Brick Mixed-Use
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 Market49
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 31
Changed: Oct 16
Last Checked: Oct 16 at 8:31AM
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
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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 / Yr
$57,927
Cap Rate
8.91%
Suggested Prices Based on Cap Rates
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
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 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.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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
