Building Details

Year Built 1901

Construction all-brick

Listing Agency: Keller Williams Elite c***@gmail.com Show Phone

Listed By: Christian Will · License #RS350535c Show Phone

Source: Compass

Added: Jan 22 Changed: Aug 30 Last Checked: Aug 30 at 9:06AM

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Investment Insights

Based on property information with market context.

This 3,060-square-foot duplex was built in 1901 and includes two separate residences: one with three bedrooms and another with two bedrooms. Each unit has separate utilities, and both are occupied under month-to-month arrangements. The all-brick exterior includes a wraparound front porch, while a detached barn adds substantial storage space and may support an additional rental use. Off-street parking is also available.

The property is located at 455-457 North George Street in Millersville, within walking distance of Millersville University. It is zoned RP - RESIDENTIAL/OFFICE and lies in the Residential/Professional Office District. The building is fully compliant with the current Millersville Borough rental code, providing a defined framework for continued operation or future repositioning.

Key Highlights

• Duplex includes one 3‑bedroom unit and one 2‑bedroom unit
• 3,060 SF building constructed in 1901
• Separate utilities for each residence

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

$34,180

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

8.55%

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%

$683,600 $683.6K

Cap Rate 7%

$488,286 $488.3K

Cap Rate 9%

$379,778 $379.8K

Market Conditions

NOI Build-Up for 3,060 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

$49.6K $16.20/SF

− Vacancy

−$744 −$0.24/SF

EGI

$48.8K $15.96/SF

− OpEx

−$14.6K −$4.79/SF

NOI

$34.2K $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%

$683,600

Cap Rate 7%

$488,286

Cap Rate 9%

$379,778

Alternative Uses

Best Use

Multifamily LT 5

$488.3K

$427.3K – $569.7K (±1% cap)

NOI $34,180 @ 7.0% cap · market cap 8.55%

Second Best

Apartment 5plus

$430.6K

$376.8K – $502.4K (±1% cap)

NOI $30,143 @ 7.0% cap · market cap 7.54%

Theoretical Best

Office A

$1.03M

$897.3K – $1.20M (±1% cap)

NOI $71,780 @ 7.0% cap · market cap 17.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Building Supply Spa & Massage Center HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

273

Businesses Nearby

Explore this area Business Placement

Demographics for 17551, PA

11,056

Population

3,891

Households

2.8

Avg Household Size

29

Median Age

40%

College-Educated

91%

High-School Grad

10.6 sq mi

ZIP Area

1,043

Density / Sq Mi

$69,729

Median Household Income

$16,975

Median Earnings

$1,412

Median Rent

$273,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Separate utilities, flexible month-to-month occupancy, and off-street parking support practical ownership and management.

Where is this duplex located?

The property is located at 455-457 North George Street Millersville, PA.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: Duplex includes one 3‑bedroom unit and one 2‑bedroom unit; 3,060 SF building constructed in 1901; Separate utilities for each residence