Fully Occupied Multifamily
348 East New Street Lancaster, PA 17602
New
348 East New Street, Lancaster, PA, 17602
$279,900
Pending
For Sale
$279,900
Pending
Multifamily property in Lancaster City, fully occupied and professionally managed, presented as a rental income asset.
Property Size1,631 SF
Days on Market3
Property Features for 348 East New Street
General Information
- Standard status
- Pending
- Size
- 1,631 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1900
Listing agency
Kingsway Realty - Lancaster
(717) 468-4424
Listed by
Ervin J Barkman · License #RS168511L
(717) 468-4424
Source
Compass
Added: Jul 20 Updated: Jul 21 at 12:19PM Checked: Jul 22 at 8:19AM
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 Kingsway Realty - Lancaster
Investment Insights
Based on property information with market context.
This multifamily property is being offered as a low-maintenance, rental income asset. The building is fully occupied and professionally managed, supporting a productive status from day one. The property size is listed as 1,631.
Located at 348 East New Street in Lancaster, PA 17602, the home is described in the Ross northeast neighborhood of Lancaster City. The listing identifies the school district as School District of Lancaster.
The owner is purchasing a commercial property and is selling this residence to raise capital, with the offering positioned for first-time rental buyers or those looking to add to an existing portfolio.
Located at 348 East New Street in Lancaster, PA 17602, the home is described in the Ross northeast neighborhood of Lancaster City. The listing identifies the school district as School District of Lancaster.
The owner is purchasing a commercial property and is selling this residence to raise capital, with the offering positioned for first-time rental buyers or those looking to add to an existing portfolio.
Key Highlights
- Multifamily property in Lancaster City (MLS Area: 10533).
- Fully occupied and professionally managed rental income asset.
- No accessibility features reported.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.4k | $18.00 |
| − Vacancy | −$147 | −$0.09 |
| EGI | $29.2k | $17.91 |
| − OpEx | −$13.1k | −$8.06 |
| NOI | $16.1k | $9.85 |
1,631 SF · lease $18.00/SF/yr · vacancy 0.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$229.5K
$200.8K – $267.8K
NOI $16,066 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$546.6K
$478.2K – $637.7K
NOI $38,259 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - Multifamily property in Lancaster City, fully occupied and professionally managed, presented as a rental income asset.
Where is this multifamily property located?
The property is located at 348 East New Street Lancaster, PA.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Multifamily property in Lancaster City (MLS Area: 10533).; Fully occupied and professionally managed rental income asset.; No accessibility features reported.
