Three-Unit Multifamily Property with
For Sale
$349,900
Pending
404 West Orange Street, Lancaster, PA 17603
Historic masonry row home with a detached garage, full basement, and multifamily zoning in Lancaster City.
Property Size2,800 SF
Lot Size0.04 Acres
Days on Market116
Property Features for 404 West Orange Street
General Information
Standard status
Pending
Size
2,800 SF
Total Parking Spaces
2
Lot size
0.04 Acres
Property subtype
Multi-Family / Fee Simple
Zoning
113 RES 3-FAM
Additional Details
Asking Price
$349,900
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,851
Amenities
No Pool
Building Details
Year Built
1857
Construction
masonry
Listing Agency:
Coldwell Banker Realty
(215) 868-2450
Listed By:
Kate Bailey · License #RS320338
(215) 868-2450
Source:
Compass
Added: May 8
Changed: Aug 30
Last Checked: Aug 30 at 11:03PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1857, this 2,800-square-foot masonry row home contains three units and occupies a 0.04-acre lot. The property includes a full basement for storage and a detached two-car garage, adding useful support space to the residential configuration. A traditional interior row-home design and established construction define the asset.
Located at 404 West Orange Street in Lancaster, Pennsylvania, the property is within Lancaster City and the School District of Lancaster. It carries 113 RES 3-FAM zoning, supporting its identified three-family residential configuration. The detached garage is a distinct component of the offering and expands the property's usable improvements beyond the main building.
Located at 404 West Orange Street in Lancaster, Pennsylvania, the property is within Lancaster City and the School District of Lancaster. It carries 113 RES 3-FAM zoning, supporting its identified three-family residential configuration. The detached garage is a distinct component of the offering and expands the property's usable improvements beyond the main building.
Key Highlights
- Three‑unit multifamily property at 404 West Orange Street
- 2,800 square feet of building area on a 0.04‑acre lot
- Detached two‑car garage included
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
$31,276
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
8.94%
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%
$625,520
$625.5K
Cap Rate 7%
$446,800
$446.8K
Cap Rate 9%
$347,511
$347.5K
Market Conditions
NOI Build-Up for 2,800 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
$45.4K $16.20/SF
− Vacancy
−$680 −$0.24/SF
EGI
$44.7K $15.96/SF
− OpEx
−$13.4K −$4.79/SF
NOI
$31.3K $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%
$625,520
Cap Rate 7%
$446,800
Cap Rate 9%
$347,511
Alternative Uses
Best Use
Multifamily LT 5
$446.8K
$391.0K – $521.3K
NOI $31,276 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$394.0K
$344.8K – $459.7K
NOI $27,581 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$938.3K
$821.0K – $1.09M
NOI $65,681 @ 7.0% cap · market cap 18.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,627
Businesses Nearby
Explore this area
Business Placement
Demographics for 17603, PA
66,739
Population
28,142
Households
2.4
Avg Household Size
37
Median Age
37%
College-Educated
90%
High-School Grad
30.0 sq mi
ZIP Area
2,225
Density / Sq Mi
$77,156
Median Household Income
$40,043
Median Earnings
$1,265
Median Rent
$244,500
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?
Multifamily property - Historic masonry row home with a detached garage, full basement, and multifamily zoning in Lancaster City.
Where is this multifamily property located?
The property is located at 404 West Orange Street Lancaster, PA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Three‑unit multifamily property at 404 West Orange Street; 2,800 square feet of building area on a 0.04‑acre lot; Detached two‑car garage included
