Renovated Duplex with
New
For Sale
$450,000
203 W HIGH STREET, Elizabethtown, PA 17022
Two attached townhome-style units provide flexible occupancy options in a recently updated residential income property.
Property Size2,250 SF
Price / SF$200
Days on Market5
Property Features for 203 W HIGH STREET
General Information
Standard status
Active
Size
2,250 SF
Total Parking Spaces
2
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1920
Year Renovated
2023
Listing Agency:
Keller Williams Elite
(717) 553-2500
Listed By:
James Fisher · License #RS282542
(717) 799-2066
Source:
Cummingsrealtors
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 17 at 2:19AM
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 Keller Williams Elite
Investment Insights
Based on property information with market context.
This duplex contains two townhome-style units, each configured with two bedrooms and one-and-a-half bathrooms. The property underwent a top-to-bottom renovation in 2023 and includes a two-car garage. One unit is leased, while the other is vacant and available for an owner occupant or a new tenant.
The property is located at 203 W High Street in Elizabethtown, Pennsylvania. Its two-unit layout, updated condition, and garage complement both owner-occupant and rental-property use.
The property is located at 203 W High Street in Elizabethtown, Pennsylvania. Its two-unit layout, updated condition, and garage complement both owner-occupant and rental-property use.
Key Highlights
- Two‑unit duplex with townhome‑style layouts
- Each unit includes 2 bedrooms and 1.5 bathrooms
- Top‑to‑bottom renovation completed in 2023
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
767
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?
Duplex - Two attached townhome-style units provide flexible occupancy options in a recently updated residential income property.
Where is this duplex 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: Two‑unit duplex with townhome‑style layouts; Each unit includes 2 bedrooms and 1.5 bathrooms; Top‑to‑bottom renovation completed in 2023
