Duplex with Timber-Frame
For Sale
$694,000
181 WINDOVER Turn, Lancaster, PA 17601
Multi-Family, LANCASTER, PA
Property Size2,100 SF
Lot Size0.87 Acres
Price / SF$330.48
Days on Market110
Property Features for 181 WINDOVER Turn
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Basement
Parking
6
Parking features
Driveway
Interior features
Combination Dining/Living, Skylight(s), Upgraded Countertops
Fireplace
1
Appliances
Built-In Microwave, Dishwasher, Dryer - Electric, Dryer - Front Loading, Extra Refrigerator/Freezer, Icemaker, Oven/Range - Electric, Range Hood, Refrigerator, Stainless Steel Appliances, Washer - Front Loading
Elementary school
NITRAUER
High school
MANHEIM TOWNSHIP
Elementary school district
MANHEIM TOWNSHIP
Middle school district
MANHEIM TOWNSHIP
High school district
MANHEIM TOWNSHIP
Standard status
Active
Size
2,100 SF
Lot size
0.87 Acres
Taxes and HOA fees
Tax Annual Amount
6155
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1925
Number of units
2
Building materials
Frame, Vinyl Siding, Wood Siding
Architectural style
National
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 786-1300
Listed By:
Ron Mummau · License #RS339613
(717) 413-7555
Added: May 22
Changed: Aug 28
Last Checked: Sep 8 at 4:06PM
MLS# PALA2088696
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.
Located at 181 Windover Turn in Lancaster, Pennsylvania, this duplex includes a 2.5-story farmhouse with 2,100 square feet of living area, four bedrooms, two full bathrooms, an office or flex area, and two fireplaces. The home was built in 1925 and features a combination dining and living area, upgraded countertops, skylights, forced-air heating, and window-unit cooling.
The 0.87-acre property also includes a preserved 38-by-78-foot timber-frame barn dating to the 19th century. Its lower level contains a vacant one-bedroom apartment, a finished permitted business office, and additional storage or development area. A driveway provides on-site parking, while the wooded setting places the property within Manheim Township near Lancaster.
The 0.87-acre property also includes a preserved 38-by-78-foot timber-frame barn dating to the 19th century. Its lower level contains a vacant one-bedroom apartment, a finished permitted business office, and additional storage or development area. A driveway provides on-site parking, while the wooded setting places the property within Manheim Township near Lancaster.
Key Highlights
- 2.5‑story farmhouse with 2,100 square feet, 4 bedrooms, 2 full baths, office/flex area, and 2 fireplaces
- 0.87‑acre wooded property at 181 Windover Turn, Lancaster, PA 17601
- Preserved 19th‑century timber‑frame barn measuring 38'x78'
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
$23,457
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
3.38%
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%
$469,140
$469.1K
Cap Rate 7%
$335,100
$335.1K
Cap Rate 9%
$260,633
$260.6K
Market Conditions
NOI Build-Up for 2,100 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
$34.0K $16.20/SF
− Vacancy
−$510 −$0.24/SF
EGI
$33.5K $15.96/SF
− OpEx
−$10.1K −$4.79/SF
NOI
$23.5K $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%
$469,140
Cap Rate 7%
$335,100
Cap Rate 9%
$260,633
Alternative Uses
Best Use
Multifamily LT 5
$335.1K
$293.2K – $391.0K
NOI $23,457 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$295.5K
$258.6K – $344.8K
NOI $20,686 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$703.7K
$615.8K – $821.0K
NOI $49,261 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 17601, PA
55,710
Population
23,126
Households
2.4
Avg Household Size
43
Median Age
48%
College-Educated
94%
High-School Grad
33.5 sq mi
ZIP Area
1,663
Density / Sq Mi
$96,433
Median Household Income
$50,358
Median Earnings
$1,477
Median Rent
$324,000
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?
Duplex - Farmhouse-style duplex with a vacant lower-level apartment, permitted office, and extensive accessory storage.
Where is this duplex located?
The property is located at 181 WINDOVER Turn Lancaster, PA.
What is the asking price?
The asking price for this property is $694,000.
What are key features of this property?
This property features: 2.5‑story farmhouse with 2,100 square feet, 4 bedrooms, 2 full baths, office/flex area, and 2 fireplaces; 0.87‑acre wooded property at 181 Windover Turn, Lancaster, PA 17601; Preserved 19th‑century timber‑frame barn measuring 38'x78'
