Two-Unit Apartment
New
For Sale
$525,000
231 E FULTON STREET, Ephrata, PA 17522
Built in 2024, the property offers separately configured homes with in-unit laundry and off-street parking.
Property Size2,374 SF
Price / SF$221.15
Days on Market6
Property Features for 231 E FULTON STREET
General Information
Standard status
Active
Size
2,374 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
central A/C
natural gas heat
in-unit laundry
Building Details
Year Built
2024
Buildings
1
Stories
2
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 740-2221
Listed By:
Landon Weaver
(717) 466-1685
Source:
Cummingsrealtors
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 3:08PM
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 Iron Valley Real Estate of Lancaster
Investment Insights
Based on property information with market context.
This two-story duplex contains 2,374 square feet and was built in 2024. Each residence has two bedrooms, two bathrooms, central air conditioning, natural gas heat, and its own in-unit laundry. Off-street parking is provided, and the building shares a driveway with the neighboring single-family house at 233 E Fulton St.
Located at 231 E Fulton Street in Ephrata, the property has a two-unit configuration, with each apartment offering the same bedroom and bathroom count. The upper apartment has a one-year lease, while the lower apartment is occupied on a month-to-month basis.
Located at 231 E Fulton Street in Ephrata, the property has a two-unit configuration, with each apartment offering the same bedroom and bathroom count. The upper apartment has a one-year lease, while the lower apartment is occupied on a month-to-month basis.
Key Highlights
- Two‑story, 2,374‑square‑foot duplex built in 2024
- Two apartments, each with 2 bedrooms and 2 bathrooms
- Central A/C and natural gas heat in 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
$26,517
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
5.05%
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%
$530,340
$530.3K
Cap Rate 7%
$378,814
$378.8K
Cap Rate 9%
$294,633
$294.6K
Market Conditions
NOI Build-Up for 2,374 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
$38.5K $16.20/SF
− Vacancy
−$577 −$0.24/SF
EGI
$37.9K $15.96/SF
− OpEx
−$11.4K −$4.79/SF
NOI
$26.5K $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%
$530,340
Cap Rate 7%
$378,814
Cap Rate 9%
$294,633
Alternative Uses
Best Use
Multifamily LT 5
$378.8K
$331.5K – $442.0K
NOI $26,517 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$334.1K
$292.3K – $389.8K
NOI $23,385 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$795.5K
$696.1K – $928.1K
NOI $55,688 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
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Business Placement
Demographics for 17522, PA
33,848
Population
13,837
Households
2.4
Avg Household Size
40
Median Age
24%
College-Educated
86%
High-School Grad
43.0 sq mi
ZIP Area
787
Density / Sq Mi
$71,865
Median Household Income
$42,588
Median Earnings
$1,171
Median Rent
$263,600
Median Home Value
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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 - Built in 2024, the property offers separately configured homes with in-unit laundry and off-street parking.
Where is this duplex located?
The property is located at 231 E FULTON STREET Ephrata, PA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two‑story, 2,374‑square‑foot duplex built in 2024; Two apartments, each with 2 bedrooms and 2 bathrooms; Central A/C and natural gas heat in both units
