3-Unit
For Sale
$345,000
1023 S QUEEN STREET, York, PA 17403
Built in 1900, this residential property contains three rental units.
Property Size2,250 SF
Price / SF$153.33
Days on Market12
Property Features for 1023 S QUEEN STREET
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Core Partners Realty
(717) 495-2443
Listed By:
John MacDonald · License #RS342306
(717) 495-2443
Source:
Cummingsrealtors
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 30 at 6:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Core Partners Realty
Investment Insights
Based on property information with market context.
This triplex at 1023 S Queen Street provides three rental units within approximately 2,250 square feet. Constructed in 1900, the property is configured as a residential income asset in York, Pennsylvania. Its unit count and established construction date provide the key physical characteristics for evaluating the property.
Key Highlights
- Three rental units
- Approximately 2,250 square feet
- Built in 1900
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
$22,326
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
6.47%
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%
$446,520
$446.5K
Cap Rate 7%
$318,943
$318.9K
Cap Rate 9%
$248,067
$248.1K
Market Conditions
NOI Build-Up for 2,250 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
$33.8K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$31.9K $14.17/SF
− OpEx
−$9.6K −$4.25/SF
NOI
$22.3K $9.92/SF
Area
York County, PA
Vacancy
5.50%
Lease Rate
$15.00 /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%
$446,520
Cap Rate 7%
$318,943
Cap Rate 9%
$248,067
Alternative Uses
Best Use
Multifamily LT 5
$318.9K
$279.1K – $372.1K
NOI $22,326 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$296.3K
$259.2K – $345.6K
NOI $20,738 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$651.5K
$570.0K – $760.0K
NOI $45,602 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,360
Businesses Nearby
Explore this area
Business Placement
Demographics for 17403, PA
40,344
Population
16,490
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
89%
High-School Grad
20.6 sq mi
ZIP Area
1,958
Density / Sq Mi
$72,233
Median Household Income
$38,105
Median Earnings
$1,072
Median Rent
$206,900
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?
Triplex - Built in 1900, this residential property contains three rental units.
Where is this triplex located?
The property is located at 1023 S QUEEN STREET York, PA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Three rental units; Approximately 2,250 square feet; Built in 1900
