4-Unit
For Sale
$1,500,000
240 - 244 RAILROAD AVENUE, Bird in Hand, PA 17505
Includes one long-term tenant-occupied home and one owner-occupied residence.
Property Size4,580 SF
Price / SF$327.51
Days on Market8
Property Features for 240 - 244 RAILROAD AVENUE
General Information
Standard status
Active
Size
4,580 SF
Property subtype
Commercial
Additional Details
Multifamily Units
4
Building Details
Year Built
1879
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 286-9714
Listed By:
Ken Kirchoff · License #RS287964
(717) 286-9714
Source:
Cummingsrealtors
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 11 at 6:08AM
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 4-unit quadplex property includes multiple residential accommodations, including a two-story, three-bedroom, one-bath home occupied by a long-term tenant. A separate two-story residence has five bedrooms and two baths and is owner occupied.
The property contains 4,580 in stated property size and dates to 1879. One residence is identified as having 2,860 finished square feet. The address is 240–244 Railroad Avenue in Bird in Hand, Pennsylvania.
The property contains 4,580 in stated property size and dates to 1879. One residence is identified as having 2,860 finished square feet. The address is 240–244 Railroad Avenue in Bird in Hand, Pennsylvania.
Key Highlights
- Four‑unit quadplex property
- Two‑story, 3‑bedroom, 1‑bath home with a long‑term tenant
- Two‑story, 5‑bedroom, 2‑bath owner‑occupied residence
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
$56,884
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
3.79%
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%
$1,137,680
$1.1M
Cap Rate 7%
$812,629
$812.6K
Cap Rate 9%
$632,044
$632.0K
Market Conditions
NOI Build-Up for 4,580 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
$98.9K $21.60/SF
− Vacancy
−$7.9K −$1.73/SF
EGI
$91.0K $19.87/SF
− OpEx
−$34.1K −$7.45/SF
NOI
$56.9K $12.42/SF
Area
Lancaster County, PA
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,137,680
Cap Rate 7%
$812,629
Cap Rate 9%
$632,044
Alternative Uses
Best Use
Mixed Use
$812.6K
$711.1K – $948.1K
NOI $56,884 @ 7.0% cap · market cap 3.79%
Second Best
Multifamily LT 5
$730.8K
$639.5K – $852.6K
NOI $51,158 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,435 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Explore this area
Business Placement
Demographics for 17505, PA
2,018
Population
564
Households
3.6
Avg Household Size
28
Median Age
12%
College-Educated
64%
High-School Grad
7.4 sq mi
ZIP Area
273
Density / Sq Mi
$109,514
Median Household Income
$38,033
Median Earnings
$1,609
Median Rent
$373,600
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?
Quadplex - Includes one long-term tenant-occupied home and one owner-occupied residence.
Where is this quadplex located?
The property is located at 240 - 244 RAILROAD AVENUE Bird in Hand, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Four‑unit quadplex property; Two‑story, 3‑bedroom, 1‑bath home with a long‑term tenant; Two‑story, 5‑bedroom, 2‑bath owner‑occupied residence
