Updated
For Sale
$799,000
13 East Walnut Street, Lancaster, PA 17602
Four independently metered apartments combine recent interior upgrades with full occupancy and a varied unit mix.
Property Size2,688 SF
Price / SF$297.25
Days on Market153
Property Features for 13 East Walnut Street
General Information
Standard status
Active
Size
2,688 SF
Property subtype
Multi-Family / Fee Simple
Zoning
CB1
Occupancy
100%
Units
Unit Mix
1 x 2BR, 2 x 1BR, 1 x studio
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,305
Amenities
No
Main Entrance Lock
32"+ wide Doors
No Pool
Above Grade, Below Grade
Building Details
Year Built
1910
Buildings
1
Listing Agency:
EXP Realty, LLC
(717) 989-4552
Listed By:
Jonathan Breitegan · License #RS348140
(717) 989-4552
Source:
Compass
Added: Mar 31
Changed: Aug 30
Last Checked: Aug 30 at 10:42AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 2,688-square-foot quadplex at 13 East Walnut Street contains four residential units: one 2-bedroom apartment, two 1-bedroom apartments, and a studio. Built in 1910, the property has received recent improvements to kitchens, bathrooms, flooring, and exterior windows. Each apartment operates independently, with separate electric and gas utilities supporting straightforward management.
The building is located in Lancaster’s Central Business District and is zoned CB1. All four units are fully occupied, providing in-place rental income. Interior features include a main entrance lock and doors measuring 32 inches or wider. The property includes both above-grade and below-grade areas and is located in Lancaster, Pennsylvania.
The building is located in Lancaster’s Central Business District and is zoned CB1. All four units are fully occupied, providing in-place rental income. Interior features include a main entrance lock and doors measuring 32 inches or wider. The property includes both above-grade and below-grade areas and is located in Lancaster, Pennsylvania.
Key Highlights
- Four‑unit layout with one 2‑bedroom apartment, two 1‑bedroom apartments, and a studio
- 2,688‑square‑foot building on 13 East Walnut Street
- Fully occupied with in‑place rental income
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
$30,025
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
3.76%
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%
$600,500
$600.5K
Cap Rate 7%
$428,929
$428.9K
Cap Rate 9%
$333,611
$333.6K
Market Conditions
NOI Build-Up for 2,688 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
$43.5K $16.20/SF
− Vacancy
−$653 −$0.24/SF
EGI
$42.9K $15.96/SF
− OpEx
−$12.9K −$4.79/SF
NOI
$30.0K $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%
$600,500
Cap Rate 7%
$428,929
Cap Rate 9%
$333,611
Alternative Uses
Best Use
Multifamily LT 5
$428.9K
$375.3K – $500.4K
NOI $30,025 @ 7.0% cap · market cap 3.76%
Second Best
Apartment 5plus
$378.3K
$331.0K – $441.3K
NOI $26,478 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$900.8K
$788.2K – $1.05M
NOI $63,054 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,872
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?
Quadplex - Four independently metered apartments combine recent interior upgrades with full occupancy and a varied unit mix.
Where is this quadplex located?
The property is located at 13 East Walnut Street Lancaster, PA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four‑unit layout with one 2‑bedroom apartment, two 1‑bedroom apartments, and a studio; 2,688‑square‑foot building on 13 East Walnut Street; Fully occupied with in‑place rental income
