Renovated Triplex with
New
For Sale
$450,000
203 W HIGH Street, Elizabethtown, PA 17022
Multi-Family, ELIZABETHTOWN, PA
Property Size2,250 SF
Lot Size0.12 Acres
Price / SF$200
Days on Market2
Property Features for 203 W HIGH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street, On Street
Elementary school district
ELIZABETHTOWN AREA
Middle school district
ELIZABETHTOWN AREA
High school district
ELIZABETHTOWN AREA
Standard status
Active
Size
2,250 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
5148
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1920
Number of units
3
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(717) 553-2500
Listed By:
James Fisher · License #RS282542
(717) 799-2066
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 15 at 5:06PM
MLS# PALA2095254
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.
Classified as a triplex, this 2,250-square-foot property includes two 2-bedroom, 1.5-bath townhomes and a 2-car garage. The building dates to 1920 and received a comprehensive renovation in 2023. Vinyl siding, forced-air heating, and central air conditioning are among the existing improvements.
The property occupies 0.12 acres at 203 W High Street in Elizabethtown, Pennsylvania. Parking is available both on site and along the street. One townhome is leased, while the second was intentionally retained as a vacant unit for an owner occupant. The garage is also leased, providing an existing income component alongside the residential units.
The property occupies 0.12 acres at 203 W High Street in Elizabethtown, Pennsylvania. Parking is available both on site and along the street. One townhome is leased, while the second was intentionally retained as a vacant unit for an owner occupant. The garage is also leased, providing an existing income component alongside the residential units.
Key Highlights
- Triplex classified property with two 2‑bedroom, 1.5‑bath townhomes
- Comprehensive renovation completed in 2023
- 2,250 square feet on a 0.12‑acre lot
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
$25,132
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
5.58%
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%
$502,640
$502.6K
Cap Rate 7%
$359,029
$359.0K
Cap Rate 9%
$279,244
$279.2K
Market Conditions
NOI Build-Up for 2,250 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
$36.5K $16.20/SF
− Vacancy
−$547 −$0.24/SF
EGI
$35.9K $15.96/SF
− OpEx
−$10.8K −$4.79/SF
NOI
$25.1K $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%
$502,640
Cap Rate 7%
$359,029
Cap Rate 9%
$279,244
Alternative Uses
Best Use
Multifamily LT 5
$359.0K
$314.2K – $418.9K
NOI $25,132 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$316.6K
$277.1K – $369.4K
NOI $22,164 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$754.0K
$659.7K – $879.7K
NOI $52,779 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
661
Businesses Nearby
Explore this area
Business Placement
Demographics for 17022, PA
31,163
Population
12,950
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
93%
High-School Grad
55.0 sq mi
ZIP Area
567
Density / Sq Mi
$79,075
Median Household Income
$42,844
Median Earnings
$1,381
Median Rent
$272,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Renovated in 2023, the property includes two townhouse-style units, central air, and off-street parking.
Where is this triplex located?
The property is located at 203 W HIGH Street Elizabethtown, PA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Triplex classified property with two 2‑bedroom, 1.5‑bath townhomes; Comprehensive renovation completed in 2023; 2,250 square feet on a 0.12‑acre lot
