Two-Unit Duplex with
For Sale
$239,900
Pending
245 Lancaster, Annville, PA 17003
The upper unit features updated carpet, paint, kitchen, and bathroom finishes.
Property Size1,204 SF
Days on Market42
Property Features for 245 Lancaster
General Information
Standard status
Pending
Size
1,204 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Building Details
Year Built
1908
Buildings
1
Listing Agency:
Iron Valley Real Estate
(717) 821-6625
Listed By:
Margie Groy · License #3239347
Source:
Yorkhomes
Added: Jul 23
Changed: Aug 31
Last Checked: Sep 1 at 3:11PM
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 Iron Valley Real Estate
Investment Insights
Based on property information with market context.
This 1,204-square-foot duplex, built in 1908, offers a one-bedroom lower unit and a two-bedroom upper unit. The upper residence has been refreshed with new carpet, paint, a kitchen, and a bathroom. A detached garage workshop adds functional outbuilding space.
The property is located at 245 Lancaster in Annville, a few blocks from Lebanon Valley College and downtown Annville. It is tenant occupied, with the second-floor tenant expected to move into the first-floor unit under a lease already in place. The property is being sold as-is.
The property is located at 245 Lancaster in Annville, a few blocks from Lebanon Valley College and downtown Annville. It is tenant occupied, with the second-floor tenant expected to move into the first-floor unit under a lease already in place. The property is being sold as-is.
Key Highlights
- Two‑unit duplex with a one‑bedroom lower unit and two‑bedroom upper unit
- 1,204 square feet; built in 1908
- Upper unit updated with new carpet, paint, kitchen, and bath
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
$10,758
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
4.48%
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%
$215,160
$215.2K
Cap Rate 7%
$153,686
$153.7K
Cap Rate 9%
$119,533
$119.5K
Market Conditions
NOI Build-Up for 1,204 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
$16.6K $13.80/SF
− Vacancy
−$1.2K −$1.04/SF
EGI
$15.4K $12.77/SF
− OpEx
−$4.6K −$3.83/SF
NOI
$10.8K $8.94/SF
Area
Lebanon County, PA
Vacancy
7.50%
Lease Rate
$13.80 /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%
$215,160
Cap Rate 7%
$153,686
Cap Rate 9%
$119,533
Alternative Uses
Best Use
Multifamily LT 5
$153.7K
$134.5K – $179.3K
NOI $10,758 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$142.8K
$125.0K – $166.6K
NOI $9,998 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$282.6K
$247.3K – $329.7K
NOI $19,782 @ 7.0% cap · market cap 8.25%
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
283
Businesses Nearby
Explore this area
Business Placement
Demographics for 17003, PA
12,329
Population
4,507
Households
2.7
Avg Household Size
40
Median Age
33%
College-Educated
93%
High-School Grad
42.7 sq mi
ZIP Area
289
Density / Sq Mi
$87,350
Median Household Income
$36,394
Median Earnings
$1,088
Median Rent
$242,200
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 - The upper unit features updated carpet, paint, kitchen, and bathroom finishes.
Where is this duplex located?
The property is located at 245 Lancaster Annville, PA.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑unit duplex with a one‑bedroom lower unit and two‑bedroom upper unit; 1,204 square feet; built in 1908; Upper unit updated with new carpet, paint, kitchen, and bath
