Renovated Apartment
New
For Sale
$370,000
25 S ANN STREET, Lancaster, PA 17602
Brick rental property with flexible room and studio accommodations, shared baths, public utilities, and professional management.
Property Size1,652 SF
Price / SF$223.97
Days on Market3
Property Features for 25 S ANN STREET
General Information
Standard status
Active
Size
1,652 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
1 x studio, 6 x private room with shared bath
Multifamily Units
7
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1900
Year Renovated
2024
Buildings
1
Construction
solid brick
Tenancy
Multi
Listing Agency:
Astoria Realty Advisors LLC
(717) 425-6264
Listed By:
Benuel Esh · License #RS329980
(717) 344-4480
Source:
Cummingsrealtors
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 1:55PM
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 Astoria Realty Advisors LLC
Investment Insights
Based on property information with market context.
This 1,652-square-foot brick apartment building, constructed in 1900, contains one studio apartment and six private rooms with shared-bath access. The property operates with monthly room leases and annual studio leases, and it is professionally managed and cleaned. Public water and sewer serve the building, while security cameras provide on-site monitoring.
Renovations completed in 2024 included new windows, a mansard roof, reinforced front porch posts with metal work, updated lighting, LVP flooring, interior and exterior paint, balcony railings, common areas, and plumbing. Unit B received a new kitchen, refreshed bathroom, flooring, paint, and a 20-gallon water heater. The main roof was inspected, sealed, and repaired, and new plumbing lines were installed in the basement. The property is near downtown Lancaster and may be acquired individually or with 19 S Ann Street.
Renovations completed in 2024 included new windows, a mansard roof, reinforced front porch posts with metal work, updated lighting, LVP flooring, interior and exterior paint, balcony railings, common areas, and plumbing. Unit B received a new kitchen, refreshed bathroom, flooring, paint, and a 20-gallon water heater. The main roof was inspected, sealed, and repaired, and new plumbing lines were installed in the basement. The property is near downtown Lancaster and may be acquired individually or with 19 S Ann Street.
Key Highlights
- 1,652 SF brick apartment building constructed in 1900
- One studio apartment plus 6 private rooms with shared baths
- 2024 updates include windows, roofing, flooring, lighting, plumbing, and balcony railings
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
$16,273
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
4.40%
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%
$325,460
$325.5K
Cap Rate 7%
$232,471
$232.5K
Cap Rate 9%
$180,811
$180.8K
Market Conditions
NOI Build-Up for 1,652 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
$29.7K $18.00/SF
− Vacancy
−$149 −$0.09/SF
EGI
$29.6K $17.91/SF
− OpEx
−$13.3K −$8.06/SF
NOI
$16.3K $9.85/SF
Area
Lancaster County, PA
Vacancy
0.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$325,460
Cap Rate 7%
$232,471
Cap Rate 9%
$180,811
Alternative Uses
Best Use
Apartment 5plus
$232.5K
$203.4K – $271.2K
NOI $16,273 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$553.6K
$484.4K – $645.9K
NOI $38,752 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,337
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick rental property with flexible room and studio accommodations, shared baths, public utilities, and professional management.
Where is this apartment building located?
The property is located at 25 S ANN STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 1,652 SF brick apartment building constructed in 1900; One studio apartment plus 6 private rooms with shared baths; 2024 updates include windows, roofing, flooring, lighting, plumbing, and balcony railings
