Renovated Duplex with Private
For Sale
$330,000
1890 Water Street, Washington Boro, PA 17582
Both residences are vacant, with updated kitchens and baths, private entries, in-unit laundry, and mini-split systems.
Property Size1,704 SF
Price / SF$193.66
Days on Market161
Property Features for 1890 Water Street
General Information
Standard status
Active
Size
1,704 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Fee Simple
Zoning
VILLAGE ZONE
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,538
Amenities
private entrances
in-unit laundry
new mini-split systems
kitchen appliances included
off-street parking
spacious yard
No
2+ Access Exits
No Pool
Above Grade, Below Grade
Patio(s)
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Stoltzfus Realty
(717) 598-3327
Listed By:
Joseph Fisher · License #RS352328
(717) 598-3327
Source:
Compass
Added: Mar 23
Changed: Aug 29
Last Checked: Aug 29 at 7:08PM
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 Stoltzfus Realty
Investment Insights
Based on property information with market context.
This two-unit duplex combines distinct layouts with extensive recent improvements. The first residence provides one bedroom and one bathroom on a single level. The second includes three bedrooms and one bathroom, with living and shared areas downstairs and the sleeping quarters and bath above. Both units have separate entrances and in-unit laundry. Improvements include replacement kitchens, bathrooms, flooring, windows, siding, roofing, and plumbing, along with new mini-split heating and cooling systems. Kitchen appliances remain with the property.
Outdoor features include off-street parking, a spacious yard, and patio space. The property is situated in Washington Boro near the Susquehanna River, with access to boating, fishing, and trails. Lancaster’s dining, shopping, and entertainment options are also within the surrounding area. The property is zoned VILLAGE ZONE and was built in 1900.
Outdoor features include off-street parking, a spacious yard, and patio space. The property is situated in Washington Boro near the Susquehanna River, with access to boating, fishing, and trails. Lancaster’s dining, shopping, and entertainment options are also within the surrounding area. The property is zoned VILLAGE ZONE and was built in 1900.
Key Highlights
- Two‑unit duplex with both residences vacant
- Unit 1 offers 1 bedroom and 1 bath entirely on the main floor
- Unit 2 includes 3 bedrooms and 1 bath, with bedrooms and bath on the second floor
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
$19,034
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
5.77%
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%
$380,680
$380.7K
Cap Rate 7%
$271,914
$271.9K
Cap Rate 9%
$211,489
$211.5K
Market Conditions
NOI Build-Up for 1,704 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
$27.6K $16.20/SF
− Vacancy
−$414 −$0.24/SF
EGI
$27.2K $15.96/SF
− OpEx
−$8.2K −$4.79/SF
NOI
$19.0K $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%
$380,680
Cap Rate 7%
$271,914
Cap Rate 9%
$211,489
Alternative Uses
Best Use
Multifamily LT 5
$271.9K
$237.9K – $317.2K
NOI $19,034 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$239.8K
$209.8K – $279.8K
NOI $16,785 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$571.0K
$499.6K – $666.2K
NOI $39,971 @ 7.0% cap · market cap 12.11%
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
22
Businesses Nearby
Explore this area
Business Placement
Demographics for 17582, PA
1,948
Population
695
Households
2.8
Avg Household Size
45
Median Age
24%
College-Educated
93%
High-School Grad
9.2 sq mi
ZIP Area
212
Density / Sq Mi
$104,659
Median Household Income
$58,712
Median Earnings
$288,500
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?
Duplex - Both residences are vacant, with updated kitchens and baths, private entries, in-unit laundry, and mini-split systems.
Where is this duplex located?
The property is located at 1890 Water Street Washington Boro, PA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences vacant; Unit 1 offers 1 bedroom and 1 bath entirely on the main floor; Unit 2 includes 3 bedrooms and 1 bath, with bedrooms and bath on the second floor
