Three-Unit Property with Carriage
New
For Sale
$1,200,000
138 N Mulberry St, Lancaster, PA 17603
Three residences combine leased two-bedroom layouts with a move-in-ready three-bedroom carriage house and private outdoor areas.
Property Size5,000 SF
Price / SF$240
Days on Market6
Property Features for 138 N Mulberry St
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
3
Amenities
courtyard
Building Details
Year Built
1916
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
Listed By:
PAULA LYNN MOWRER · License #RS329875
(717) 449-9933
Source:
Viewmarylandhomesforsale
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 15 at 12:58PM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This triplex includes two two-bedroom, one-bathroom residences and a three-bedroom carriage house. The first residence offers a kitchen, dining room, living room, second-floor bedrooms and bath, basement laundry, and private outdoor space. The second includes entry-level laundry, an upper-level living room and kitchen, third-floor bedrooms and bath, and its own outdoor area. Both residences are rented.
The carriage house is described as move-in ready and features three bedrooms, one and one-half bathrooms, an open-concept living, dining, and kitchen area, radiant floor heat, second-floor laundry, and a private courtyard. It also has its own driveway for parking, while the other residences use permit street parking. The property is located at 138 N Mulberry St in Lancaster, Pennsylvania, and was built in 1916.
The carriage house is described as move-in ready and features three bedrooms, one and one-half bathrooms, an open-concept living, dining, and kitchen area, radiant floor heat, second-floor laundry, and a private courtyard. It also has its own driveway for parking, while the other residences use permit street parking. The property is located at 138 N Mulberry St in Lancaster, Pennsylvania, and was built in 1916.
Key Highlights
- Three‑unit residential property with two rented two‑bedroom residences and a three‑bedroom carriage house
- Unit 1 includes 2 bedrooms, 1 bathroom, basement laundry, and private outdoor space
- Unit 2 includes 2 bedrooms, 1 bathroom, entryway laundry, and private outdoor space
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
$55,850
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
4.65%
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%
$1,117,000
$1.1M
Cap Rate 7%
$797,857
$797.9K
Cap Rate 9%
$620,556
$620.6K
Market Conditions
NOI Build-Up for 5,000 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
$81.0K $16.20/SF
− Vacancy
−$1.2K −$0.24/SF
EGI
$79.8K $15.96/SF
− OpEx
−$23.9K −$4.79/SF
NOI
$55.8K $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%
$1,117,000
Cap Rate 7%
$797,857
Cap Rate 9%
$620,556
Alternative Uses
Best Use
Multifamily LT 5
$797.9K
$698.1K – $930.8K
NOI $55,850 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$703.6K
$615.7K – $820.9K
NOI $49,253 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$1.68M
$1.47M – $1.95M
NOI $117,287 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,835
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences combine leased two-bedroom layouts with a move-in-ready three-bedroom carriage house and private outdoor areas.
Where is this triplex located?
The property is located at 138 N Mulberry St Lancaster, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit residential property with two rented two‑bedroom residences and a three‑bedroom carriage house; Unit 1 includes 2 bedrooms, 1 bathroom, basement laundry, and private outdoor space; Unit 2 includes 2 bedrooms, 1 bathroom, entryway laundry, and private outdoor space
