Two-Unit Residential Income
31-33 Manor Avenue Millersville, PA 17551
31-33 Manor Avenue, Millersville, PA, 17551
$350,000
For Sale
$350,000
Two-unit building in Millersville Borough with separate utilities and off-street parking for both units.
Property Size2,786 SF
Price / SF$125.63
Days on Market188
Property Features for 31-33 Manor Avenue
General Information
- Standard status
- Active
- Size
- 2,786 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1840
Listing agency
Keller Williams Elite
(717) 271-9540
Listed by
Christian Will · License #RS350535c
(717) 271-9540
Source
Compass
Added: Jan 16 Updated: Jul 23 at 6:40AM Checked: Jul 23 at 6:40AM
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 Keller Williams Elite
Investment Insights
Based on property information with market context.
This two-unit residential income property includes a 2-bedroom unit and a 3-bedroom unit. Both units are currently occupied by month-to-month tenants, offering an immediate income component for an investor. The property provides separate utilities and off-street parking for both units, supporting straightforward day-to-day management.
Located in Millersville Borough, the building is within walking distance of Millersville University and only minutes from Lancaster City.
The offering is zoned Neighborhood Commercial, providing flexibility for future use and repositioning while maintaining the existing two-unit layout.
Located in Millersville Borough, the building is within walking distance of Millersville University and only minutes from Lancaster City.
The offering is zoned Neighborhood Commercial, providing flexibility for future use and repositioning while maintaining the existing two-unit layout.
Key Highlights
- Two‑unit investment property in Millersville Borough, just a short walk to Millersville University
- 2‑bedroom unit approx. 1,200 sq ft and 3‑bedroom unit approx. 1,690 sq ft, both currently occupied on month‑to‑month terms
- Separate utilities for both units and off‑street parking for both units
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.1k | $16.20 |
| − Vacancy | −$677 | −$0.24 |
| EGI | $44.5k | $15.96 |
| − OpEx | −$13.3k | −$4.79 |
| NOI | $31.1k | $11.17 |
2,786 SF · lease $16.20/SF/yr · vacancy 1.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$444.6K
$389.0K – $518.7K
NOI $31,119 @ 7.0% cap · market cap 8.89%
Second Best
Apartment 5plus
$392.0K
$343.0K – $457.4K
NOI $27,443 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$933.6K
$816.9K – $1.09M
NOI $65,352 @ 7.0% cap · market cap 18.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two-unit building in Millersville Borough with separate utilities and off-street parking for both units.
Where is this duplex located?
The property is located at 31-33 Manor Avenue Millersville, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit investment property in Millersville Borough, just a short walk to Millersville University; 2‑bedroom unit approx. 1,200 sq ft and 3‑bedroom unit approx. 1,690 sq ft, both currently occupied on month‑to‑month terms; Separate utilities for both units and off‑street parking for both units
