Updated Four-Unit
For Sale
$599,900
Pending
146 E Clay St, Lancaster, PA 17602
Four-unit multifamily building with a mix of mid-term and long-term rental arrangements plus a fenced tenant backyard.
Property Size2,890 SF
Days on Market36
Property Features for 146 E Clay St
General Information
Standard status
Pending
Size
2,890 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 1BR/1BA, 2 x studio, 1 x 2BR/1BA
Multifamily Units
4
Additional Details
Cap Rate
11.3%
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,871
Amenities
fenced-in backyard
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Prime Home Real Estate, LLC
(717) 847-2044
Listed By:
Parker Wolfe
(717) 847-2044
Source:
Exprealty
Added: Jul 17
Changed: Aug 21
Last Checked: Aug 20 at 12:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Prime Home Real Estate, LLC
Investment Insights
Based on property information with market context.
Located at 146 E Clay St in Lancaster, PA, this 2,890-square-foot quadplex contains four residential units with a mix of mid-term and long-term occupancy. Three of the four units have received updates to flooring, kitchens, and bathrooms. The unit mix includes a one-bedroom apartment, two studios, and a two-bedroom apartment with a spiral staircase.
Each unit has separate heating, while electric service is individually metered and common areas use a landlord meter. Units 1 and 2 include mini-splits for cooling. Recent property work includes new hot water heaters serving Units 1 and 3, a replacement heating element in Unit 2, furnace servicing in December 2025, brick resealing in May 2025, a new dryer in November 2025, and siding repainting in April 2025. The property also includes a rented garage, fenced backyard, and quarterly pest control.
Each unit has separate heating, while electric service is individually metered and common areas use a landlord meter. Units 1 and 2 include mini-splits for cooling. Recent property work includes new hot water heaters serving Units 1 and 3, a replacement heating element in Unit 2, furnace servicing in December 2025, brick resealing in May 2025, a new dryer in November 2025, and siding repainting in April 2025. The property also includes a rented garage, fenced backyard, and quarterly pest control.
Key Highlights
- 2,890‑square‑foot quadplex with 4 residential units
- Current 11.3% cap rate
- Three of 4 units updated with vinyl plank flooring, kitchens, and bathrooms
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
$32,281
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
5.38%
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%
$645,620
$645.6K
Cap Rate 7%
$461,157
$461.2K
Cap Rate 9%
$358,678
$358.7K
Market Conditions
NOI Build-Up for 2,890 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
$46.8K $16.20/SF
− Vacancy
−$702 −$0.24/SF
EGI
$46.1K $15.96/SF
− OpEx
−$13.8K −$4.79/SF
NOI
$32.3K $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%
$645,620
Cap Rate 7%
$461,157
Cap Rate 9%
$358,678
Alternative Uses
Best Use
Multifamily LT 5
$461.2K
$403.5K – $538.0K
NOI $32,281 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$406.7K
$355.9K – $474.5K
NOI $28,468 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$968.5K
$847.4K – $1.13M
NOI $67,792 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,306
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?
Quadplex - Four-unit multifamily building with a mix of mid-term and long-term rental arrangements plus a fenced tenant backyard.
Where is this quadplex located?
The property is located at 146 E Clay St Lancaster, PA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2,890‑square‑foot quadplex with 4 residential units; Current 11.3% cap rate; Three of 4 units updated with vinyl plank flooring, kitchens, and bathrooms
