Brick Four-Unit Quadplex
For Sale
$500,000
459 PERSHING Avenue, Lancaster, PA 17602
Multi-Family, LANCASTER, PA
Property Size2,603 SF
Lot Size0.08 Acres
Price / SF$192.09
Days on Market11
Property Features for 459 PERSHING Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking features
On Street
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
2,603 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2156
Utilities
Heating system
Forced Air
Cooling system
Wall Unit(s)
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Listing Agency:
Clear Multifamily LLC
(717) 478-1694
Listed By:
Naomi E Brown · License #RM426301
(717) 819-2825
Added: Sep 11
Changed: Sep 15
Last Checked: Sep 21 at 11:06AM
MLS# PALA2095258
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 multifamily offering combines 459 Pershing Ave and 435 S. Christian St., with four residential units across the two properties. The unit mix includes one one-bedroom apartment, two two-bedroom apartments, and one three-bedroom apartment. The buildings were constructed in 1900 with brick exteriors, forced-air heating, wall-unit cooling, and basement space. Three of the four apartments have been updated within the past five years.
The properties are professionally managed, with rental licenses and lead certifications in place. All four units are occupied under month-to-month arrangements, and each tenant has remained in place for multiple years. On-street parking serves the properties, which are located in Lancaster, Pennsylvania.
The properties are professionally managed, with rental licenses and lead certifications in place. All four units are occupied under month-to-month arrangements, and each tenant has remained in place for multiple years. On-street parking serves the properties, which are located in Lancaster, Pennsylvania.
Key Highlights
- Four units across 459 Pershing Ave and 435 S. Christian St.
- Unit mix includes 1 one‑bedroom, 2 two‑bedroom, and 1 three‑bedroom units
- Three of four units updated within the past 5 years
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
$29,075
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
5.82%
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%
$581,500
$581.5K
Cap Rate 7%
$415,357
$415.4K
Cap Rate 9%
$323,056
$323.1K
Market Conditions
NOI Build-Up for 2,603 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
$42.2K $16.20/SF
− Vacancy
−$633 −$0.24/SF
EGI
$41.5K $15.96/SF
− OpEx
−$12.5K −$4.79/SF
NOI
$29.1K $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%
$581,500
Cap Rate 7%
$415,357
Cap Rate 9%
$323,056
Alternative Uses
Best Use
Multifamily LT 5
$415.4K
$363.4K – $484.6K
NOI $29,075 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$366.3K
$320.5K – $427.4K
NOI $25,641 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$872.3K
$763.3K – $1.02M
NOI $61,060 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,023
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Two professionally managed brick properties offer licensed multifamily housing with a varied unit mix and recent updates.
Where is this quadplex located?
The property is located at 459 PERSHING Avenue Lancaster, PA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four units across 459 Pershing Ave and 435 S. Christian St.; Unit mix includes 1 one‑bedroom, 2 two‑bedroom, and 1 three‑bedroom units; Three of four units updated within the past 5 years
