Renovated Two-Unit
New
For Sale
$399,900
17 NEW DORWART Street, Lancaster, PA 17603
Multi-Family, LANCASTER, PA
Property Size2,010 SF
Lot Size0.03 Acres
Price / SF$198.96
Days on Market2
Property Features for 17 NEW DORWART Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Interior features
Wood Floors, Recessed Lighting
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
2,010 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
3363
Utilities
Heating system
Forced Air
Cooling system
Multi Units
Amenities
washer and dryer
Building Details
Year built
1920
Number of units
2
Building materials
Masonry
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(717) 553-2500
Listed By:
Joshua Lucas Packer · License #RS352895
(717) 575-0328
Added: Sep 9
Last Checked: Sep 10 at 4:06PM
MLS# PALA2094972
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 2,010-square-foot masonry duplex contains two residential units and underwent renovation in 2023. Improvements include a new roof, HVAC, windows, plumbing, separated electrical systems, and updated interior finishes. Wood floors and recessed lighting add to the interior features, while forced-air heating and multi-unit cooling support the building’s systems. Appliances, a washer, and a dryer are included. The property also has a basement and on-street parking.
Located on New Dorwart Street in Lancaster, the duplex sits on a 0.03-acre lot in the Cabbage Hill area. Both units are currently leased on a month-to-month basis, providing an existing rental arrangement with flexibility for future lease terms.
Located on New Dorwart Street in Lancaster, the duplex sits on a 0.03-acre lot in the Cabbage Hill area. Both units are currently leased on a month-to-month basis, providing an existing rental arrangement with flexibility for future lease terms.
Key Highlights
- Two‑unit duplex with 2,010 square feet of building area
- Renovated in 2023 with new roof, HVAC, windows, plumbing, and electrical systems
- Electrical service is separated for both units
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 - Two residential units feature separate electrical systems, included appliances, and washer and dryer equipment.
Where is this duplex located?
The property is located at 17 NEW DORWART Street 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 of building area; Renovated in 2023 with new roof, HVAC, windows, plumbing, and electrical systems; Electrical service is separated for both units
