11-Unit Apartment
For Sale
$575,000
233 W CHESTNUT STREET, Lancaster, PA 17602
Licensed residential property with completed interior turnover and unit repairs in Lancaster’s west side.
Property Size4,356 SF
Price / SF$132
Days on Market61
Property Features for 233 W CHESTNUT STREET
General Information
Standard status
Active
Size
4,356 SF
Property subtype
Commercial
Additional Details
Asking Price
$599,900
Multifamily Units
11
Building Details
Year Built
1880
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 560-9100
Listed By:
Zachary Wayne Trimble · License #RS351812
(717) 940-6048
Source:
Cummingsrealtors
Added: Aug 17
Changed: Oct 16
Last Checked: Oct 16 at 9:30AM
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 Berkshire Hathaway HomeServices Homesale Realty
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Investment Insights
Based on property information with market context.
This licensed residential property contains 11 units within a 4,356-square-foot apartment building constructed in 1880. The building is offered in as-is condition, with significant interior turnover and unit repair work completed before sale.
Located on Lancaster’s west side at 233 W Chestnut Street, the property provides a concentrated multifamily configuration within the city. Existing floorplans are rough outlines and contain inconsistencies, so buyers should verify measurements and layouts in person. Showings are available by appointment to qualified buyers.
Located on Lancaster’s west side at 233 W Chestnut Street, the property provides a concentrated multifamily configuration within the city. Existing floorplans are rough outlines and contain inconsistencies, so buyers should verify measurements and layouts in person. Showings are available by appointment to qualified buyers.
Key Highlights
- 11‑unit licensed residential property
- 4,356 SF apartment building constructed in 1880
- Significant interior turnover and unit repairs completed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,909
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$858,180
$858.2K
Cap Rate 7%
$612,986
$613.0K
Cap Rate 9%
$476,767
$476.8K
Market Conditions
NOI Build-Up for 4,356 SF
Gross rent
$78.4K $18.00/SF
− Vacancy
−$392 −$0.09/SF
EGI
$78.0K $17.91/SF
− OpEx
−$35.1K −$8.06/SF
NOI
$42.9K $9.85/SF
Area
Lancaster County, PA
Vacancy
0.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$858,180
Cap Rate 7%
$612,986
Cap Rate 9%
$476,767
Alternative Uses
Best Use
Apartment 5plus
$613.0K
$536.4K – $715.2K
NOI $42,909 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,180 @ 7.0% cap · market cap 17.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
4,953
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Licensed residential property with completed interior turnover and unit repairs in Lancaster’s west side.
Where is this apartment building located?
The property is located at 233 W CHESTNUT STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 11‑unit licensed residential property; 4,356 SF apartment building constructed in 1880; Significant interior turnover and unit repairs completed
