Two-Unit Mixed-Use
For Sale
$305,000
347 N RESERVOIR Street, Lancaster, PA 17602
Multi-Family, LANCASTER, PA
Property Size1,518 SF
Lot Size0.05 Acres
Price / SF$200.92
Days on Market16
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: Oct 6
Changed: Oct 20
Last Checked: Oct 21 at 1:06PM
MLS# PALA2096728
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.
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Investment Insights
Based on property information with market context.
This 1,518-square-foot mixed-use property combines a two-bedroom apartment upstairs with a commercial storefront at street level. The apartment has a separate entrance and is leased; the commercial suite is vacant. The building dates to 1947 and has brick construction, forced-air heat, central air conditioning, and a parking lot. The parcel measures 0.05 acres.
At 347 N Reservoir Street in Lancaster, the property sits on a corner near McCaskey High School. The storefront has previously served professional office and salon uses.
At 347 N Reservoir Street in Lancaster, the property sits on a corner near McCaskey High School. The storefront has previously served professional office and salon uses.
Key Highlights
- Two‑bedroom upper‑level apartment with a private entrance; currently leased
- Vacant ground‑floor commercial storefront
- 1,518 square feet on a 0.05‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,854
Cap Rate
6.18%
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 6.18%
Second Best
Retail
$255.2K
$223.3K – $297.7K
NOI $17,864 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$508.7K
$445.1K – $593.5K
NOI $35,608 @ 7.0% cap · market cap 11.67%
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
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Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,268
Businesses Nearby
78k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 39%
Groceries 14%
McDonald's
Dining
31,675 visits/mo
0.3 miles
C-Town Supermarkets
Groceries
9,025 visits/mo
0.4 miles
Turkey Hill Minit Market
Shops & Services
8,115 visits/mo
0.4 miles
Family Dollar
Shops & Services
7,630 visits/mo
0.2 miles
Sunoco
Shops & Services
5,907 visits/mo
0.5 miles
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
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A leased apartment occupies the upper level, while the ground-floor commercial space is vacant.
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 $305,000.
What are key features of this property?
This property features: Two‑bedroom upper‑level apartment with a private entrance; currently leased; Vacant ground‑floor commercial storefront; 1,518 square feet on a 0.05‑acre parcel
