Mixed-Use Property with
New
For Sale
$315,000
347 N RESERVOIR Street, Lancaster, PA 17602
MULTI_FAMILY - Other - LANCASTER, PA
Property Size1,518 SF
Lot Size0.05 Acres
Price / SF$207.51
Days on Market2
Property Features for 347 N RESERVOIR Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Parking Lot
Elementary school district
SCHOOL DISTRICT OF LANCASTER
Middle school district
SCHOOL DISTRICT OF LANCASTER
High school district
SCHOOL DISTRICT OF LANCASTER
Standard status
Active
Size
1,518 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
4553
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1947
Number of units
1
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(717) 553-2500
Listed By:
Alexander Glen Whitt · License #RS353433
(223) 216-1063
Added: Aug 6
Last Checked: Aug 7 at 9:06AM
MLS# PALA2093262
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,518-square-foot mixed-use property includes a two-bedroom apartment on the upper level and a commercial storefront at street level. The apartment has a private entrance and is currently leased. The ground-floor space is vacant and was previously used for professional office and salon-related operations. Brick construction, forced-air heat, central air, and a parking lot are among the property’s existing features.
Built in 1947 on a 0.05-acre corner parcel, the property is located at 347 N Reservoir Street in Lancaster, Pennsylvania. McCaskey High School is nearby, and the site sits within a walkable city neighborhood. The combination of residential and commercial space supports a range of owner-user and investment configurations without requiring separate buildings.
Built in 1947 on a 0.05-acre corner parcel, the property is located at 347 N Reservoir Street in Lancaster, Pennsylvania. McCaskey High School is nearby, and the site sits within a walkable city neighborhood. The combination of residential and commercial space supports a range of owner-user and investment configurations without requiring separate buildings.
Key Highlights
- Two‑bedroom apartment with private entrance
- Vacant ground‑floor commercial storefront
- 1,518 square feet on a 0.05‑acre parcel
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
$25,132
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
7.98%
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%
$502,640
$502.6K
Cap Rate 7%
$359,029
$359.0K
Cap Rate 9%
$279,244
$279.2K
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
$39.0K $25.68/SF
− Vacancy
−$5.5K −$3.61/SF
EGI
$33.5K $22.07/SF
− OpEx
−$8.4K −$5.52/SF
NOI
$25.1K $16.56/SF
Area
Lancaster County, PA
Vacancy
14.04%
Lease Rate
$25.68 /SF/Yr
Expense Ratio
25.00%
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%
$502,640
Cap Rate 7%
$359,029
Cap Rate 9%
$279,244
Alternative Uses
Best Use
Office B
$359.0K
$314.2K – $418.9K
NOI $25,132 @ 7.0% cap · market cap 7.98%
Second Best
Mixed Use
$269.3K
$235.7K – $314.2K
NOI $18,854 @ 7.0% cap · market cap 5.99%
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
Property Profile
Current Use
Lease Details
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,059
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration combines a residential apartment with vacant ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 347 N RESERVOIR Street 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‑bedroom apartment with private entrance; Vacant ground‑floor commercial storefront; 1,518 square feet on a 0.05‑acre parcel
