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 Market68
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
Listed By:
Craig Dunkle · License #PA RS324418
(215) 302-4400
Source:
Crexi
Added: Jul 31
Changed: Oct 5
Last Checked: Oct 5 at 6:16PM
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 / Yr
$295,515
Cap Rate
6.79%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
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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?
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
