Two-Unit Duplex With Rented
For Sale
$287,900
236 N FRANKLIN STREET, Lancaster, PA 17602
Lancaster property with two rental units and a separately leased garage.
Property Size1,997 SF
Price / SF$144.17
Days on Market24
Property Features for 236 N FRANKLIN STREET
General Information
Standard status
Active
Size
1,997 SF
Net Rentable
1,997 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Hostetter Realty LLC
(717) 598-7490
Listed By:
John J Glick
(717) 598-7490
Source:
Cummingsrealtors
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 28 at 11:54AM
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 Hostetter Realty LLC
Investment Insights
Based on property information with market context.
Located at 236 N Franklin Street in Lancaster, Pennsylvania, this duplex contains two rental units with approximately 1,997 square feet of combined interior space. The property was built in 1900 and includes a garage leased separately from the residential units, creating a distinct additional rental component.
The property is near downtown Lancaster, shopping, restaurants, schools, and local colleges. Its configuration combines two residential units with a separate garage, offering multiple leasing components within one property.
The property is near downtown Lancaster, shopping, restaurants, schools, and local colleges. Its configuration combines two residential units with a separate garage, offering multiple leasing components within one property.
Key Highlights
- Two rental units in a duplex configuration
- Approximately 1,997 square feet across the two units
- Separately rented garage provides an additional leasing component
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
$22,306
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
7.75%
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%
$446,120
$446.1K
Cap Rate 7%
$318,657
$318.7K
Cap Rate 9%
$247,844
$247.8K
Market Conditions
NOI Build-Up for 1,997 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
$32.4K $16.20/SF
− Vacancy
−$485 −$0.24/SF
EGI
$31.9K $15.96/SF
− OpEx
−$9.6K −$4.79/SF
NOI
$22.3K $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%
$446,120
Cap Rate 7%
$318,657
Cap Rate 9%
$247,844
Alternative Uses
Best Use
Multifamily LT 5
$318.7K
$278.8K – $371.8K
NOI $22,306 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$281.0K
$245.9K – $327.9K
NOI $19,671 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$669.2K
$585.6K – $780.7K
NOI $46,844 @ 7.0% cap · market cap 16.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,562
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
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Frequently Asked Questions
What type of property is this?
Duplex - Lancaster property with two rental units and a separately leased garage.
Where is this duplex located?
The property is located at 236 N FRANKLIN STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $287,900.
What are key features of this property?
This property features: Two rental units in a duplex configuration; Approximately 1,997 square feet across the two units; Separately rented garage provides an additional leasing component
