Building Details

Year Built 1900

Listing Agency: Kingsway Realty - Lancaster

Listed By: Ervin J Barkman · License #RS168511L Show Phone

Source: Lancorealestate

Added: Aug 13 Changed: Oct 1 Last Checked: Oct 7 at 4:33PM

Report an Issue

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

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Located at 352 E New St in Lancaster, Pennsylvania, this 4,392-square-foot mixed-use property was built in 1900 and contains six units. The configuration includes four apartments along with commercial space occupied by an operating laundromat and a restaurant.

The laundry component includes 14 commercial washers and dryers and an ADA bathroom. The restaurant area has stainless steel equipment in place. Positioned on a prominent corner in Northeast Lancaster City, the property brings residential and commercial uses together within a single building, with long-standing tenants in place.

Key Highlights

• 6‑unit mixed‑use property with 4 apartments
• 4,392 square feet; built in 1900
• Operating laundromat with 14 commercial washers and dryers

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$54,549

Cap Rate

8.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,090,980 $1.1M

Cap Rate 7%

$779,271 $779.3K

Cap Rate 9%

$606,100 $606.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,392 SF

Gross rent

$94.9K $21.60/SF

− Vacancy

−$7.6K −$1.73/SF

EGI

$87.3K $19.87/SF

− OpEx

−$32.7K −$7.45/SF

NOI

$54.5K $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%

$1,090,980

Cap Rate 7%

$779,271

Cap Rate 9%

$606,100

Alternative Uses

Best Use

Specialty Retail

$1.14M

$1.00M – $1.34M (±1% cap)

NOI $80,115 @ 7.0% cap · market cap 11.87%

Second Best

Mixed Use

$779.3K

$681.9K – $909.2K (±1% cap)

NOI $54,549 @ 7.0% cap · market cap 8.08%

Theoretical Best

Office A

$1.47M

$1.29M – $1.72M (±1% cap)

NOI $103,025 @ 7.0% cap · market cap 15.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

JD's Laundromat (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Locksmith Storage Facility (Bike/Boat/Book/etc) Store Home Appliance Store Tanning Salon Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,061

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

See more

11-Unit Apartment Building

233 W CHESTNUT STREET, Lancaster, PA 17602

$575,000

4,356 SF

View details

5-Unit Apartment Building

508 W CHESTNUT STREET, Lancaster, PA 17603

$659,500

3,692 SF

View details

5-Unit Apartment Building

1250 NEW DANVILLE Pike, Lancaster, PA 17603

$699,900

3,637 SF

View details

Mixed-Use Property with Garage

429 W LEMON STREET, Lancaster, PA 17603

$779,000

3,841 SF

View details

Four-Unit Historic Quadplex

419 W ORANGE STREET, Lancaster, PA 17603

$689,000

3,513 SF

View details

Renovated Multifamily Property

19 & 25 S ANN STREET, Lancaster, PA 17602

$849,000

5,151 SF

View details

Mixed-Use Building with Courtyard

413 S QUEEN STREET, Lancaster, PA 17603

$650,000

6,090 SF

View details

Mixed-Use Property with Auto Garage

451 S PRINCE STREET, Lancaster, PA 17603

$595,000

5,821 SF

View details

Renovated Five-Unit Apartment Building

449 W KING Street, Lancaster, PA 17603

$1,225,500

4,878 SF

View details

Three-Unit Multifamily Property

138 N MULBERRY STREET, Lancaster, PA 17603

$1,150,000

5,000 SF

View details

Two-Unit Mixed-Use Building

15 N LIME Street, Lancaster, PA 17602

$595,000

2,641 SF

View details

Five-Unit Mixed-Use Building

205 E KING Street, Lancaster, PA 17602

$995,000

3,049 SF

View details

Frequently Asked Questions

What type of property is this?

Mixed-use property - Corner property combines apartments, a laundromat, and a restaurant within one commercial building.

Where is this mixed-use property located?

The property is located at 352 E New St Lancaster, PA.

What is the asking price?

The asking price for this property is $675,000.

What are key features of this property?

This property features: 6‑unit mixed‑use property with 4 apartments; 4,392 square feet; built in 1900; Operating laundromat with 14 commercial washers and dryers