Renovated Duplex with Separate
New
For Sale
$399,900
17 New Dorwart St, Lancaster, PA 17603
Both units are leased month to month, with appliances and laundry equipment included.
Property Size2,010 SF
Price / SF$198.96
Days on Market6
Property Features for 17 New Dorwart St
General Information
Standard status
Active
Size
2,010 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
washer and dryer
Building Details
Year Built
1920
Year Renovated
2023
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Elite
Listed By:
Joshua Lucas Packer · License #RS352895
(717) 575-0328
Source:
Lancorealestate
Added: Sep 12
Last Checked: Sep 16 at 12:56AM
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 Keller Williams Elite
Investment Insights
Based on property information with market context.
This Lancaster duplex contains two residential units totaling 2,010 square feet. Originally built in 1920, the property received a comprehensive renovation in 2023, including a new roof, HVAC systems, windows, plumbing, electrical work, and interior finishes. Electrical service is separated between the units, and the sale includes the appliances along with a washer and dryer.
Located at 17 New Dorwart St in Lancaster, PA, the property is in the Cabbage Hill area of Lancaster City. Both units are currently leased on a month-to-month basis, providing an existing occupancy arrangement for a new owner. The two-unit layout also supports owner occupancy in one unit while the other remains leased, as described in the property information.
Located at 17 New Dorwart St in Lancaster, PA, the property is in the Cabbage Hill area of Lancaster City. Both units are currently leased on a month-to-month basis, providing an existing occupancy arrangement for a new owner. The two-unit layout also supports owner occupancy in one unit while the other remains leased, as described in the property information.
Key Highlights
- Two‑unit duplex with 2,010 square feet
- Comprehensively renovated in 2023
- New roof, HVAC, windows, plumbing, electrical, and interior finishes
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
$22,451
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
5.61%
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%
$449,020
$449.0K
Cap Rate 7%
$320,729
$320.7K
Cap Rate 9%
$249,456
$249.5K
Market Conditions
NOI Build-Up for 2,010 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
$32.6K $16.20/SF
− Vacancy
−$488 −$0.24/SF
EGI
$32.1K $15.96/SF
− OpEx
−$9.6K −$4.79/SF
NOI
$22.5K $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%
$449,020
Cap Rate 7%
$320,729
Cap Rate 9%
$249,456
Alternative Uses
Best Use
Multifamily LT 5
$320.7K
$280.6K – $374.2K
NOI $22,451 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$282.9K
$247.5K – $330.0K
NOI $19,800 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$673.6K
$589.4K – $785.8K
NOI $47,149 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,266
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
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?
Duplex - Both units are leased month to month, with appliances and laundry equipment included.
Where is this duplex located?
The property is located at 17 New Dorwart St Lancaster, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,010 square feet; Comprehensively renovated in 2023; New roof, HVAC, windows, plumbing, electrical, and interior finishes
