Turnkey 5-Unit Apartment
For Sale
$1,225,500
449 W KING STREET, Lancaster, PA 17603
Turnkey fully occupied five-unit building with in-unit laundry, individual HVAC, and 12 parking spaces.
Property Size4,878 SF
Price / SF$251.23
Days on Market101
Property Features for 449 W KING STREET
General Information
Standard status
Active
Size
4,878 SF
Property subtype
Commercial
Building Details
Year Built
1907
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 740-2221
Listed By:
Jennifer B Rule · License #RS319741
(717) 808-0143
Source:
Cummingsrealtors
Added: Jul 17
Changed: Oct 25
Last Checked: Oct 24 at 6:34PM
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 Iron Valley Real Estate of Lancaster
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Investment Insights
Based on property information with market context.
This fully occupied, turnkey five-unit apartment building offers renovated interiors and exterior improvements completed in 2022. The property includes in-unit laundry and individual HVAC systems for each unit, with utilities separated out. The building is described as bright, well maintained, and fully renovated inside and out.
The property is located at 449 W King St in Lancaster and is approximately four blocks from the heart of Lancaster City. Parking is available for 12 vehicles, with each unit assigned one space and additional parking spaces currently leased.
With five residential units and separated utilities, the layout is designed for straightforward day-to-day operations, supported by the per-unit HVAC and laundry features.
The property is located at 449 W King St in Lancaster and is approximately four blocks from the heart of Lancaster City. Parking is available for 12 vehicles, with each unit assigned one space and additional parking spaces currently leased.
With five residential units and separated utilities, the layout is designed for straightforward day-to-day operations, supported by the per-unit HVAC and laundry features.
Key Highlights
- Fully occupied 5‑unit apartment building
- Remodeled in 2022; fully renovated inside and out
- Laundry and individual HVAC in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,051
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$961,020
$961.0K
Cap Rate 7%
$686,443
$686.4K
Cap Rate 9%
$533,900
$533.9K
Market Conditions
NOI Build-Up for 4,878 SF
Gross rent
$87.8K $18.00/SF
− Vacancy
−$439 −$0.09/SF
EGI
$87.4K $17.91/SF
− OpEx
−$39.3K −$8.06/SF
NOI
$48.1K $9.85/SF
Area
Lancaster County, PA
Vacancy
0.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$961,020
Cap Rate 7%
$686,443
Cap Rate 9%
$533,900
Alternative Uses
Best Use
Apartment 5plus
$686.4K
$600.6K – $800.9K
NOI $48,051 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.91M
NOI $114,425 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
3,702
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey fully occupied five-unit building with in-unit laundry, individual HVAC, and 12 parking spaces.
Where is this apartment building located?
The property is located at 449 W KING STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $1,225,500.
What are key features of this property?
This property features: Fully occupied 5‑unit apartment building; Remodeled in 2022; fully renovated inside and out; Laundry and individual HVAC in each unit
