Brick Triplex with Carriage
New
For Sale
$1,200,000
138 N MULBERRY STREET, Lancaster, PA 17603
Multi-Family, LANCASTER, PA
Property Size5,000 SF
Lot Size0.11 Acres
Price / SF$240
Days on Market3
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
8809
Utilities
Heating system
Forced Air, Other (Heating)
Amenities
laundry
private outdoor space
courtyard
radiant heat floors
driveway
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: Sep 11
Last Checked: Sep 12 at 12:06AM
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.
Investment Insights
Based on property information with market context.
This brick triplex at 138 N Mulberry Street includes two 2-bedroom, 1-bathroom residences and a separate carriage house with 3 bedrooms and 1.5 bathrooms. The two primary units provide kitchens, living areas, dining space, laundry areas, and private outdoor areas. One places the bedrooms and bath on the second floor, while the other uses a third-floor bedroom and bath arrangement. Both units are currently rented.
The carriage house features an open living, dining, and kitchen arrangement, radiant floor heat, second-floor laundry, a private courtyard, and its own driveway. The property contains approximately 5,000 square feet on a 0.11-acre lot, with brick construction dating to 1916. Street parking is available for the two primary residences by permit.
The carriage house features an open living, dining, and kitchen arrangement, radiant floor heat, second-floor laundry, a private courtyard, and its own driveway. The property contains approximately 5,000 square feet on a 0.11-acre lot, with brick construction dating to 1916. Street parking is available for the two primary residences by permit.
Key Highlights
- Triplex configuration with two 2‑bedroom, 1‑bathroom residences and a 3‑bedroom carriage house with 1.5 bathrooms
- Approximately 5,000 square feet on a 0.11‑acre lot
- Two primary units are currently rented
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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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 separate residences offer varied layouts, private outdoor areas, and a dedicated driveway for the carriage house.
Where is this triplex located?
The property is located at 138 N MULBERRY STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Triplex configuration with two 2‑bedroom, 1‑bathroom residences and a 3‑bedroom carriage house with 1.5 bathrooms; Approximately 5,000 square feet on a 0.11‑acre lot; Two primary units are currently rented
