Renovated Two-Unit End-of-Row
For Sale
$524,900
145 E CHESTNUT Street, Lancaster, PA 17602
MULTI_FAMILY - Other - LANCASTER, PA
Property Size3,800 SF
Lot Size0.09 Acres
Price / SF$138.13
Days on Market92
Property Features for 145 E CHESTNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
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
3,800 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
7875
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1900
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(610) 363-6006
Listed By:
Kate Bailey · License #RS320338
(215) 868-2450
Added: May 13
Changed: Jul 26
Last Checked: Aug 12 at 8:06AM
MLS# PALA2087006
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.
Converted from a traditional end-of-row townhouse built in 1900, this two-unit masonry property includes a 2-bedroom unit on the first level and a 3-bedroom unit spread across the 2nd and 3rd floors. The home also features formal dining rooms, a 2nd-floor balcony, and a full basement that provides substantial additional storage.
Major renovation work includes updates to the 2nd and 3rd floors (2015), first-floor renovation (2016), yard transformation into a garden (2015), whole-property repainting (2019), and a kitchen and 3rd-floor bathroom remodel with updated appliances (2023). Additional improvements include a large tree removal and a new roof (2025). Off-street parking is available behind a back gate via spaces that can be leased. With approximately 0.09 acres and about 3,800 square feet, the layout supports both comfortable daily living and flexible income potential.
The owners’ recent upgrades, interior updates, and exterior maintenance provide a strong foundation for a buyer seeking a renovated, character-forward duplex with functional outdoor space and direct-access parking behind the property.
Major renovation work includes updates to the 2nd and 3rd floors (2015), first-floor renovation (2016), yard transformation into a garden (2015), whole-property repainting (2019), and a kitchen and 3rd-floor bathroom remodel with updated appliances (2023). Additional improvements include a large tree removal and a new roof (2025). Off-street parking is available behind a back gate via spaces that can be leased. With approximately 0.09 acres and about 3,800 square feet, the layout supports both comfortable daily living and flexible income potential.
The owners’ recent upgrades, interior updates, and exterior maintenance provide a strong foundation for a buyer seeking a renovated, character-forward duplex with functional outdoor space and direct-access parking behind the property.
Key Highlights
- Converted 2‑unit property with a 2BD unit on the 1st level and a 3BD unit on the 2nd & 3rd levels
- Built in 1900 with masonry construction
- Renovations/upgrades include 2nd & 3rd floors (2015), 1st floor (2016), kitchen/appliances updated (2023), roof (2025), and whole property repaint (2019)
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
$42,446
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
8.09%
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%
$848,920
$848.9K
Cap Rate 7%
$606,371
$606.4K
Cap Rate 9%
$471,622
$471.6K
Market Conditions
NOI Build-Up for 3,800 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
$61.6K $16.20/SF
− Vacancy
−$923 −$0.24/SF
EGI
$60.6K $15.96/SF
− OpEx
−$18.2K −$4.79/SF
NOI
$42.4K $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%
$848,920
Cap Rate 7%
$606,371
Cap Rate 9%
$471,622
Alternative Uses
Best Use
Multifamily LT 5
$606.4K
$530.6K – $707.4K
NOI $42,446 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$534.7K
$467.9K – $623.9K
NOI $37,432 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,138 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,113
Businesses Nearby
Explore this area
Business Placement
Demographics for 17602, PA
52,665
Population
19,472
Households
2.7
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
24.6 sq mi
ZIP Area
2,141
Density / Sq Mi
$71,752
Median Household Income
$38,469
Median Earnings
$1,272
Median Rent
$250,600
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?
Duplex - Converted 1900 masonry duplex with a 2-bedroom first-floor unit and a 3-bedroom multi-level unit, plus updated systems.
Where is this duplex located?
The property is located at 145 E CHESTNUT Street Lancaster, PA.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: Converted 2‑unit property with a 2BD unit on the 1st level and a 3BD unit on the 2nd & 3rd levels; Built in 1900 with masonry construction; Renovations/upgrades include 2nd & 3rd floors (2015), 1st floor (2016), kitchen/appliances updated (2023), roof (2025), and whole property repaint (2019)
