Brick Mixed-Use
New
For Sale
$649,900
405 S MARKET STREET, Elizabethtown, PA 17022
Two commercial buildings include office and optical retail space, plus three one-bedroom apartments.
Property Size4,664 SF
Price / SF$139.34
Days on Market7
Property Features for 405 S MARKET STREET
General Information
Standard status
Active
Size
4,664 SF
Property subtype
Commercial
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Building Details
Year Built
1908
Buildings
2
Construction
brick
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
Realty ONE Group Unlimited
(717) 569-1700
Listed By:
Ryan L Reed · License #RS298778
(717) 512-0097
Source:
Cummingsrealtors
Added: Aug 28
Changed: Sep 3
Last Checked: Sep 2 at 6:19PM
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 Realty ONE Group Unlimited
Investment Insights
Based on property information with market context.
This 4,664 SF mixed-use property includes two separate brick buildings constructed in 1908. The primary building contains commercial office space occupied by Primary Eye Care Center, along with two one-bedroom apartments on the upper level. A second building provides optical retail space and another one-bedroom apartment, creating three residential units in total.
Located at 405 S Market St in Elizabethtown, PA, the property combines established commercial occupancy with residential components in a single asset. The current owner intends to remain in both commercial buildings as a long-term tenant, while the apartments contribute additional rental income. Existing residential rents are identified as below market, with projected income incorporating adjusted residential rents and market-based commercial rents.
Located at 405 S Market St in Elizabethtown, PA, the property combines established commercial occupancy with residential components in a single asset. The current owner intends to remain in both commercial buildings as a long-term tenant, while the apartments contribute additional rental income. Existing residential rents are identified as below market, with projected income incorporating adjusted residential rents and market-based commercial rents.
Key Highlights
- 4,664 SF mixed‑use property at 405 S Market St, Elizabethtown, PA 17022
- Two separate brick buildings provide office and optical retail space
- Three total one‑bedroom apartments: two above the main office and one above the optical retail building
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
$57,927
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
8.91%
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%
$1,158,540
$1.2M
Cap Rate 7%
$827,529
$827.5K
Cap Rate 9%
$643,633
$643.6K
Market Conditions
NOI Build-Up for 4,664 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
$100.7K $21.60/SF
− Vacancy
−$8.1K −$1.73/SF
EGI
$92.7K $19.87/SF
− OpEx
−$34.8K −$7.45/SF
NOI
$57.9K $12.42/SF
Area
Lancaster County, PA
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,158,540
Cap Rate 7%
$827,529
Cap Rate 9%
$643,633
Alternative Uses
Best Use
Office B
$1.10M
$965.2K – $1.29M
NOI $77,217 @ 7.0% cap · market cap 11.88%
Second Best
Healthcare Medical
$972.3K
$850.8K – $1.13M
NOI $68,061 @ 7.0% cap · market cap 10.47%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,405 @ 7.0% cap · market cap 16.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
742
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial buildings include office and optical retail space, plus three one-bedroom apartments.
Where is this mixed-use property located?
The property is located at 405 S MARKET STREET Elizabethtown, PA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 4,664 SF mixed‑use property at 405 S Market St, Elizabethtown, PA 17022; Two separate brick buildings provide office and optical retail space; Three total one‑bedroom apartments: two above the main office and one above the optical retail building
