Two-Unit Mixed-Use
For Sale
$645,000
15 N Lime St, Lancaster, PA 17602
Commercial space and a residential apartment combine in a walkable Lancaster setting with off-street parking.
Property Size2,641 SF
Price / SF$244.23
Days on Market41
Property Features for 15 N Lime St
General Information
Standard status
Active
Size
2,641 SF
Total Parking Spaces
4
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Building Details
Year Built
1870
Buildings
1
Stories
2
Listing Agency:
Lusk & Associates Sotheby's International Realty
(717) 271-9339
Listed By:
Anne M Lusk · License #RS210178L
Source:
Lancorealestate
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 26 at 6:57AM
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 Lusk & Associates Sotheby's International Realty
Investment Insights
Based on property information with market context.
This two-unit mixed-use property contains a ground-floor commercial suite and an upper-level apartment. The commercial area is configured as an adaptable open space with two half bathrooms, while the apartment includes two bedrooms, two full bathrooms, and a generous living area. The building was constructed in 1870 and provides 2,641 square feet of property area.
Located in Downtown Lancaster within Musser Park, the property is near restaurants, coffee shops, bakeries, shopping, and entertainment. Central Market, the Fulton Theatre, the Ware Center, and the courthouse are identified as nearby destinations. Off-street parking accommodates up to four vehicles, supporting both the commercial and residential components.
Located in Downtown Lancaster within Musser Park, the property is near restaurants, coffee shops, bakeries, shopping, and entertainment. Central Market, the Fulton Theatre, the Ware Center, and the courthouse are identified as nearby destinations. Off-street parking accommodates up to four vehicles, supporting both the commercial and residential components.
Key Highlights
- Two‑unit mixed‑use property with commercial and residential components
- Ground‑floor commercial space includes two half bathrooms
- Second‑floor apartment has 2 bedrooms and 2 full 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
$32,801
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
5.09%
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%
$656,020
$656.0K
Cap Rate 7%
$468,586
$468.6K
Cap Rate 9%
$364,456
$364.5K
Market Conditions
NOI Build-Up for 2,641 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
$57.0K $21.60/SF
− Vacancy
−$4.6K −$1.73/SF
EGI
$52.5K $19.87/SF
− OpEx
−$19.7K −$7.45/SF
NOI
$32.8K $12.42/SF
Area
Lancaster County, PA
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$656,020
Cap Rate 7%
$468,586
Cap Rate 9%
$364,456
Alternative Uses
Best Use
Mixed Use
$468.6K
$410.0K – $546.7K
NOI $32,801 @ 7.0% cap · market cap 5.09%
Second Best
Retail
$444.0K
$388.5K – $518.0K
NOI $31,080 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$885.0K
$774.4K – $1.03M
NOI $61,951 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,590
Businesses Nearby
117k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 35%
Shops & Services 27%
Groceries 19%
Dining 18%
Lancaster Marriott
Hotels & Casinos
40,779 visits/mo
0.3 miles
McDonald's
Dining
19,295 visits/mo
0.4 miles
C-Town Supermarkets
Groceries
9,025 visits/mo
0.3 miles
Sunoco
Shops & Services
8,706 visits/mo
0.5 miles
Turkey Hill Minit Market
Shops & Services
8,115 visits/mo
0.4 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space and a residential apartment combine in a walkable Lancaster setting with off-street parking.
Where is this mixed-use property located?
The property is located at 15 N Lime St Lancaster, PA.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Two‑unit mixed‑use property with commercial and residential components; Ground‑floor commercial space includes two half bathrooms; Second‑floor apartment has 2 bedrooms and 2 full bathrooms
