Corner Lot Triplex With Off-Street
For Sale
$475,000
1694 1696 1698 COLUMBIA Avenue, Lancaster, PA 17603
MULTI_FAMILY - Colonial - LANCASTER, PA
Property Size3,353 SF
Lot Size0.17 Acres
Price / SF$141.66
Days on Market52
Property Features for 1694 1696 1698 COLUMBIA Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Basement
Parking
3
Parking features
On Street, Driveway
Interior features
Bathroom - Tub Shower, Bathroom - Walk-In Shower, Built-Ins, Carpet, Ceiling Fan(s), Dining Area, Window Treatments
Appliances
Refrigerator, Stove
Elementary school district
PENN MANOR
Middle school district
PENN MANOR
High school district
PENN MANOR
Standard status
Active
Size
3,353 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
5357
Utilities
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1920
Number of units
3
Building materials
Brick, Masonry
Architectural style
Colonial
Listing Agency:
Lusk & Associates Sotheby's International Realty
(717) 291-9101
Listed By:
Anne M Lusk · License #RS210178L
(717) 271-9339
Added: Jul 3
Changed: Jul 9
Last Checked: Aug 23 at 1:06PM
MLS# PALA2091242
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 well-maintained triplex offers three separate units arranged over two levels. The main level includes two units, each featuring a dine-in or eat-in kitchen and two bedrooms sharing a Jack-and-Jill full bath. One bath is described as a tub/shower combination, while the other is described with a walk-in shower. The second main-level unit includes bright living space with well-kept luxury vinyl plank flooring. The upper-level unit features plush carpeting throughout, expansive living areas, and numerous windows that bring in natural light.
The property is situated on a corner lot and includes front and side yard areas. Off-street parking is available with three private spaces for residents.
With three self-contained units and dedicated off-street parking, this building can support a variety of plans, including renting all units or occupying one unit while leasing the others. The current unit layouts provide two-bedroom living options with shared Jack-and-Jill bath configurations on the main level, plus a distinct upper-level layout defined by carpeting and windowed living space.
The property is situated on a corner lot and includes front and side yard areas. Off-street parking is available with three private spaces for residents.
With three self-contained units and dedicated off-street parking, this building can support a variety of plans, including renting all units or occupying one unit while leasing the others. The current unit layouts provide two-bedroom living options with shared Jack-and-Jill bath configurations on the main level, plus a distinct upper-level layout defined by carpeting and windowed living space.
Key Highlights
- Well‑maintained 3‑unit triplex built in 1920 with Colonial architectural style
- Units feature dining areas and built‑ins, plus updated interior finishes including carpet and luxury vinyl plank flooring
- Bathroom setup includes Jack‑and‑Jill full baths with a tub/shower combo and a walk‑in shower
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
$37,453
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
7.88%
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%
$749,060
$749.1K
Cap Rate 7%
$535,043
$535.0K
Cap Rate 9%
$416,144
$416.1K
Market Conditions
NOI Build-Up for 3,353 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
$54.3K $16.20/SF
− Vacancy
−$815 −$0.24/SF
EGI
$53.5K $15.96/SF
− OpEx
−$16.1K −$4.79/SF
NOI
$37.5K $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%
$749,060
Cap Rate 7%
$535,043
Cap Rate 9%
$416,144
Alternative Uses
Best Use
Multifamily LT 5
$535.0K
$468.2K – $624.2K
NOI $37,453 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$471.8K
$412.9K – $550.5K
NOI $33,029 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$1.12M
$983.2K – $1.31M
NOI $78,653 @ 7.0% cap · market cap 16.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
Explore this area
Business Placement
Demographics for 17603, PA
66,739
Population
28,142
Households
2.4
Avg Household Size
37
Median Age
37%
College-Educated
90%
High-School Grad
30.0 sq mi
ZIP Area
2,225
Density / Sq Mi
$77,156
Median Household Income
$40,043
Median Earnings
$1,265
Median Rent
$244,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained three-unit triplex on a corner lot with three private off-street parking spaces.
Where is this triplex located?
The property is located at 1694 1696 1698 COLUMBIA Avenue Lancaster, PA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Well‑maintained 3‑unit triplex built in 1920 with Colonial architectural style; Units feature dining areas and built‑ins, plus updated interior finishes including carpet and luxury vinyl plank flooring; Bathroom setup includes Jack‑and‑Jill full baths with a tub/shower combo and a walk‑in shower
