Three-Story Duplex with
For Sale
$464,900
Pending
240 East Orange Street, Lancaster, PA 17602
Two-unit residential property with flexible apartment layouts, hardwood flooring, updated kitchens, and separate private baths.
Property Size2,990 SF
Days on Market141
Property Features for 240 East Orange Street
General Information
Standard status
Pending
Size
2,990 SF
Total Parking Spaces
3
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL (R3)
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,714
Amenities
Yes
Built-In Microwave, Dishwasher, Disposal, Dryer, Dryer - Electric, Dryer - Front Loading, Microwave, Oven - Double, Oven/Range - Electric, Oven/Range - Gas, Refrigerator, Stainless Steel Appliances, Washer, Washer - Front Loading, Water Heater
1
2nd Kitchen, Additional Stairway, Attic, Bathroom - Walk-In Shower, Bathroom - Tub Shower, Ceiling Fan(s), Combination Dining/Living, Crown Moldings, Formal/Separate Dining Room, Kitchen - Eat-In, Primary Bath(s)
https://youtu.be/sNnCwA2c_qM
No Pool
Above Grade, Below Grade
Building Details
Year Built
1890
Buildings
1
Stories
3
Listing Agency:
Life Changes Realty Group
(717) 327-1710
Listed By:
Thomas A DeLong · License #RS374278
(717) 327-1710
Source:
Compass
Added: Apr 12
Changed: Aug 30
Last Checked: Aug 30 at 11:05AM
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 Life Changes Realty Group
Investment Insights
Based on property information with market context.
This 2,990-square-foot duplex occupies a three-story brick home built in 1890 and includes two apartment layouts with a total of multiple living, dining, kitchen, bedroom, and bathroom areas. Interior details include high ceilings, hardwood floors, carpeted rooms, formal and eat-in dining areas, stainless steel appliances, a double oven, and in-unit laundry in the primary suite. The second-floor apartment also includes an additional kitchen and a living room that can function as a bedroom. A fire door separates the apartments, while a previously removed wall indicates flexibility for a single-family configuration.
The property is located at 240 East Orange Street in Lancaster, one block from Musser Park and within a 10-minute walk of Central Market. Bus service is less than 1 mile away, the commuter rail station is 1 to 5 miles away, and the airport is less than 10 miles away. Residential (R3) zoning and three parking spaces are also included.
The property is located at 240 East Orange Street in Lancaster, one block from Musser Park and within a 10-minute walk of Central Market. Bus service is less than 1 mile away, the commuter rail station is 1 to 5 miles away, and the airport is less than 10 miles away. Residential (R3) zoning and three parking spaces are also included.
Key Highlights
- 2,990‑square‑foot duplex on a three‑story building footprint
- Two apartment layouts with separate kitchens and bathrooms
- Three parking spaces that can provide additional income
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
$33,398
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
7.18%
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%
$667,960
$668.0K
Cap Rate 7%
$477,114
$477.1K
Cap Rate 9%
$371,089
$371.1K
Market Conditions
NOI Build-Up for 2,990 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
$48.4K $16.20/SF
− Vacancy
−$727 −$0.24/SF
EGI
$47.7K $15.96/SF
− OpEx
−$14.3K −$4.79/SF
NOI
$33.4K $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%
$667,960
Cap Rate 7%
$477,114
Cap Rate 9%
$371,089
Alternative Uses
Best Use
Multifamily LT 5
$477.1K
$417.5K – $556.6K
NOI $33,398 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$420.8K
$368.2K – $490.9K
NOI $29,453 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$1.00M
$876.7K – $1.17M
NOI $70,138 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,528
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?
Duplex - Two-unit residential property with flexible apartment layouts, hardwood flooring, updated kitchens, and separate private baths.
Where is this duplex located?
The property is located at 240 East Orange Street Lancaster, PA.
What is the asking price?
The asking price for this property is $464,900.
What are key features of this property?
This property features: 2,990‑square‑foot duplex on a three‑story building footprint; Two apartment layouts with separate kitchens and bathrooms; Three parking spaces that can provide additional income
