Two-Unit Mixed-Use
For Sale
$315,000
347 N Reservoir St, Lancaster, PA 17602
Corner property combines a private-entry apartment with a vacant ground-floor commercial storefront.
Property Size1,518 SF
Price / SF$207.51
Days on Market85
Property Features for 347 N Reservoir St
General Information
Standard status
Active
Size
1,518 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Additional Details
Average Monthly Rent
$1,600
Corner Location
Yes
Building Details
Year Built
1947
Buildings
1
Stories
2
Listing Agency:
Keller Williams Elite
Listed By:
Alexander Glen Whitt · License #RS353433
(223) 216-1063
Source:
Baltimoreharfordhomesforsale
Added: Jul 4
Changed: Sep 9
Last Checked: Sep 24 at 11:08AM
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.
Built in 1947, this two-unit mixed-use property pairs a second-floor residential apartment with a commercial storefront at street level. The apartment has two bedrooms and a separate private entrance, and it is currently leased. The lower-level space is vacant and offers a flexible commercial footprint following prior use for professional offices and a salon and aesthetics business.
The property occupies a tree-lined corner at 347 N Reservoir Street in Lancaster, PA, near McCaskey High School. Its walkable neighborhood setting and combination of residential and commercial components provide a practical layout for an owner-user, investor, or business seeking a storefront with an apartment above.
The property occupies a tree-lined corner at 347 N Reservoir Street in Lancaster, PA, near McCaskey High School. Its walkable neighborhood setting and combination of residential and commercial components provide a practical layout for an owner-user, investor, or business seeking a storefront with an apartment above.
Key Highlights
- Two‑unit mixed‑use property with residential and commercial components
- Two‑bedroom apartment with a separate private entrance
- Upper apartment is currently leased
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
$18,854
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
5.99%
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%
$377,080
$377.1K
Cap Rate 7%
$269,343
$269.3K
Cap Rate 9%
$209,489
$209.5K
Market Conditions
NOI Build-Up for 1,518 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
$32.8K $21.60/SF
− Vacancy
−$2.6K −$1.73/SF
EGI
$30.2K $19.87/SF
− OpEx
−$11.3K −$7.45/SF
NOI
$18.9K $12.42/SF
Area
Lancaster County, PA
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$377,080
Cap Rate 7%
$269,343
Cap Rate 9%
$209,489
Alternative Uses
Best Use
Mixed Use
$269.3K
$235.7K – $314.2K
NOI $18,854 @ 7.0% cap · market cap 5.99%
Second Best
Retail
$255.2K
$223.3K – $297.7K
NOI $17,864 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$508.7K
$445.1K – $593.5K
NOI $35,608 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,268
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
Check the figures for this property
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?
Mixed-use property - Corner property combines a private-entry apartment with a vacant ground-floor commercial storefront.
Where is this mixed-use property located?
The property is located at 347 N Reservoir St Lancaster, PA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑unit mixed‑use property with residential and commercial components; Two‑bedroom apartment with a separate private entrance; Upper apartment is currently leased
