2-Unit
New
For Sale
$299,900
423 N CONCORD STREET, Lancaster, PA 17603
One apartment is vacant, while the second is occupied by a long-term tenant.
Property Size1,613 SF
Price / SF$185.93
Days on Market4
Property Features for 423 N CONCORD STREET
General Information
Standard status
Active
Size
1,613 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1900
Listing Agency:
Mountain Realty ERA Powered
(717) 390-8701
Listed By:
William Catesby Gilbert · License #rs355709
(717) 572-1672
Source:
Cummingsrealtors
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 25 at 2:46AM
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 Mountain Realty ERA Powered
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Investment Insights
Based on property information with market context.
This Lancaster duplex contains two apartments with different bedroom configurations. The first-floor unit has one bedroom and one full bathroom and is vacant. Upstairs, the second unit includes two bedrooms and one full bathroom and is occupied by a long-term tenant.
Built in 1900, the property is at 423 N Concord Street in Lancaster’s Chestnut Hill neighborhood.
Built in 1900, the property is at 423 N Concord Street in Lancaster’s Chestnut Hill neighborhood.
Key Highlights
- Two apartments with distinct layouts: one has 1 bedroom and 1 full bathroom; the other has 2 bedrooms and 1 full bathroom
- First‑floor apartment is vacant; second‑floor apartment has a long‑term tenant
- Built in 1900
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,017
Cap Rate
6.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$360,340
$360.3K
Cap Rate 7%
$257,386
$257.4K
Cap Rate 9%
$200,189
$200.2K
Market Conditions
NOI Build-Up for 1,613 SF
Gross rent
$26.1K $16.20/SF
− Vacancy
−$392 −$0.24/SF
EGI
$25.7K $15.96/SF
− OpEx
−$7.7K −$4.79/SF
NOI
$18.0K $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 Rate 5%
$360,340
Cap Rate 7%
$257,386
Cap Rate 9%
$200,189
Alternative Uses
Best Use
Multifamily LT 5
$257.4K
$225.2K – $300.3K
NOI $18,017 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$227.0K
$198.6K – $264.8K
NOI $15,889 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$540.5K
$473.0K – $630.6K
NOI $37,837 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,910
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - One apartment is vacant, while the second is occupied by a long-term tenant.
Where is this duplex located?
The property is located at 423 N CONCORD STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two apartments with distinct layouts: one has 1 bedroom and 1 full bathroom; the other has 2 bedrooms and 1 full bathroom; First‑floor apartment is vacant; second‑floor apartment has a long‑term tenant; Built in 1900
