Mixed-Use 4-Unit
353 East New Street Lancaster, PA 17602
353 East New Street, Lancaster, PA, 17602
$535,000
For Sale
$535,000
Four-unit building with three apartments and a first-floor storefront, with updated roof, plumbing, and HVAC.
Property Size3,475 SF
Price / SF$153.96
Days on Market173
Property Features for 353 East New Street
General Information
- Standard status
- Active
- Size
- 3,475 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1908
Listing agency
Inch & Co. Real Estate, LLC
(717) 880-9767
Listed by
Tate J Kibler · License #RS374236
(717) 880-9767
Source
Compass
Added: Jan 31 Updated: Jul 23 at 12:40AM Checked: Jul 23 at 12:40AM
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 Inch & Co. Real Estate, LLC
Investment Insights
Based on property information with market context.
This mixed-use 4-unit property combines three residential apartments with a first-floor storefront. The building includes three 1-bedroom, 1-bath units alongside the retail space on the main level, providing multiple income streams within one structure. Recent updates include the roof, plumbing, and HVAC.
The property is located at 353 East New Street in Lancaster, PA, positioned on a prominent roundabout corner. It is described as only minutes from the downtown Lancaster area.
The existing configuration supports both residential and storefront uses, with the storefront occupying the first floor and the three apartments located above.
The property is located at 353 East New Street in Lancaster, PA, positioned on a prominent roundabout corner. It is described as only minutes from the downtown Lancaster area.
The existing configuration supports both residential and storefront uses, with the storefront occupying the first floor and the three apartments located above.
Key Highlights
- 4‑unit property with three 1 bed/1 bath apartments plus a 1st‑floor storefront
- Updated roof, plumbing, and HVAC
- Above‑grade structure included; no pool
Local Financial Insights For Retail
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 | $62.6k | $18.00 |
| − Vacancy | −$4.1k | −$1.19 |
| EGI | $58.4k | $16.81 |
| − OpEx | −$17.5k | −$5.04 |
| NOI | $40.9k | $11.77 |
3,475 SF · lease $18.00/SF/yr · vacancy 6.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$584.2K
$511.2K – $681.6K
NOI $40,895 @ 7.0% cap · market cap 7.64%
Second Best
Multifamily LT 5
$554.5K
$485.2K – $646.9K
NOI $38,815 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,514 @ 7.0% cap · market cap 15.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Botanica Loma Yeya.
Church
Z Nails
Nail Salon
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four-unit building with three apartments and a first-floor storefront, with updated roof, plumbing, and HVAC.
Where is this quadplex located?
The property is located at 353 East New Street Lancaster, PA.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 4‑unit property with three 1 bed/1 bath apartments plus a 1st‑floor storefront; Updated roof, plumbing, and HVAC; Above‑grade structure included; no pool
