Two-Unit Duplex with
New
For Sale
$425,000
227 E WALNUT STREET, Lancaster, PA 17602
Each apartment has private laundry, and the property includes two carport spaces.
Property Size1,902 SF
Price / SF$223.45
Days on Market4
Property Features for 227 E WALNUT STREET
General Information
Standard status
Active
Size
1,902 SF
Total Parking Spaces
2
Property subtype
Duplex
Net Operating Income
$27,647
Units
Unit Mix
1 x 2BR, 1 x 2BR+bonus
Multifamily Units
2
Additional Details
Gross Income
$37,080
Utilities to Site
Yes
Tenant in Place
Yes
Building Details
Year Built
1875
Listing Agency:
PPM Real Estate, Inc.
(717) 394-3374
Listed By:
Shade Foreman · License #RS376711
(717) 723-7350
Source:
Cummingsrealtors
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 30 at 2:48PM
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 PPM Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This 1,902-square-foot duplex, built in 1875, contains two two-bedroom apartments. The second-floor unit also has a third-floor bonus room, while the first-floor unit includes central air, a dishwasher, basement storage, and a private backyard. The other apartment features a sunroom and a large primary-bedroom closet. Both units have private laundry and one carport space. Separate gas furnaces and hot water heaters serve the apartments. The roof was replaced one year ago, and a new sewer line was installed from the exterior trap to the house in October.
The property is one block from Catherine Hershey School, 2.5 blocks from LGH/Penn Medicine Hospital, and a 10-minute walk from downtown Lancaster. Tenants pay gas and electric; the landlord covers water, sewer, and trash. The apartments are leased through February 28, 2027, and January 31, 2027, respectively.
The property is one block from Catherine Hershey School, 2.5 blocks from LGH/Penn Medicine Hospital, and a 10-minute walk from downtown Lancaster. Tenants pay gas and electric; the landlord covers water, sewer, and trash. The apartments are leased through February 28, 2027, and January 31, 2027, respectively.
Key Highlights
- Two apartments, each with two bedrooms; the second‑floor unit also has a third‑floor bonus room
- 1,902 square feet; built in 1875
- Two carport spaces, one assigned to each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,245
Cap Rate
5.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$424,900
$424.9K
Cap Rate 7%
$303,500
$303.5K
Cap Rate 9%
$236,056
$236.1K
Market Conditions
NOI Build-Up for 1,902 SF
Gross rent
$30.8K $16.20/SF
− Vacancy
−$462 −$0.24/SF
EGI
$30.4K $15.96/SF
− OpEx
−$9.1K −$4.79/SF
NOI
$21.2K $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 Rate 5%
$424,900
Cap Rate 7%
$303,500
Cap Rate 9%
$236,056
Alternative Uses
Best Use
Multifamily LT 5
$303.5K
$265.6K – $354.1K
NOI $21,245 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$267.7K
$234.2K – $312.3K
NOI $18,736 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$637.4K
$557.7K – $743.6K
NOI $44,616 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,953
Businesses Nearby
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Business Placement
Demographics for 17602, PA
52,665
Population
19,472
Households
2.7
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
24.6 sq mi
ZIP Area
2,141
Density / Sq Mi
$71,752
Median Household Income
$38,469
Median Earnings
$1,272
Median Rent
$250,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Each apartment has private laundry, and the property includes two carport spaces.
Where is this duplex located?
The property is located at 227 E WALNUT STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two apartments, each with two bedrooms; the second‑floor unit also has a third‑floor bonus room; 1,902 square feet; built in 1875; Two carport spaces, one assigned to each apartment
