Two-Unit Brick
For Sale
$309,900
Pending
35 N MULBERRY STREET, Lancaster, PA 17603
Two-unit brick duplex with rental income potential in Lancaster’s Chestnut Hill neighborhood.
Property Size1,420 SF
Days on Market44
Property Features for 35 N MULBERRY STREET
General Information
Standard status
Pending
Size
1,420 SF
Property subtype
Duplex
Building Details
Year Built
1890
Construction
brick
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(717) 735-8400
Listed By:
Lydia Miller
(717) 278-1223
Source:
Cummingsrealtors
Added: Jul 27
Changed: Aug 31
Last Checked: Aug 28 at 12:42PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This two-unit brick duplex was built in 1890 and is offered as a well-maintained, residential income property. The layout supports two separate units, giving an owner the flexibility to live in one unit while renting the other.
Located on the edge of Lancaster City’s Chestnut Hill neighborhood, the property is within a short walk of downtown Lancaster amenities, including restaurants, cafes, shopping, Central Market, galleries, and entertainment.
With two units and an established residential structure, the property is well-suited to buyers seeking a straightforward duplex configuration in a walkable, neighborhood setting.
Located on the edge of Lancaster City’s Chestnut Hill neighborhood, the property is within a short walk of downtown Lancaster amenities, including restaurants, cafes, shopping, Central Market, galleries, and entertainment.
With two units and an established residential structure, the property is well-suited to buyers seeking a straightforward duplex configuration in a walkable, neighborhood setting.
Key Highlights
- Two‑unit brick duplex for residential rental income
- Well‑maintained duplex configuration
- Built in 1890
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
$15,861
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
5.12%
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%
$317,220
$317.2K
Cap Rate 7%
$226,586
$226.6K
Cap Rate 9%
$176,233
$176.2K
Market Conditions
NOI Build-Up for 1,420 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
$23.0K $16.20/SF
− Vacancy
−$345 −$0.24/SF
EGI
$22.7K $15.96/SF
− OpEx
−$6.8K −$4.79/SF
NOI
$15.9K $11.17/SF
Area
Lancaster County, PA
Vacancy
1.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$317,220
Cap Rate 7%
$226,586
Cap Rate 9%
$176,233
Alternative Uses
Best Use
Multifamily LT 5
$226.6K
$198.3K – $264.4K
NOI $15,861 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$199.8K
$174.9K – $233.1K
NOI $13,988 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$475.9K
$416.4K – $555.2K
NOI $33,310 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,899
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit brick duplex with rental income potential in Lancaster’s Chestnut Hill neighborhood.
Where is this duplex located?
The property is located at 35 N MULBERRY 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‑unit brick duplex for residential rental income; Well‑maintained duplex configuration; Built in 1890
