Four-Unit CBD
For Sale
$519,000
37 37-39 E Willow St, Elizabethtown, PA 17022
Two one-bedroom and two two-bedroom units feature separate utilities and off-street parking.
Property Size3,084 SF
Price / SF$168.29
Days on Market12
Property Features for 37 37-39 E Willow St
General Information
Standard status
Active
Size
3,084 SF
Units
Unit Mix
2 x 1BR, 2 x 2BR
Multifamily Units
4
Additional Details
Gross Income
$45,000
Building Details
Year Built
1900
Listing Agency:
Hostetter Realty LLC
(717) 598-7490
Listed By:
John J Glick · License #3349959
Source:
Lgagne
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 25 at 6:13AM
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 LLC
Investment Insights
Based on property information with market context.
This 4-unit property in Elizabethtown’s Central Business District includes two 1-bedroom apartments and two 2-bedroom apartments. Separate utilities serve each unit, while off-street parking has been improved with newly installed blacktop. The property measures 3,084 square feet and was built in 1900.
Recent capital improvements include a new roof, replacement windows, and sewer lines extending to the street. The front porch is scheduled for professional painting in June. Located at 37 37-39 E Willow St, the property is positioned near downtown amenities, shopping, dining, and transportation.
Recent capital improvements include a new roof, replacement windows, and sewer lines extending to the street. The front porch is scheduled for professional painting in June. Located at 37 37-39 E Willow St, the property is positioned near downtown amenities, shopping, dining, and transportation.
Key Highlights
- 4‑unit property with two 1‑bedroom units and two 2‑bedroom units
- Separate utilities for each unit
- 3,084 square feet on a 1900‑built property
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
641
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 - Two one-bedroom and two two-bedroom units feature separate utilities and off-street parking.
Where is this quadplex located?
The property is located at 37 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: 4‑unit property with two 1‑bedroom units and two 2‑bedroom units; Separate utilities for each unit; 3,084 square feet on a 1900‑built property
