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: Oct 25 Last Checked: Oct 26 at 12:37PM

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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 / Yr

$19,458

Cap Rate

4.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$389,160 $389.2K

Cap Rate 7%

$277,971 $278.0K

Cap Rate 9%

$216,200 $216.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,742 SF

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 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. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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

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