13-Unit Mixed-Use
For Sale
$1,545,000
304 Market St, Lemoyne, PA 17043
Combined residential and commercial configuration includes apartments, storefronts, and basement space.
Property Size10,300 SF
Price / SF$150
Days on Market32
Property Features for 304 Market St
General Information
Standard status
Active
Size
10,300 SF
Additional Details
Multifamily Units
10
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(717) 757-2717
Listed By:
Michelle A Buckley · License #RS338161
Source:
Soldbypattie
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 28 at 12:52PM
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.
Located at 304 Market St in Lemoyne, Pennsylvania, this mixed-use property contains 10,300 square feet and was built in 1920. The building includes 13 total units arranged across residential and commercial components.
The residential portion consists of 10 studio and one-bedroom apartments. Commercial space includes two storefront units plus one large basement unit, creating a varied configuration within a single property.
The combination of apartment units, street-level commercial space, and basement area provides a clear separation between the residential and commercial elements. The property is offered for sale, and the source information also identifies potential availability as part of a package with properties in Enola and New Cumberland.
The residential portion consists of 10 studio and one-bedroom apartments. Commercial space includes two storefront units plus one large basement unit, creating a varied configuration within a single property.
The combination of apartment units, street-level commercial space, and basement area provides a clear separation between the residential and commercial elements. The property is offered for sale, and the source information also identifies potential availability as part of a package with properties in Enola and New Cumberland.
Key Highlights
- 13‑unit mixed‑use property at 304 Market St, Lemoyne, PA 17043
- 10,300 square feet built in 1920
- 10 residential apartments consisting of studios and 1BR units
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
$99,152
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
6.42%
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%
$1,983,040
$2.0M
Cap Rate 7%
$1,416,457
$1.4M
Cap Rate 9%
$1,101,689
$1.1M
Market Conditions
NOI Build-Up for 10,300 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
$148.3K $14.40/SF
− Vacancy
−$6.7K −$0.65/SF
EGI
$141.6K $13.75/SF
− OpEx
−$42.5K −$4.13/SF
NOI
$99.2K $9.63/SF
Area
Cumberland County, PA
Vacancy
4.50%
Lease Rate
$14.40 /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%
$1,983,040
Cap Rate 7%
$1,416,457
Cap Rate 9%
$1,101,689
Alternative Uses
Best Use
Retail
$1.42M
$1.24M – $1.65M
NOI $99,152 @ 7.0% cap · market cap 6.42%
Second Best
Mixed Use
$1.38M
$1.21M – $1.61M
NOI $96,466 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,483 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
Explore this area
Business Placement
Demographics for 17043, PA
6,184
Population
3,037
Households
2
Avg Household Size
41
Median Age
37%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
2,945
Density / Sq Mi
$66,752
Median Household Income
$46,436
Median Earnings
$968
Median Rent
$216,300
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?
Mixed-use property - Combined residential and commercial configuration includes apartments, storefronts, and basement space.
Where is this mixed-use property located?
The property is located at 304 Market St Lemoyne, PA.
What is the asking price?
The asking price for this property is $1,545,000.
What are key features of this property?
This property features: 13‑unit mixed‑use property at 304 Market St, Lemoyne, PA 17043; 10,300 square feet built in 1920; 10 residential apartments consisting of studios and 1BR units
