2-Unit Duplex with Garage
For Sale
$349,900
Pending
108 South Spruce Street, Lititz, PA 17543
Fully rented duplex with detached garage space and natural gas forced-air heat.
Property Size2,412 SF
Days on Market145
Property Features for 108 South Spruce Street
General Information
Standard status
Pending
Size
2,412 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
R-2
Occupancy
100%
Net Operating Income
$20,761
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Gross Income
$30,420
Taxes and HOA fees
Annual Taxes
$5,104
Amenities
No
Replacement
No Pool
Above Grade, Below Grade
Building Details
Year Built
1900
Buildings
2
Listing Agency:
Hostetter Realty LLC
(717) 538-3910
Listed By:
Alexander K Reedy · License #RS295533
(717) 538-3910
Source:
Compass
Added: Apr 8
Changed: Aug 29
Last Checked: Aug 29 at 1:24PM
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 Hostetter Realty LLC
Investment Insights
Based on property information with market context.
This 2,412 SF duplex at 108 South Spruce Street includes two two-bedroom apartments along with a separate barn containing two garage bays. The property was built in 1900 and features natural gas forced-air heat and replacement windows.
Located in downtown Lititz, the property is zoned R-2 and is fully rented. The combination of residential units and detached garage space provides a straightforward multifamily configuration with additional rental components.
Located in downtown Lititz, the property is zoned R-2 and is fully rented. The combination of residential units and detached garage space provides a straightforward multifamily configuration with additional rental components.
Key Highlights
- Two 2‑bedroom apartments in a duplex configuration
- Detached barn with two garage bays
- 2,412 SF property 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
$26,942
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
7.70%
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%
$538,840
$538.8K
Cap Rate 7%
$384,886
$384.9K
Cap Rate 9%
$299,356
$299.4K
Market Conditions
NOI Build-Up for 2,412 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
$39.1K $16.20/SF
− Vacancy
−$586 −$0.24/SF
EGI
$38.5K $15.96/SF
− OpEx
−$11.5K −$4.79/SF
NOI
$26.9K $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%
$538,840
Cap Rate 7%
$384,886
Cap Rate 9%
$299,356
Alternative Uses
Best Use
Multifamily LT 5
$384.9K
$336.8K – $449.0K
NOI $26,942 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$339.4K
$297.0K – $396.0K
NOI $23,759 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$808.3K
$707.2K – $943.0K
NOI $56,579 @ 7.0% cap · market cap 16.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
Explore this area
Business Placement
Demographics for 17543, PA
45,320
Population
18,762
Households
2.4
Avg Household Size
45
Median Age
40%
College-Educated
93%
High-School Grad
66.0 sq mi
ZIP Area
687
Density / Sq Mi
$94,609
Median Household Income
$53,146
Median Earnings
$1,347
Median Rent
$321,900
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?
Duplex - Fully rented duplex with detached garage space and natural gas forced-air heat.
Where is this duplex located?
The property is located at 108 South Spruce Street Lititz, PA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two 2‑bedroom apartments in a duplex configuration; Detached barn with two garage bays; 2,412 SF property built in 1900
