Building Details

Building Size 1,742 SF

Units 2

Listing Agency: Bennett Williams Commercial - Lancaster

Listed By: Tom Troccoli · License #RS167691L Show Phone

Source: Bennettwilliams

Added: Apr 11 Changed: Sep 7 Last Checked: Sep 8 at 3:26AM

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Investment Insights

Based on property information with market context.

This two-unit property is fully leased and offers residential income alongside an additional rear office space currently used as an insurance office. The office area includes three work areas, conference rooms, and a kitchen. Rental units are supported by gross rental income, with tenants paying their own utilities.

The property is located close to Millersville University, with easy access to Rt. 741 and Rt. 999, and moments from Rt. 30. The landlord pays oil, water, sewer, taxes, and insurance.

The combined offering sits on approximately 0.50 acres and includes the two residential units plus the rear office space for a broader income-producing configuration.

Key Highlights

• Fully leased two‑unit building in Millersville Boro
• Rear insurance office includes three work areas, conference rooms, and a kitchen (1,500 SF)
• Gross rental income of $20,400; tenant pays own utilities

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

$19,458

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

4.10%

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%

$389,160 $389.2K

Cap Rate 7%

$277,971 $278.0K

Cap Rate 9%

$216,200 $216.2K

Market Conditions

NOI Build-Up for 1,742 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

$28.2K $16.20/SF

− Vacancy

−$423 −$0.24/SF

EGI

$27.8K $15.96/SF

− OpEx

−$8.3K −$4.79/SF

NOI

$19.5K $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%

$389,160

Cap Rate 7%

$277,971

Cap Rate 9%

$216,200

Alternative Uses

Best Use

Multifamily LT 5

$278.0K

$243.2K – $324.3K (±1% cap)

NOI $19,458 @ 7.0% cap · market cap 4.10%

Second Best

Apartment 5plus

$245.1K

$214.5K – $286.0K (±1% cap)

NOI $17,160 @ 7.0% cap · market cap 3.61%

Theoretical Best

Office A

$583.8K

$510.8K – $681.1K (±1% cap)

NOI $40,863 @ 7.0% cap · market cap 8.60%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Building Supply Restaurant Hair Salon

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

Lease Details

1

Office units

2

Residential units

100%

Occupancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

209

Businesses Nearby

Explore this area Business Placement

Demographics for 17551, PA

11,056

Population

3,891

Households

2.8

Avg Household Size

29

Median Age

40%

College-Educated

91%

High-School Grad

10.6 sq mi

ZIP Area

1,043

Density / Sq Mi

$69,729

Median Household Income

$16,975

Median Earnings

$1,412

Median Rent

$273,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Fully leased two-unit building includes a rear insurance office with three work areas, conference rooms, and a kitchen.

Where is this duplex located?

The property is located at 355 Manor Ave Millersville, PA.

What is the asking price?

The asking price for this property is $474,999.

What are key features of this property?

This property features: Fully leased two‑unit building in Millersville Boro; Rear insurance office includes three work areas, conference rooms, and a kitchen (1,500 SF); Gross rental income of $20,400; tenant pays own utilities