Remodeled Three-Unit
For Sale
$300,000
Pending
353 N 2nd St, Columbia, PA 17512
Corner triplex with a renovated vacant apartment and two additional units producing rental income.
Property Size1,568 SF
Days on Market11
Property Features for 353 N 2nd St
General Information
Standard status
Pending
Size
1,568 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,115
Listing Agency:
Howard Hanna Real Estate Services - Lancaster
(717) 392-0200
Listed By:
Phyllis Rothweiler · License #RS285880
(717) 587-8283
Source:
Exprealty
Added: Sep 3
Changed: Sep 12
Last Checked: Sep 12 at 2:18PM
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 Howard Hanna Real Estate Services - Lancaster
Investment Insights
Based on property information with market context.
This three-unit residential income property includes a recently remodeled second-floor apartment that is currently vacant. The remaining two units provide rental income, creating a configuration that supports continued leasing or owner occupancy of the available unit. The property is positioned on a corner lot and is located at 353 N 2nd St in Columbia, Pennsylvania.
Ownership responsibilities include property taxes, insurance, and sewer service. The vacant apartment offers an opportunity to establish new tenancy while maintaining income from the other two units. The combination of three separate apartments, a refreshed second-floor unit, and existing rental income provides a straightforward multifamily ownership structure.
Ownership responsibilities include property taxes, insurance, and sewer service. The vacant apartment offers an opportunity to establish new tenancy while maintaining income from the other two units. The combination of three separate apartments, a refreshed second-floor unit, and existing rental income provides a straightforward multifamily ownership structure.
Key Highlights
- Three‑unit residential income property
- Corner‑lot location at 353 N 2nd St, Columbia, PA
- Recently remodeled second‑floor apartment is currently vacant
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
$17,514
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
5.84%
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%
$350,280
$350.3K
Cap Rate 7%
$250,200
$250.2K
Cap Rate 9%
$194,600
$194.6K
Market Conditions
NOI Build-Up for 1,568 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
$25.4K $16.20/SF
− Vacancy
−$381 −$0.24/SF
EGI
$25.0K $15.96/SF
− OpEx
−$7.5K −$4.79/SF
NOI
$17.5K $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%
$350,280
Cap Rate 7%
$250,200
Cap Rate 9%
$194,600
Alternative Uses
Best Use
Multifamily LT 5
$250.2K
$218.9K – $291.9K
NOI $17,514 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$220.7K
$193.1K – $257.4K
NOI $15,446 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$525.4K
$459.8K – $613.0K
NOI $36,781 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 17512, PA
18,267
Population
8,255
Households
2.2
Avg Household Size
42
Median Age
23%
College-Educated
86%
High-School Grad
16.0 sq mi
ZIP Area
1,142
Density / Sq Mi
$61,130
Median Household Income
$42,702
Median Earnings
$1,067
Median Rent
$221,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Corner triplex with a renovated vacant apartment and two additional units producing rental income.
Where is this triplex located?
The property is located at 353 N 2nd St Columbia, PA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Three‑unit residential income property; Corner‑lot location at 353 N 2nd St, Columbia, PA; Recently remodeled second‑floor apartment is currently vacant
