Two-Unit Mixed-Use
New
For Sale
$309,900
347 N RESERVOIR Street, Lancaster, PA 17602
Multi-Family, LANCASTER, PA
Property Size1,518 SF
Lot Size0.05 Acres
Price / SF$204.15
Days on Market1
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
Last Checked: Oct 6 at 5:06PM
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.
Investment Insights
Based on property information with market context.
This brick mixed-use building contains 1,518 square feet across two distinct spaces. The upper-level apartment has two bedrooms, a separate entrance, and a current tenant. At street level, the commercial storefront is vacant; it previously accommodated professional offices and a salon and aesthetics business. The property was built in 1947 and sits on a 0.05-acre lot, with a parking lot, forced-air heat, and central air conditioning.
Positioned on a tree-lined corner in Lancaster, the property is a short walk from McCaskey High School. The residential and commercial areas have separate access, with the commercial space available for a new occupant.
Positioned on a tree-lined corner in Lancaster, the property is a short walk from McCaskey High School. The residential and commercial areas have separate access, with the commercial space available for a new occupant.
Key Highlights
- Two‑bedroom apartment with a separate entrance and current tenant
- Vacant ground‑floor commercial storefront; previously used for offices and a salon and aesthetics business
- 1,518 square feet on a 0.05‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,854
Cap Rate
6.08%
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 6.08%
Second Best
Retail
$255.2K
$223.3K – $297.7K
NOI $17,864 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$508.7K
$445.1K – $593.5K
NOI $35,608 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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 - A vacant street-level commercial suite is paired with a leased apartment featuring its own entrance.
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 $309,900.
What are key features of this property?
This property features: Two‑bedroom apartment with a separate entrance and current tenant; Vacant ground‑floor commercial storefront; previously used for offices and a salon and aesthetics business; 1,518 square feet on a 0.05‑acre lot
