Duplex With Two-Car
For Sale
$325,000
437 S QUEEN STREET, Lancaster, PA 17603
Two-unit residential property with separately rented garage bays near Southern Market.
Property Size1,798 SF
Price / SF$180.76
Days on Market29
Property Features for 437 S QUEEN STREET
General Information
Standard status
Active
Size
1,798 SF
Total Parking Spaces
2
Property subtype
Duplex
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
RE/MAX SmartHub Realty
(717) 940-7612
Listed By:
Ian Matthew Hey
(717) 940-7612
Source:
Cummingsrealtors
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 28 at 12:00PM
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 RE/MAX SmartHub Realty
Investment Insights
Based on property information with market context.
This 1,798-square-foot duplex was built in 1900 and includes two residential units along with a two-car garage. Both garage bays are currently rented, providing an additional occupied component alongside the residential layout.
The property is located at 437 S Queen Street in Lancaster, PA, within Lancaster City and near Southern Market. Its central setting places the building within a walkable area, while the existing garage configuration adds functional space beyond the two residential units.
The property is located at 437 S Queen Street in Lancaster, PA, within Lancaster City and near Southern Market. Its central setting places the building within a walkable area, while the existing garage configuration adds functional space beyond the two residential units.
Key Highlights
- Two‑unit duplex at 1,798 square feet
- Two‑car garage with both bays currently rented
- Built in 1900
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
$20,083
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
6.18%
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%
$401,660
$401.7K
Cap Rate 7%
$286,900
$286.9K
Cap Rate 9%
$223,144
$223.1K
Market Conditions
NOI Build-Up for 1,798 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
$29.1K $16.20/SF
− Vacancy
−$437 −$0.24/SF
EGI
$28.7K $15.96/SF
− OpEx
−$8.6K −$4.79/SF
NOI
$20.1K $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%
$401,660
Cap Rate 7%
$286,900
Cap Rate 9%
$223,144
Alternative Uses
Best Use
Multifamily LT 5
$286.9K
$251.0K – $334.7K
NOI $20,083 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$253.0K
$221.4K – $295.2K
NOI $17,711 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$602.5K
$527.2K – $702.9K
NOI $42,176 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,047
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 - Two-unit residential property with separately rented garage bays near Southern Market.
Where is this duplex located?
The property is located at 437 S QUEEN STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex at 1,798 square feet; Two‑car garage with both bays currently rented; Built in 1900
