4-Unit Apartment
For Sale
$554,000
244 - 246 N Market Street, Elizabethtown, PA 17022
Fully occupied apartment property with separate utilities, replacement windows, and a new rubber roof.
Property Size1,744 SF
Price / SF$317.66
Days on Market52
Property Features for 244 - 246 N Market Street
General Information
Standard status
Active
Size
1,744 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Additional Details
Gross Income
$55,320
Utilities to Site
Yes
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty
(717) 629-2227
Listed By:
Wendell Huyard · License #3234389
Source:
Yorkhomes
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 1:49PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This detached multifamily property contains four two-bedroom apartments, with two units offering a separate privacy bedroom. Each apartment includes a kitchen stove and refrigerator. The building has replacement windows, a new rubber roof, and hot water natural gas heat. Utilities are individually split for water, sewer, trash, gas, and electric.
All four apartments are currently rented. The property also provides off-street parking for four cars at the rear. Built in 1900, the building offers an established residential income configuration with separate apartment utility responsibility.
All four apartments are currently rented. The property also provides off-street parking for four cars at the rear. Built in 1900, the building offers an established residential income configuration with separate apartment utility responsibility.
Key Highlights
- Four 2‑bedroom apartments, including two units with a privacy bedroom
- All units are currently rented
- Replacement windows and new rubber roof
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
$19,480
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
3.52%
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%
$389,600
$389.6K
Cap Rate 7%
$278,286
$278.3K
Cap Rate 9%
$216,444
$216.4K
Market Conditions
NOI Build-Up for 1,744 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
$28.3K $16.20/SF
− Vacancy
−$424 −$0.24/SF
EGI
$27.8K $15.96/SF
− OpEx
−$8.3K −$4.79/SF
NOI
$19.5K $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%
$389,600
Cap Rate 7%
$278,286
Cap Rate 9%
$216,444
Alternative Uses
Best Use
Multifamily LT 5
$278.3K
$243.5K – $324.7K
NOI $19,480 @ 7.0% cap · market cap 3.52%
Second Best
Apartment 5plus
$245.4K
$214.7K – $286.3K
NOI $17,179 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$584.4K
$511.4K – $681.8K
NOI $40,910 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Explore this area
Business Placement
Demographics for 17022, PA
31,163
Population
12,950
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
93%
High-School Grad
55.0 sq mi
ZIP Area
567
Density / Sq Mi
$79,075
Median Household Income
$42,844
Median Earnings
$1,381
Median Rent
$272,700
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 - Fully occupied apartment property with separate utilities, replacement windows, and a new rubber roof.
Where is this quadplex located?
The property is located at 244 - 246 N Market Street Elizabethtown, PA.
What is the asking price?
The asking price for this property is $554,000.
What are key features of this property?
This property features: Four 2‑bedroom apartments, including two units with a privacy bedroom; All units are currently rented; Replacement windows and new rubber roof
