6-Unit Mixed-Use
For Sale
$675,000
352 E New St, Lancaster, PA 17602
Corner property combines apartments, a laundromat, and a restaurant within one commercial building.
Property Size4,392 SF
Price / SF$153.69
Days on Market19
Property Features for 352 E New St
General Information
Standard status
Active
Size
4,392 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Kingsway Realty - Lancaster
(717) 468-4424
Listed By:
Ervin J Barkman · License #RS168511L
Source:
Lancorealestate
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 30 at 11:34PM
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.
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.
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 = 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
$54,549
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
8.08%
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%
$1,090,980
$1.1M
Cap Rate 7%
$779,271
$779.3K
Cap Rate 9%
$606,100
$606.1K
Market Conditions
NOI Build-Up for 4,392 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
$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 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%
$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
NOI $80,115 @ 7.0% cap · market cap 11.87%
Second Best
Mixed Use
$779.3K
$681.9K – $909.2K
NOI $54,549 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,025 @ 7.0% cap · market cap 15.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
