Two-Unit Mixed-Use
347 N Reservoir St, Lancaster, PA 17602
For Sale
$315,000
Corner property combines a private-entry apartment with a vacant ground-floor commercial storefront.
Property Size1,518 SF
Price / SF$207.51
Days on Market183
Property Features for 347 N Reservoir St
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Average Monthly Rent
Corner Location
Building Details
Year Built
Buildings
Stories
Listing Agency:
Keller Williams Elite
Listed By:
Alexander Glen Whitt · License PA RS353433
(223) 216-1063
Source:
Baltimoreharfordhomesforsale
Added: May 12
Changed: Nov 1
Last Checked: Nov 8 at 6:42AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$18,854
Cap Rate
5.99%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
$250,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Mixed-use properties in Lancaster, PA
Properties on Market for Mixed-use properties in Lancaster
Vacancy Rate% for Multifamily in Northeast region
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
