11-Unit Apartment
For Sale
$599,900
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$137.72
Days on Market23
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) 940-6048
Listed By:
Zachary Wayne Trimble · License #RS351812
(717) 940-6048
Source:
Cummingsrealtors
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 30 at 6:23PM
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
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 = 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
$42,909
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
7.15%
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%
$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
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
$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 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%
$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 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,180 @ 7.0% cap · market cap 17.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $599,900.
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
