Updated Two-Unit
For Sale
$439,000
Pending
18 West Liberty Street, Lancaster, PA 17603
Two separately configured residences offer modern finishes, in-unit laundry, central A/C, and gas heat.
Property Size1,610 SF
Days on Market142
Property Features for 18 West Liberty Street
General Information
Standard status
Pending
Size
1,610 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL-100
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,315
Amenities
central A/C
in-unit washer/dryer
No
Dishwasher, Oven/Range - Gas, Washer/Dryer Stacked, Water Heater
Carpet, Ceiling Fan(s), Entry Level Bedroom, Upgraded Countertops
Smoke Detector, Carbon Monoxide Detector(s)
No Pool
Above Grade
Building Details
Year Built
1900
Year Renovated
2021
Buildings
1
Tenancy
Multi
Listing Agency:
Lusk & Associates Sotheby's International Realty
(717) 808-5750
Listed By:
Sharon S McDonnell · License #RS318769
(717) 808-5750
Source:
Compass
Added: Apr 12
Changed: Aug 30
Last Checked: Aug 30 at 2:40PM
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.
This 1,610-square-foot duplex contains an upper three-bedroom, one-bath residence and a lower one-bedroom, one-bath residence. Both units were renovated in 2021 and include LVP flooring, granite countertops, updated lighting and plumbing fixtures, central A/C, and gas heat. Exposed brick, arched windows, natural light, generous cabinetry, closets, and stacked washers and dryers add functional and character-rich details. The property is zoned RESIDENTIAL-100 and was built in 1900.
Both units are currently rented. The property is located at 18 West Liberty Street in Lancaster City, within walking distance of the Amtrak station, Penn Square, Central Market, dining, shopping, and cultural destinations. It is also within the LGH employee zone.
The two-unit layout supports separate residential occupancy, with a three-bedroom unit paired with a one-bedroom unit. Interior features include a gas oven/range, dishwasher, smoke detectors, and carbon monoxide detectors.
Both units are currently rented. The property is located at 18 West Liberty Street in Lancaster City, within walking distance of the Amtrak station, Penn Square, Central Market, dining, shopping, and cultural destinations. It is also within the LGH employee zone.
The two-unit layout supports separate residential occupancy, with a three-bedroom unit paired with a one-bedroom unit. Interior features include a gas oven/range, dishwasher, smoke detectors, and carbon monoxide detectors.
Key Highlights
- Two‑unit duplex with upper three‑bedroom and lower one‑bedroom residences
- Both units renovated in 2021
- 1,610 square feet; built in 1900
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
$17,984
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
4.10%
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%
$359,680
$359.7K
Cap Rate 7%
$256,914
$256.9K
Cap Rate 9%
$199,822
$199.8K
Market Conditions
NOI Build-Up for 1,610 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
$26.1K $16.20/SF
− Vacancy
−$391 −$0.24/SF
EGI
$25.7K $15.96/SF
− OpEx
−$7.7K −$4.79/SF
NOI
$18.0K $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%
$359,680
Cap Rate 7%
$256,914
Cap Rate 9%
$199,822
Alternative Uses
Best Use
Multifamily LT 5
$256.9K
$224.8K – $299.7K
NOI $17,984 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$226.6K
$198.2K – $264.3K
NOI $15,859 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$539.5K
$472.1K – $629.4K
NOI $37,766 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,718
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?
Duplex - Two separately configured residences offer modern finishes, in-unit laundry, central A/C, and gas heat.
Where is this duplex located?
The property is located at 18 West Liberty Street Lancaster, PA.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Two‑unit duplex with upper three‑bedroom and lower one‑bedroom residences; Both units renovated in 2021; 1,610 square feet; built in 1900
