Renovated Duplex with
For Sale
$319,000
408 S SCHOOL LANE, Lancaster, PA 17603
Updated residence with hardwood floors, a fireplace, modern kitchen finishes, basement storage, and outdoor space.
Property Size2,170 SF
Price / SF$147
Days on Market12
Property Features for 408 S SCHOOL LANE
General Information
Standard status
Active
Size
2,170 SF
Property subtype
Duplex
Additional Details
Multifamily Units
1
Building Details
Year Built
1937
Listing Agency:
Prime Realty Partners
(609) 220-6311
Listed By:
Robert Bunis · License #RS351154
(609) 220-6311
Source:
Cummingsrealtors
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 8:58AM
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 Prime Realty Partners
Investment Insights
Based on property information with market context.
This duplex property at 408 S School Lane in Lancaster, Pennsylvania, was built in 1937 and has 2,170 square feet of property size. The twin-style residence includes four bedrooms and one full bathroom, with hardwood flooring extending through the home. Interior features include a living room fireplace with mantel, a dining area, and a renovated kitchen equipped with two-tone cabinetry, granite countertops, and stainless steel appliances.
Additional space is available in the basement for storage, while the backyard provides outdoor space. The property combines original character, including the fireplace and hardwood floors, with updated kitchen finishes and renovated interior elements.
Additional space is available in the basement for storage, while the backyard provides outdoor space. The property combines original character, including the fireplace and hardwood floors, with updated kitchen finishes and renovated interior elements.
Key Highlights
- 2,170‑square‑foot duplex property built in 1937
- Four bedrooms and one full bathroom
- Renovated kitchen with two‑tone cabinetry, granite countertops, and stainless steel appliances
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
$24,239
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
7.60%
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%
$484,780
$484.8K
Cap Rate 7%
$346,271
$346.3K
Cap Rate 9%
$269,322
$269.3K
Market Conditions
NOI Build-Up for 2,170 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
$35.2K $16.20/SF
− Vacancy
−$527 −$0.24/SF
EGI
$34.6K $15.96/SF
− OpEx
−$10.4K −$4.79/SF
NOI
$24.2K $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%
$484,780
Cap Rate 7%
$346,271
Cap Rate 9%
$269,322
Alternative Uses
Best Use
Multifamily LT 5
$346.3K
$303.0K – $404.0K
NOI $24,239 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$305.4K
$267.2K – $356.3K
NOI $21,376 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$727.2K
$636.3K – $848.4K
NOI $50,903 @ 7.0% cap · market cap 15.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
570
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?
Duplex - Updated residence with hardwood floors, a fireplace, modern kitchen finishes, basement storage, and outdoor space.
Where is this duplex located?
The property is located at 408 S SCHOOL LANE Lancaster, PA.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: 2,170‑square‑foot duplex property built in 1937; Four bedrooms and one full bathroom; Renovated kitchen with two‑tone cabinetry, granite countertops, and stainless steel appliances
