Updated Tenant-Occupied
For Sale
$232,900
Pending
457-455 Manor Street, Lancaster, PA 17603
Tenant-occupied residential income property with recent furnace, stove, and fencing updates.
Property Size1,200 SF
Days on Market139
Property Features for 457-455 Manor Street
General Information
Standard status
Pending
Size
1,200 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Property Condition
Severity
Repairs Needed
Evidence
cosmetic improvements
Additional Details
Cap Rate
7%
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,160
Amenities
No
Oven/Range - Gas, Refrigerator
Carpet
No Pool
Above Grade, Below Grade
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Fetch Home Management LLC
(717) 341-0951
Listed By:
Lizbeth Herrera
(717) 341-0951
Source:
Compass
Added: Apr 14
Changed: Aug 30
Last Checked: Aug 30 at 7:36AM
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 Fetch Home Management LLC
Investment Insights
Based on property information with market context.
This two-unit residential property contains approximately 1,200 square feet and was built in 1900. Both units are tenant occupied, including a three-bedroom, one-bath residence with washer and dryer hookups. Interior features include a gas oven/range, refrigerator, and carpet. Recent work includes a new furnace, a replacement stove in one unit, and fencing updates. The property is offered as-is and is zoned RESIDENTIAL.
Located at 457-455 Manor Street in Lancaster, the duplex provides access to local shops, restaurants, and everyday amenities. The owner currently covers water, sewer, and trash service. One tenant has a long-term occupancy history, and the property has a current 7% cap rate.
Located at 457-455 Manor Street in Lancaster, the duplex provides access to local shops, restaurants, and everyday amenities. The owner currently covers water, sewer, and trash service. One tenant has a long-term occupancy history, and the property has a current 7% cap rate.
Key Highlights
- Two‑unit duplex with approximately 1,200 square feet
- Three‑bedroom, one‑bath unit includes washer and dryer hookups
- Both units are currently tenant occupied
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
$13,404
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
5.76%
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%
$268,080
$268.1K
Cap Rate 7%
$191,486
$191.5K
Cap Rate 9%
$148,933
$148.9K
Market Conditions
NOI Build-Up for 1,200 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
$19.4K $16.20/SF
− Vacancy
−$292 −$0.24/SF
EGI
$19.1K $15.96/SF
− OpEx
−$5.7K −$4.79/SF
NOI
$13.4K $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%
$268,080
Cap Rate 7%
$191,486
Cap Rate 9%
$148,933
Alternative Uses
Best Use
Multifamily LT 5
$191.5K
$167.6K – $223.4K
NOI $13,404 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$168.9K
$147.8K – $197.0K
NOI $11,821 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$402.1K
$351.9K – $469.2K
NOI $28,149 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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?
Duplex - Tenant-occupied residential income property with recent furnace, stove, and fencing updates.
Where is this duplex located?
The property is located at 457-455 Manor Street Lancaster, PA.
What is the asking price?
The asking price for this property is $232,900.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,200 square feet; Three‑bedroom, one‑bath unit includes washer and dryer hookups; Both units are currently tenant occupied
