31-Unit Apartment
For Sale
Contact for pricing
20 South Prince Street, Lancaster, PA 17603
Six downtown buildings offer a varied residential mix with dedicated parking and proximity to Lancaster’s Central Business District.
Property Size30,000 SF
Lot Size0.25 Acres
Price / SF$145
Days on Market14
Property Features for 20 South Prince Street
General Information
Standard status
Active
Size
30,000 SF
Total Parking Spaces
18
Lot size
0.25 Acres
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$261,376
Units
Unit Mix
4 x 2BR/1BA, 15 x 1BR/1BA, 12 x Studio
Multifamily Units
31
Building Details
Year Built
1950
Year Renovated
1950
Buildings
6
Stories
3
Units
31
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
(215) 302-4400
Listed By:
Mohamed Amamli · License #PA RS345501
Source:
Crexi
Added: Jul 31
Changed: Aug 10
Last Checked: Aug 12 at 2:25PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
The apartment portfolio comprises 31 units across six South Prince Street properties in Lancaster, Pennsylvania. The unit mix includes four 2-bedroom/1-bathroom apartments, fifteen 1-bedroom/1-bathroom apartments, and twelve studios. The buildings were constructed in 1950 and provide 22,325 square feet of gross living area within 23,000 square feet of gross area. The combined site measures 0.25 acres and includes 18 dedicated on-site parking spaces.
The properties are located at 20, 22, 24, 26 1/2, 28, and 30 South Prince Street in downtown Lancaster’s Central Business District. The surrounding setting includes retail corridors, dining destinations, Gallery Row, and Lancaster Central Market, all identified as walkable from the portfolio.
The properties are located at 20, 22, 24, 26 1/2, 28, and 30 South Prince Street in downtown Lancaster’s Central Business District. The surrounding setting includes retail corridors, dining destinations, Gallery Row, and Lancaster Central Market, all identified as walkable from the portfolio.
Key Highlights
- 31 total apartment units across six South Prince Street properties
- Unit mix includes 4 two‑bedroom, 15 one‑bedroom, and 12 studio apartments
- 22,325 square feet of gross living area within 23,000 square feet of gross area
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
$295,515
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
6.79%
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%
$5,910,300
$5.9M
Cap Rate 7%
$4,221,643
$4.2M
Cap Rate 9%
$3,283,500
$3.3M
Market Conditions
NOI Build-Up for 30,000 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
$540.0K $18.00/SF
− Vacancy
−$2.7K −$0.09/SF
EGI
$537.3K $17.91/SF
− OpEx
−$241.8K −$8.06/SF
NOI
$295.5K $9.85/SF
Area
Lancaster County, PA
Vacancy
0.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$5,910,300
Cap Rate 7%
$4,221,643
Cap Rate 9%
$3,283,500
Alternative Uses
Best Use
Apartment 5plus
$4.22M
$3.69M – $4.93M
NOI $295,515 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.05M
$8.80M – $11.73M
NOI $703,722 @ 7.0% cap · market cap 16.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
31
Residential units
Location Intelligence
Trade Area within ½ mile
3,790
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Six downtown buildings offer a varied residential mix with dedicated parking and proximity to Lancaster’s Central Business District.
Where is this apartment building located?
The property is located at 20 South Prince Street Lancaster, PA.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 31 total apartment units across six South Prince Street properties; Unit mix includes 4 two‑bedroom, 15 one‑bedroom, and 12 studio apartments; 22,325 square feet of gross living area within 23,000 square feet of gross area
