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 Market93
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) 808-0143
Listed By:
Jennifer B Rule · License #RS319741
(717) 808-0143
Source:
Cummingsrealtors
Added: Jun 1
Changed: Aug 31
Last Checked: Aug 31 at 3:08PM
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
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 = 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
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
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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
