4-Unit Multifamily with Separate
For Sale
Contact for pricing
37-39 E Willow St, Elizabethtown, PA 17022
Well-maintained four-unit property with two 1-bedroom and two 2-bedroom units, each with separate utilities.
Property Size3,084 SF
Price / SF$168.29
Days on Market53
Property Features for 37-39 E Willow St
General Information
Standard status
Active
Size
3,084 SF
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Net Operating Income
$45,000
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Year Renovated
2023
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
Hostetter Realty
(717) 598-7490
Listed By:
Jake Fisher · License #PA RS325195
Source:
Crexi
Added: Jun 18
Changed: Aug 7
Last Checked: Aug 8 at 3:05PM
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 Hostetter Realty
Investment Insights
Based on property information with market context.
This well-maintained 4-unit multifamily property is configured with two 1-bedroom units and two 2-bedroom units. The units have separate utilities, which can simplify billing and day-to-day management. Recent improvements include a new roof, new windows, and new sewer lines to the street. The front porch is scheduled to be professionally painted in June.
Located in the Central Business District, the property is positioned for tenants who want convenient access to downtown amenities. The surrounding area includes nearby shopping, dining, and transportation options. Off-street parking is provided, and the parking area has newly installed blacktop.
For investors or buyers seeking a small, income-producing rental asset, this structure offers a straightforward unit mix of 1- and 2-bedroom homes with independent utility services. With the notable exterior and infrastructure updates already completed, the property may help reduce certain near-term maintenance items while maintaining the flexibility that comes with multiple separate units.
Located in the Central Business District, the property is positioned for tenants who want convenient access to downtown amenities. The surrounding area includes nearby shopping, dining, and transportation options. Off-street parking is provided, and the parking area has newly installed blacktop.
For investors or buyers seeking a small, income-producing rental asset, this structure offers a straightforward unit mix of 1- and 2-bedroom homes with independent utility services. With the notable exterior and infrastructure updates already completed, the property may help reduce certain near-term maintenance items while maintaining the flexibility that comes with multiple separate units.
Key Highlights
- Well‑maintained 4‑unit investment property (year built 1900) with two 1‑bedroom and two 2‑bedroom units
- Separate utilities for each unit, supporting easier management
- Generates $45,000 in annual income (as stated) with potential for rent increases
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
$34,448
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
6.64%
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%
$688,960
$689.0K
Cap Rate 7%
$492,114
$492.1K
Cap Rate 9%
$382,756
$382.8K
Market Conditions
NOI Build-Up for 3,084 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
$50.0K $16.20/SF
− Vacancy
−$749 −$0.24/SF
EGI
$49.2K $15.96/SF
− OpEx
−$14.8K −$4.79/SF
NOI
$34.4K $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%
$688,960
Cap Rate 7%
$492,114
Cap Rate 9%
$382,756
Alternative Uses
Best Use
Multifamily LT 5
$492.1K
$430.6K – $574.1K
NOI $34,448 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$434.0K
$379.7K – $506.3K
NOI $30,379 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$1.03M
$904.3K – $1.21M
NOI $72,343 @ 7.0% cap · market cap 13.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
Explore this area
Business Placement
Demographics for 17022, PA
31,163
Population
12,950
Households
2.4
Avg Household Size
42
Median Age
33%
College-Educated
93%
High-School Grad
55.0 sq mi
ZIP Area
567
Density / Sq Mi
$79,075
Median Household Income
$42,844
Median Earnings
$1,381
Median Rent
$272,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit property with two 1-bedroom and two 2-bedroom units, each with separate utilities.
Where is this quadplex located?
The property is located at 37-39 E Willow St Elizabethtown, PA.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Well‑maintained 4‑unit investment property (year built 1900) with two 1‑bedroom and two 2‑bedroom units; Separate utilities for each unit, supporting easier management; Generates $45,000 in annual income (as stated) with potential for rent increases
