6-Unit Apartment
New
For Sale
$625,000
140 N 3RD Street, Columbia, PA 17512
MULTI_FAMILY - COLUMBIA, PA
Property Size3,892 SF
Lot Size0.14 Acres
Price / SF$160.59
Days on Market2
Property Features for 140 N 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
Off Street, On Street
Interior features
Ceiling Fan(s)
Appliances
Dishwasher, Refrigerator
High school
COLUMBIA JUNIOR-SENIOR - HILL CAMPUS
Elementary school district
COLUMBIA BOROUGH
Middle school district
COLUMBIA BOROUGH
High school district
COLUMBIA BOROUGH
Standard status
Active
Size
3,892 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
10396
Utilities
Heating system
Electric (Heating), Forced Air, Heat Pump (Heating), Baseboard
Amenities
courtyard
Building Details
Year built
1890
Number of units
4
Building materials
Brick, Masonry
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(717) 553-2500
Listed By:
Kalif Chaque Coates · License #RS379200
(717) 405-2500
Added: Aug 11
Last Checked: Aug 12 at 9:06AM
MLS# PALA2092800
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 three-story apartment building contains six self-contained units within 3,892 square feet of living space. Each unit includes a kitchen and bathroom, with dishwashers and refrigerators among the listed appliances. Brick and masonry construction, electric heating systems, and a basement support the building’s existing configuration. The property was built in 1890.
All six units are currently rented. Rear parking provides 3 to 4 off-street spaces, with additional on-street parking also listed. A rear courtyard adds shared outdoor space. The property is located at 140 N 3RD Street in Columbia, Lancaster County, Pennsylvania, and showings are available by appointment.
All six units are currently rented. Rear parking provides 3 to 4 off-street spaces, with additional on-street parking also listed. A rear courtyard adds shared outdoor space. The property is located at 140 N 3RD Street in Columbia, Lancaster County, Pennsylvania, and showings are available by appointment.
Key Highlights
- Six individually self‑contained units, each with a kitchen and bathroom
- 3,892 square feet of total living space in a three‑story building
- All 6 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
$38,338
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
6.13%
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%
$766,760
$766.8K
Cap Rate 7%
$547,686
$547.7K
Cap Rate 9%
$425,978
$426.0K
Market Conditions
NOI Build-Up for 3,892 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
$70.1K $18.00/SF
− Vacancy
−$350 −$0.09/SF
EGI
$69.7K $17.91/SF
− OpEx
−$31.4K −$8.06/SF
NOI
$38.3K $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 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%
$766,760
Cap Rate 7%
$547,686
Cap Rate 9%
$425,978
Alternative Uses
Best Use
Apartment 5plus
$547.7K
$479.2K – $639.0K
NOI $38,338 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,296 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
428
Businesses Nearby
Explore this area
Business Placement
Demographics for 17512, PA
18,267
Population
8,255
Households
2.2
Avg Household Size
42
Median Age
23%
College-Educated
86%
High-School Grad
16.0 sq mi
ZIP Area
1,142
Density / Sq Mi
$61,130
Median Household Income
$42,702
Median Earnings
$1,067
Median Rent
$221,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story brick apartment property with individually equipped units, rear parking, and a courtyard.
Where is this apartment building located?
The property is located at 140 N 3RD Street Columbia, PA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Six individually self‑contained units, each with a kitchen and bathroom; 3,892 square feet of total living space in a three‑story building; All 6 units are currently rented
