Historic Quadplex with Approved Boarding
For Sale
$699,000
141 LINCOLN WAY W, Chambersburg, PA 17201
Multi-Family, CHAMBERSBURG, PA
Property Size4,580 SF
Lot Size0.42 Acres
Price / SF$152.62
Days on Market80
Property Features for 141 LINCOLN WAY W
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room
Parking
5
Parking features
Driveway, Off Street, On Street
Interior features
Additional Stairway, Bathroom - Stall Shower, Bathroom - Tub Shower, Bathroom - Walk-In Shower, Curved Staircase, Dining Area, Entry Level Bedroom, Floor Plan - Traditional, Formal/Separate Dining Room, Wood Floors
Fireplace
1
Appliances
Dryer, Oven/Range - Electric, Refrigerator, Washer
Subdivision
NONE AVAILABLE
Middle school
FAUST JUNIOR HIGH SCHOOL
High school
CHAMBERSBURG AREA SENIOR
Elementary school district
CHAMBERSBURG AREA
Middle school district
CHAMBERSBURG AREA
High school district
CHAMBERSBURG AREA
Standard status
Active
Size
4,580 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Annual Amount
3177
Utilities
Heating system
Other (Heating), Steam
Building Details
Year built
1700
Number of units
4
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Keller Williams Keystone Realty · Keller Williams Realty
(717) 504-8002
Listed By:
Lane I Thrush · License #RM423221
(717) 816-4011
Added: Jun 17
Changed: Sep 3
Last Checked: Sep 4 at 11:06AM
MLS# PAFL2035388
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 4,580-square-foot brick Colonial property at 141 Lincoln Way W in Chambersburg occupies 0.42 acres and is classified as a quadplex. The building includes traditional floor-plan elements, wood floors, a formal dining room, an additional stairway, and a curved staircase. Interior amenities include stall, tub, and walk-in showers, along with an entry-level bedroom and a separate dining area. A fireplace, steam heating, electric range, refrigerator, washer, and dryer are also included.
The property has an approved boarding-house use licensed for up to 18 occupants. Parking is provided through the driveway, off-street spaces, and on-street availability. Its brick construction and Colonial architecture contribute to a historic character, while the existing approved use provides a defined operating framework.
The property has an approved boarding-house use licensed for up to 18 occupants. Parking is provided through the driveway, off-street spaces, and on-street availability. Its brick construction and Colonial architecture contribute to a historic character, while the existing approved use provides a defined operating framework.
Key Highlights
- Approved boarding house licensed for up to 18 occupants
- 4,580‑square‑foot brick Colonial property
- 0.42‑acre site at 141 Lincoln Way W, Chambersburg, PA 17201
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
$45,551
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
6.52%
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%
$911,020
$911.0K
Cap Rate 7%
$650,729
$650.7K
Cap Rate 9%
$506,122
$506.1K
Market Conditions
NOI Build-Up for 4,580 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
$70.3K $15.36/SF
− Vacancy
−$5.3K −$1.15/SF
EGI
$65.1K $14.21/SF
− OpEx
−$19.5K −$4.26/SF
NOI
$45.6K $9.95/SF
Area
Franklin County, PA
Vacancy
7.50%
Lease Rate
$15.36 /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%
$911,020
Cap Rate 7%
$650,729
Cap Rate 9%
$506,122
Alternative Uses
Best Use
Multifamily LT 5
$650.7K
$569.4K – $759.2K
NOI $45,551 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$587.6K
$514.2K – $685.5K
NOI $41,132 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$1.11M
$971.7K – $1.30M
NOI $77,735 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
Explore this area
Business Placement
Demographics for 17201, PA
27,556
Population
12,749
Households
2.2
Avg Household Size
39
Median Age
28%
College-Educated
91%
High-School Grad
19.1 sq mi
ZIP Area
1,443
Density / Sq Mi
$59,645
Median Household Income
$42,500
Median Earnings
$1,109
Median Rent
$206,800
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 - Brick Colonial property carries an approved boarding-house use for up to 18 occupants.
Where is this quadplex located?
The property is located at 141 LINCOLN WAY W Chambersburg, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Approved boarding house licensed for up to 18 occupants; 4,580‑square‑foot brick Colonial property; 0.42‑acre site at 141 Lincoln Way W, Chambersburg, PA 17201
