Updated Duplex with Off-Street
For Sale
$299,900
230 North 3rd Street, Columbia, PA 17512
Two-unit property with separate utilities and mechanical systems serving each residence.
Property Size1,838 SF
Price / SF$163.17
Days on Market182
Property Features for 230 North 3rd Street
General Information
Standard status
Active
Size
1,838 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Fee Simple
Zoning
DC
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,660
Amenities
No
Refrigerator, Oven/Range - Electric, Microwave, Stainless Steel Appliances, Washer, Dryer
Insulated
Insulated, Replacement
Carpet, Floor Plan - Traditional
2+ Access Exits
No Pool
Above Grade, Below Grade
Stone Retaining Walls, Sidewalks
Porch(es), Balcony
Building Details
Year Built
1880
Buildings
1
Tenancy
Multi
Listing Agency:
Howard Hanna Real Estate Services - Lancaster
(717) 314-4985
Listed By:
Ashley Bleacher · License #RS310827
(717) 314-4985
Source:
Compass
Added: Mar 1
Changed: Aug 30
Last Checked: Aug 30 at 9:28AM
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 Howard Hanna Real Estate Services - Lancaster
Investment Insights
Based on property information with market context.
This duplex contains two residential units totaling 1,838 square feet, with a mostly brick exterior, traditional floor plans, and a combination of porch and balcony outdoor areas. The first-floor residence has been updated, while both units benefit from separate utilities and mechanical systems. Recent property improvements include a new roof and new hot water heaters serving each unit. Built in 1880, the building also includes insulated and replacement elements, along with electric ranges, microwaves, refrigerators, washers, dryers, and stainless steel appliances.
The property occupies a corner lot at 230 North 3rd Street in Columbia, Pennsylvania, with four off-street parking spaces. Residents have access to the NW River Trail, nearby shops and dining, and downtown Columbia amenities. DC zoning and the existing two-unit configuration support continued residential use.
The property occupies a corner lot at 230 North 3rd Street in Columbia, Pennsylvania, with four off-street parking spaces. Residents have access to the NW River Trail, nearby shops and dining, and downtown Columbia amenities. DC zoning and the existing two-unit configuration support continued residential use.
Key Highlights
- Two‑unit duplex totaling 1,838 sq. ft.
- Four off‑street parking spaces on a corner lot
- New roof and new hot water heaters for both units
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
$20,530
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
6.85%
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%
$410,600
$410.6K
Cap Rate 7%
$293,286
$293.3K
Cap Rate 9%
$228,111
$228.1K
Market Conditions
NOI Build-Up for 1,838 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
$29.8K $16.20/SF
− Vacancy
−$447 −$0.24/SF
EGI
$29.3K $15.96/SF
− OpEx
−$8.8K −$4.79/SF
NOI
$20.5K $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%
$410,600
Cap Rate 7%
$293,286
Cap Rate 9%
$228,111
Alternative Uses
Best Use
Multifamily LT 5
$293.3K
$256.6K – $342.2K
NOI $20,530 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$258.6K
$226.3K – $301.8K
NOI $18,105 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$615.9K
$538.9K – $718.6K
NOI $43,115 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
692
Businesses Nearby
Explore this area
Business Placement
Demographics for 17512, PA
18,267
Population
8,255
Households
2.2
Avg Household Size
42
Median Age
23%
College-Educated
86%
High-School Grad
16.0 sq mi
ZIP Area
1,142
Density / Sq Mi
$61,130
Median Household Income
$42,702
Median Earnings
$1,067
Median Rent
$221,100
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?
Duplex - Two-unit property with separate utilities and mechanical systems serving each residence.
Where is this duplex located?
The property is located at 230 North 3rd Street Columbia, PA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,838 sq. ft.; Four off‑street parking spaces on a corner lot; New roof and new hot water heaters for both units
