Renovated Two-Unit Residential
For Sale
$469,999
772 Marietta Avenue, Lancaster, PA 17603
Renovated 2-unit property with shared laundry and yard, leased first floor and a 1-year lease on the upper unit.
Property Size1,844 SF
Price / SF$254.88
Days on Market724
Property Features for 772 Marietta Avenue
General Information
Standard status
Active
Size
1,844 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R4; HIGH DENSITY
Occupancy
100%
Additional Details
Cap Rate
6.3%
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,137
Amenities
shared laundry
shared yard
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1875
Year Renovated
2020
Stories
3
Tenancy
Multi
Listing Agency:
PPM Real Estate, Inc.
(717) 394-3374
Listed By:
Corinn E. Kirchner · License #RS314444
(717) 394-3374
Source:
Compass
Added: Aug 29, 2024
Changed: Aug 8
Last Checked: Jul 23 at 1:53AM
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 PPM Real Estate, Inc.
Investment Insights
Based on property information with market context.
Renovated two-unit residential income property featuring two separate apartments. The first floor apartment is leased and includes gas heat with central air, with gas and electric paid by the tenant. Apt #2 occupies the second and third floors and is leased on a new one-year term, offering a two-bedroom, two-bath layout with mini-split systems for heat and cooling, with the tenant paying electric.
Both units have been updated with high-end finishes, including granite counters, wood floors, exposed brick walls, drywall ceilings with recessed lighting, central air, dishwashers, built-in microwaves, and vinyl windows. The property also includes shared laundry and a shared yard, and mechanicals, roof, appliances, and finishes are described as approximately five years old.
The landlord pays water/sewer, trash, and house electric. The listing notes the property is in a LERTA tax savings program through 2029, with a schedule of discounts described for 2025 through 2029. Non-metered street parking is described as readily available nearby, and commuter rail and bus access are noted within short distances.
Both units have been updated with high-end finishes, including granite counters, wood floors, exposed brick walls, drywall ceilings with recessed lighting, central air, dishwashers, built-in microwaves, and vinyl windows. The property also includes shared laundry and a shared yard, and mechanicals, roof, appliances, and finishes are described as approximately five years old.
The landlord pays water/sewer, trash, and house electric. The listing notes the property is in a LERTA tax savings program through 2029, with a schedule of discounts described for 2025 through 2029. Non-metered street parking is described as readily available nearby, and commuter rail and bus access are noted within short distances.
Key Highlights
- Renovated 2‑unit property (year built 1875) with first‑floor unit leased for $1,350/month and an upper unit on a new 1‑year lease for $1,675/month
- LERTA tax savings through 2029: 50% discount on tax bill in 2025, decreasing by 10% each year thereafter
- Upgraded mechanicals, roof, appliances, and finishes are all about 5 years old
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
$20,597
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
4.38%
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%
$411,940
$411.9K
Cap Rate 7%
$294,243
$294.2K
Cap Rate 9%
$228,856
$228.9K
Market Conditions
NOI Build-Up for 1,844 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
$29.9K $16.20/SF
− Vacancy
−$448 −$0.24/SF
EGI
$29.4K $15.96/SF
− OpEx
−$8.8K −$4.79/SF
NOI
$20.6K $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%
$411,940
Cap Rate 7%
$294,243
Cap Rate 9%
$228,856
Alternative Uses
Best Use
Multifamily LT 5
$294.2K
$257.5K – $343.3K
NOI $20,597 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$259.5K
$227.1K – $302.7K
NOI $18,164 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$617.9K
$540.7K – $720.9K
NOI $43,255 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,861
Businesses Nearby
Explore this area
Business Placement
Demographics for 17603, PA
66,739
Population
28,142
Households
2.4
Avg Household Size
37
Median Age
37%
College-Educated
90%
High-School Grad
30.0 sq mi
ZIP Area
2,225
Density / Sq Mi
$77,156
Median Household Income
$40,043
Median Earnings
$1,265
Median Rent
$244,500
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 - Renovated 2-unit property with shared laundry and yard, leased first floor and a 1-year lease on the upper unit.
Where is this duplex located?
The property is located at 772 Marietta Avenue Lancaster, PA.
What is the asking price?
The asking price for this property is $469,999.
What are key features of this property?
This property features: Renovated 2‑unit property (year built 1875) with first‑floor unit leased for $1,350/month and an upper unit on a new 1‑year lease for $1,675/month; LERTA tax savings through 2029: 50% discount on tax bill in 2025, decreasing by 10% each year thereafter; Upgraded mechanicals, roof, appliances, and finishes are all about 5 years old
