Corner-Lot
For Sale
$495,000
Pending
1698 Columbia Avenue, Lancaster, PA 17603
Three-unit residential property with varied layouts, private parking, and yard areas near dining, shopping, and daily amenities.
Property Size3,353 SF
Days on Market155
Property Features for 1698 Columbia Avenue
General Information
Standard status
Pending
Size
3,353 SF
Total Parking Spaces
3
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,357
Amenities
No
Refrigerator, Stove
Bathroom - Tub Shower, Bathroom - Walk-In Shower, Built-Ins, Carpet, Ceiling Fan(s), Dining Area, Window Treatments
2+ Access Exits
No Pool
Above Grade, Below Grade
Awning(s), Sidewalks
Building Details
Year Built
1920
Listing Agency:
Lusk & Associates Sotheby's International Realty
(717) 271-9339
Listed By:
Anne M Lusk · License #RS210178L
(717) 271-9339
Source:
Compass
Added: Mar 30
Changed: Aug 30
Last Checked: Aug 30 at 11:21PM
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.
Built in 1920, this 3,353-square-foot triplex contains two units on the main level and a third residence upstairs. The first main-floor unit includes a living room, dine-in kitchen with built-in cabinetry, two bedrooms, and a Jack-and-Jill full bathroom with a tub and shower. The second has an eat-in kitchen, living room with luxury vinyl plank flooring, sizable bedrooms, and a shared Jack-and-Jill bathroom with a walk-in shower. The upper unit offers broad living areas, carpeting, and abundant windows.
The property occupies a corner lot in Lancaster and provides three private off-street parking spaces, along with front and side yard areas. RESIDENTIAL zoning applies. Additional features include ceiling fans, window treatments, two or more access exits, sidewalks, and awnings. The property is near local dining, shopping, and everyday amenities and is served by the Penn Manor School District.
The property occupies a corner lot in Lancaster and provides three private off-street parking spaces, along with front and side yard areas. RESIDENTIAL zoning applies. Additional features include ceiling fans, window treatments, two or more access exits, sidewalks, and awnings. The property is near local dining, shopping, and everyday amenities and is served by the Penn Manor School District.
Key Highlights
- 3,353 SF triplex built in 1920
- Three residential units arranged across main and upper levels
- Three private off‑street parking spaces on a corner lot
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
7.57%
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 7.57%
Second Best
Apartment 5plus
$471.8K
$412.9K – $550.5K
NOI $33,029 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$1.12M
$983.2K – $1.31M
NOI $78,653 @ 7.0% cap · market cap 15.89%
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with varied layouts, private parking, and yard areas near dining, shopping, and daily amenities.
Where is this triplex located?
The property is located at 1698 Columbia Avenue Lancaster, PA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 3,353 SF triplex built in 1920; Three residential units arranged across main and upper levels; Three private off‑street parking spaces on a corner lot
