Renovated Five-Unit Apartment
New
For Sale
$1,225,500
449 W KING Street, Lancaster, PA 17603
Multi-Family, LANCASTER, PA
Property Size4,878 SF
Lot Size0.18 Acres
Price / SF$251.23
Days on Market1
Property Features for 449 W KING Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
14
Parking features
Parking Lot
Middle school
MCCASKEY EAST
High school
MCCASKEY CAMPUS
Elementary school district
SCHOOL DISTRICT OF LANCASTER
Middle school district
SCHOOL DISTRICT OF LANCASTER
High school district
SCHOOL DISTRICT OF LANCASTER
Standard status
Active
Size
4,878 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
8826
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Amenities
laundry
individual HVAC
Building Details
Year built
1907
Number of units
4
Building materials
Brick, Masonry
Architectural style
Other
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 740-2221
Listed By:
Jennifer B Rule · License #RS319741
(717) 808-0143
Added: Sep 8
Last Checked: Sep 8 at 7:06PM
MLS# PALA2095078
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,878-square-foot apartment building contains five units and was renovated in 2022, including interior and exterior improvements. The property includes a basement, individual HVAC systems, central air, and on-site laundry. Utilities are separately metered, while brick and masonry construction contribute to the building’s physical character. The property was built in 1907 and is fully occupied.
A 0.18-acre parcel provides a private parking lot with 14 spaces. Five spaces are assigned to the apartments, and seven additional spaces are leased separately, creating a distinct parking-income component. The property is located at 449 W King Street in Lancaster, Pennsylvania, four blocks from the center of Lancaster City.
A 0.18-acre parcel provides a private parking lot with 14 spaces. Five spaces are assigned to the apartments, and seven additional spaces are leased separately, creating a distinct parking-income component. The property is located at 449 W King Street in Lancaster, Pennsylvania, four blocks from the center of Lancaster City.
Key Highlights
- Five‑unit apartment building totaling 4,878 square feet
- Renovated in 2022 with interior and exterior improvements
- Private parking lot with 14 spaces on a 0.18‑acre parcel
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
$48,051
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
3.92%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,702
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Individual HVAC systems, separated utilities, and on-site laundry serve a fully occupied apartment property.
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: Five‑unit apartment building totaling 4,878 square feet; Renovated in 2022 with interior and exterior improvements; Private parking lot with 14 spaces on a 0.18‑acre parcel
