Two-Unit Mixed-Use
For Sale
$645,000
15 N LIME Street, Lancaster, PA 17602
Multi-Family, LANCASTER, PA
Property Size2,641 SF
Lot Size0.06 Acres
Price / SF$244.23
Days on Market48
Property Features for 15 N LIME Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Parking features
Driveway
Subdivision
DOWNTOWN LANCASTER
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
2,641 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
9540
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1870
Number of units
2
Building materials
Masonry, Brick
Architectural style
Other
Listing Agency:
Lusk & Associates Sotheby's International Realty
(717) 291-9101
Listed By:
Anne M Lusk · License #RS210178L
(717) 271-9339
Added: Aug 4
Changed: Sep 5
Last Checked: Sep 20 at 10:06AM
MLS# PALA2093106
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 2,641-square-foot mixed-use property combines a ground-floor commercial area with a separate second-floor apartment. The commercial level is an open space with two half baths, while the residential unit includes two bedrooms, two full bathrooms, and a spacious living area. The building dates to 1870 and features masonry and brick construction, forced-air heating, window-unit cooling, and a driveway accommodating up to four vehicles.
Positioned in downtown Lancaster near the Musser Park area, the property is within walking distance of restaurants, coffee shops, bakeries, shopping, and entertainment. Central Market, the Fulton Theatre, the Ware Center, and the courthouse are also identified as nearby destinations. The combination of commercial and residential space supports both investment and owner-occupant use.
Positioned in downtown Lancaster near the Musser Park area, the property is within walking distance of restaurants, coffee shops, bakeries, shopping, and entertainment. Central Market, the Fulton Theatre, the Ware Center, and the courthouse are also identified as nearby destinations. The combination of commercial and residential space supports both investment and owner-occupant use.
Key Highlights
- 2,641 SF mixed‑use building with commercial and residential components
- Ground‑floor commercial space includes two half baths
- 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
Multifamily LT 5
$421.4K
$368.8K – $491.7K
NOI $29,500 @ 7.0% cap · market cap 4.57%
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
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,528
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial and residential layout with off-street parking in downtown Lancaster.
Where is this mixed-use property located?
The property is located at 15 N LIME Street 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: 2,641 SF mixed‑use building with commercial and residential components; Ground‑floor commercial space includes two half baths; Second‑floor apartment has 2 bedrooms and 2 full bathrooms
