Duplex with New
For Sale
$239,900
348 South Queen Street, Lancaster, PA 17603
Two residential units offer distinct bedroom counts, with one needing updates and the other described in good condition.
Property Size2,080 SF
Price / SF$115.34
Days on Market219
Property Features for 348 South Queen Street
General Information
Standard status
Active
Size
2,080 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Net Operating Income
$20,500
Property Condition
Severity
Repairs Needed
Evidence
in need of some TLC
Units
Unit Mix
1 x 1 bed, 1 x 3 bed
Multifamily Units
2
Additional Details
Gross Income
$28,560
Taxes and HOA fees
Annual Taxes
$2,843
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1880
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 826-2778
Listed By:
Kerry Martin · License #RS340709
(717) 826-2778
Source:
Compass
Added: Jan 24
Changed: Aug 30
Last Checked: Aug 30 at 5:55PM
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 Iron Valley Real Estate of Lancaster
Investment Insights
Based on property information with market context.
This duplex contains 2,080 square feet and was built in 1880. The property includes two residential units: a one-bedroom unit requiring some TLC and a three-bedroom unit described as being in good condition. New furnaces were installed in both units in 2025.
The building is tenant occupied, and showings require 24 hours’ notice. It is located at 348 South Queen Street in Lancaster, Pennsylvania, within Lancaster City and the School District of Lancaster. Zoning is RESIDENTIAL.
The building is tenant occupied, and showings require 24 hours’ notice. It is located at 348 South Queen Street in Lancaster, Pennsylvania, within Lancaster City and the School District of Lancaster. Zoning is RESIDENTIAL.
Key Highlights
- Two‑unit duplex with 2,080 square feet
- One‑bedroom unit needs some TLC; three‑bedroom unit is in good condition
- New furnaces installed in each unit in 2025
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
$20,489
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
8.54%
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%
$409,780
$409.8K
Cap Rate 7%
$292,700
$292.7K
Cap Rate 9%
$227,656
$227.7K
Market Conditions
NOI Build-Up for 2,080 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
$37.4K $18.00/SF
− Vacancy
−$187 −$0.09/SF
EGI
$37.3K $17.91/SF
− OpEx
−$16.8K −$8.06/SF
NOI
$20.5K $9.85/SF
Area
Lancaster County, PA
Vacancy
0.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$409,780
Cap Rate 7%
$292,700
Cap Rate 9%
$227,656
Alternative Uses
Best Use
Multifamily LT 5
$331.9K
$290.4K – $387.2K
NOI $23,233 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$292.7K
$256.1K – $341.5K
NOI $20,489 @ 7.0% cap · market cap 8.54%
Theoretical Best
Office A
$697.0K
$609.9K – $813.2K
NOI $48,791 @ 7.0% cap · market cap 20.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,651
Businesses Nearby
Explore this area
Business Placement
Demographics for 17603, PA
66,739
Population
28,142
Households
2.4
Avg Household Size
37
Median Age
37%
College-Educated
90%
High-School Grad
30.0 sq mi
ZIP Area
2,225
Density / Sq Mi
$77,156
Median Household Income
$40,043
Median Earnings
$1,265
Median Rent
$244,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer distinct bedroom counts, with one needing updates and the other described in good condition.
Where is this duplex located?
The property is located at 348 South Queen Street Lancaster, PA.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,080 square feet; One‑bedroom unit needs some TLC; three‑bedroom unit is in good condition; New furnaces installed in each unit in 2025
