307 SF

      Lancaster Triplex: Investment Opportunity

      Fully rented triplex near Lancaster General Hospital with steady income.
      621 N Lime St, Lancaster, PA 17602
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-unit building in Lancaster, PA, ideal for investment.
    Where is this duplex located?
    The property is located at 409 S Shippen St Lancaster, PA.
    What is the asking price?
    The asking price for this property is $365,000.
    What are key features of this property?
    This property features: - Vacant 2-unit building, ready for immediate occupancy or rental.; - Projected rental income of $3,000 total ($1,350 for the 1-bed unit and $1,650 for the 3-bed unit).; - Very low annual property taxes: $2,205.
    (717) 799-2066
    Request Owner's contact information
    409 S Shippen St Lancaster, PA 17602
    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.
    409 S Shippen St
    Lancaster, PA 17602
    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
    409 S Shippen St Lancaster, PA 17602
    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

    We can help!
    Listing Contact
    James Fisher
    James Fisher
    Real Estate License ID: RS282542
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!