Colonial Duplex with Two
For Sale
$265,000
31 N Broad St, Lancaster, PA 17602
Historic two-unit property with separate one- and three-bedroom layouts in Lancaster City.
Property Size2,048 SF
Price / SF$129.39
Days on Market35
Property Features for 31 N Broad St
General Information
Standard status
Active
Size
2,048 SF
Property subtype
Residential Income
Financials
Asking Price
$265,000
Gross Income
$24,000
Gross Rent Multiplier
11.04
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,996
Building Details
Year Built
1900
Construction
Colonial-style
Listing Agency:
RE/MAX Evolved
(717) 330-0308
Listed By:
John Zunner · License #RS341773
(717) 330-0308
Source:
Exprealty
Added: Jul 9
Changed: Aug 11
Last Checked: Aug 11 at 9:44AM
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 RE/MAX Evolved
Investment Insights
Based on property information with market context.
Built in 1900, this Colonial-style duplex contains approximately 2,048 square feet across two residential units. The combined layout includes four bedrooms and two bathrooms, with one unit configured as a one-bedroom residence and the other offering three bedrooms. The property recently passed Lancaster City’s lead-based paint inspection, supporting compliance with applicable local standards.
Located in Lancaster City at 31 N Broad St, the property is structured for residential income use. Water, sewer, and trash service are paid by the owner. Existing tenant occupancy includes longer-term residents, providing established rental history for the two-unit configuration.
Located in Lancaster City at 31 N Broad St, the property is structured for residential income use. Water, sewer, and trash service are paid by the owner. Existing tenant occupancy includes longer-term residents, providing established rental history for the two-unit configuration.
Key Highlights
- Two‑unit duplex with 2,048 square feet of living space
- Unit mix includes 1BR and 3BR residences
- Combined total of 4 bedrooms and 2 bathrooms
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
$22,876
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
8.63%
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%
$457,520
$457.5K
Cap Rate 7%
$326,800
$326.8K
Cap Rate 9%
$254,178
$254.2K
Market Conditions
NOI Build-Up for 2,048 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
$33.2K $16.20/SF
− Vacancy
−$498 −$0.24/SF
EGI
$32.7K $15.96/SF
− OpEx
−$9.8K −$4.79/SF
NOI
$22.9K $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%
$457,520
Cap Rate 7%
$326,800
Cap Rate 9%
$254,178
Alternative Uses
Best Use
Multifamily LT 5
$326.8K
$286.0K – $381.3K
NOI $22,876 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$288.2K
$252.2K – $336.2K
NOI $20,174 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$686.3K
$600.5K – $800.7K
NOI $48,041 @ 7.0% cap · market cap 18.13%
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
870
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
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 - Historic two-unit property with separate one- and three-bedroom layouts in Lancaster City.
Where is this duplex located?
The property is located at 31 N Broad St Lancaster, PA.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,048 square feet of living space; Unit mix includes 1BR and 3BR residences; Combined total of 4 bedrooms and 2 bathrooms
