Three-Unit Multifamily
For Sale
$1,150,000
138 N MULBERRY STREET, Lancaster, PA 17603
Multi-Family, LANCASTER, PA
Property Size5,000 SF
Lot Size0.11 Acres
Price / SF$230
Days on Market49
Property Features for 138 N MULBERRY STREET
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Elementary school district
SCHOOL DISTRICT OF LANCASTER
Middle school district
SCHOOL DISTRICT OF LANCASTER
High school district
SCHOOL DISTRICT OF LANCASTER
Standard status
Active
Size
5,000 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
14133
Utilities
Heating system
Other (Heating), Forced Air
Amenities
private outdoor space
laundry
radiant heat floors
courtyard
Building Details
Year built
1916
Number of units
3
Building materials
Brick
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 393-0100
Listed By:
PAULA LYNN MOWRER · License #RS329875
(717) 449-9933
Added: Sep 10
Changed: Oct 20
Last Checked: Oct 28 at 7:06AM
MLS# PALA2092796
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 5,000-square-foot brick multifamily property dates to 1916 and occupies a 0.11-acre lot. It comprises two rented residences, each with two bedrooms and one bathroom, plus a three-bedroom carriage house with one and a half bathrooms. The carriage house has an open living, dining, and kitchen area, radiant floor heat, second-floor laundry, and a private courtyard. Each rented residence also has its own outdoor area, with laundry in the basement of one and near the entry of the other.
The carriage house has a dedicated driveway. Parking for the other residences is by permit on the street.
The carriage house has a dedicated driveway. Parking for the other residences is by permit on the street.
Key Highlights
- Three residences: two leased units and one carriage house
- 5,000 square feet on a 0.11‑acre lot
- Brick construction; built in 1916
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,253
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$985,060
$985.1K
Cap Rate 7%
$703,614
$703.6K
Cap Rate 9%
$547,256
$547.3K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$90.0K $18.00/SF
− Vacancy
−$450 −$0.09/SF
EGI
$89.6K $17.91/SF
− OpEx
−$40.3K −$8.06/SF
NOI
$49.3K $9.85/SF
Area
Lancaster County, PA
Vacancy
0.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$985,060
Cap Rate 7%
$703,614
Cap Rate 9%
$547,256
Alternative Uses
Best Use
Apartment 5plus
$703.6K
$615.7K – $820.9K
NOI $49,253 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.95M
NOI $117,287 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Multi-tenant
Tenancy
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
Frequently Asked Questions
What type of property is this?
Multifamily property - Two residences are leased, while a separate carriage house offers an additional three-bedroom home.
Where is this multifamily property located?
The property is located at 138 N MULBERRY STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Three residences: two leased units and one carriage house; 5,000 square feet on a 0.11‑acre lot; Brick construction; built in 1916
