Two-Unit Duplex with Bonus
For Sale
$360,000
128 East New Street, Lancaster, PA 17602
Residentially zoned duplex with separate apartments, off-street parking, and owner-occupant flexibility.
Property Size2,474 SF
Price / SF$145.51
Days on Market194
Property Features for 128 East New Street
General Information
Standard status
Active
Size
2,474 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$37,740
Taxes and HOA fees
Annual Taxes
$4,595
Amenities
on-site laundry
No
2+ Access Exits
No Pool
Above Grade, Below Grade
Building Details
Year Built
1873
Listing Agency:
Signature Property Professionals LLC
(717) 278-6504
Listed By:
Robert LaGrassa
(717) 278-6504
Source:
Compass
Added: Feb 17
Changed: Aug 30
Last Checked: Aug 30 at 2:06PM
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 Signature Property Professionals LLC
Investment Insights
Based on property information with market context.
This 2,474-square-foot duplex, built in 1873, contains two apartments, each arranged with two bedrooms and one bathroom. The second-floor unit includes a bonus room that can serve as storage or additional usable space. The first-floor apartment has basement laundry access, while recent improvements include a new hot water heater and furnace serving that unit.
The property includes four off-street parking spaces, with one assigned to each apartment. Two additional spaces are rented on a month-to-month basis to a local business. One apartment is leased month to month, allowing flexibility for an owner-occupant or a new rental arrangement. The property is located at 128 East New Street in Lancaster, near Lancaster General Hospital and the shops, restaurants, galleries, and other amenities of Lancaster City.
The property includes four off-street parking spaces, with one assigned to each apartment. Two additional spaces are rented on a month-to-month basis to a local business. One apartment is leased month to month, allowing flexibility for an owner-occupant or a new rental arrangement. The property is located at 128 East New Street in Lancaster, near Lancaster General Hospital and the shops, restaurants, galleries, and other amenities of Lancaster City.
Key Highlights
- Two 2‑bedroom, 1‑bath apartments in a duplex configuration
- 2,474 square feet on a 0.04‑acre lot
- Second‑floor bonus room for storage or additional use
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
$27,634
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
7.68%
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%
$552,680
$552.7K
Cap Rate 7%
$394,771
$394.8K
Cap Rate 9%
$307,044
$307.0K
Market Conditions
NOI Build-Up for 2,474 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
$40.1K $16.20/SF
− Vacancy
−$601 −$0.24/SF
EGI
$39.5K $15.96/SF
− OpEx
−$11.8K −$4.79/SF
NOI
$27.6K $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%
$552,680
Cap Rate 7%
$394,771
Cap Rate 9%
$307,044
Alternative Uses
Best Use
Multifamily LT 5
$394.8K
$345.4K – $460.6K
NOI $27,634 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$348.1K
$304.6K – $406.2K
NOI $24,370 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$829.1K
$725.4K – $967.2K
NOI $58,034 @ 7.0% cap · market cap 16.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,306
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?
Duplex - Residentially zoned duplex with separate apartments, off-street parking, and owner-occupant flexibility.
Where is this duplex located?
The property is located at 128 East New Street Lancaster, PA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath apartments in a duplex configuration; 2,474 square feet on a 0.04‑acre lot; Second‑floor bonus room for storage or additional use
