Two-Unit Duplex with Basement
For Sale
$289,900
Pending
329 W King St, Lancaster, PA 17602
Recently passed city inspections with required lead-based paint certification in place.
Property Size2,149 SF
Days on Market152
Property Features for 329 W King St
General Information
Standard status
Pending
Size
2,149 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,545
Listing Agency:
Keller Williams Elite
(717) 271-9540
Listed By:
Christian Will · License #RS350535C
(717) 271-9540
Source:
Exprealty
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 11:40PM
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 duplex includes a two-bedroom, one-bath residence and a four-bedroom, two-bath residence, creating a flexible residential income configuration. Laundry facilities are located in the basement, while the basement and backyard serve as shared tenant areas. The property is arranged for rental use, with city inspections recently completed and lead-based paint certification in place.
Located on W King Street, the property is within walking distance of downtown Lancaster. Showings require 24-hour notice. The address is 329 W King St, Lancaster, PA.
Located on W King Street, the property is within walking distance of downtown Lancaster. Showings require 24-hour notice. The address is 329 W King St, Lancaster, PA.
Key Highlights
- Two‑unit duplex with 2,149 property size
- Unit 1 includes 2 bedrooms and 1 full bath
- Unit 2 includes 4 bedrooms and 2 full baths
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
$24,004
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
8.28%
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%
$480,080
$480.1K
Cap Rate 7%
$342,914
$342.9K
Cap Rate 9%
$266,711
$266.7K
Market Conditions
NOI Build-Up for 2,149 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
$34.8K $16.20/SF
− Vacancy
−$522 −$0.24/SF
EGI
$34.3K $15.96/SF
− OpEx
−$10.3K −$4.79/SF
NOI
$24.0K $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%
$480,080
Cap Rate 7%
$342,914
Cap Rate 9%
$266,711
Alternative Uses
Best Use
Multifamily LT 5
$342.9K
$300.1K – $400.1K
NOI $24,004 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$302.4K
$264.6K – $352.8K
NOI $21,169 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$720.1K
$630.1K – $840.2K
NOI $50,410 @ 7.0% cap · market cap 17.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,807
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 - Recently passed city inspections with required lead-based paint certification in place.
Where is this duplex located?
The property is located at 329 W King St Lancaster, PA.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,149 property size; Unit 1 includes 2 bedrooms and 1 full bath; Unit 2 includes 4 bedrooms and 2 full baths
