Four-Unit Duplex
For Sale
$500,000
459 PERSHING AVENUE, Lancaster, PA 17602
Two professionally managed residential properties offer a balanced unit mix with established occupancy and recent updates.
Property Size2,603 SF
Price / SF$192.09
Days on Market9
Property Features for 459 PERSHING AVENUE
General Information
Standard status
Active
Size
2,603 SF
Property subtype
Duplex
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Buildings
2
Listing Agency:
Clear Multifamily LLC
(717) 478-1694
Listed By:
Naomi E Brown
(717) 819-2825
Source:
Cummingsrealtors
Added: Sep 8
Changed: Sep 15
Last Checked: Sep 15 at 7:04AM
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 Clear Multifamily LLC
Investment Insights
Based on property information with market context.
This offering combines two residential duplex properties at 459 Pershing Avenue and 435 S. Christian Street in Lancaster, creating a four-unit rental portfolio. The unit mix includes one one-bedroom apartment, two two-bedroom apartments, and one three-bedroom apartment. Three of the four units have received updates within the past five years.
Both properties are professionally managed, with rental licenses and lead certifications in place. All tenants have remained in place for multiple years, and each tenancy is currently structured on a month-to-month basis. The offering provides separately addressed residential assets with an established operating history and a diversified mix of apartment sizes.
Both properties are professionally managed, with rental licenses and lead certifications in place. All tenants have remained in place for multiple years, and each tenancy is currently structured on a month-to-month basis. The offering provides separately addressed residential assets with an established operating history and a diversified mix of apartment sizes.
Key Highlights
- Four total units across 459 Pershing Avenue and 435 S. Christian Street
- Unit mix includes one 1‑bedroom, two 2‑bedroom, and one 3‑bedroom unit
- Three of four units updated within the past 5 years
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
$29,075
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
5.82%
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%
$581,500
$581.5K
Cap Rate 7%
$415,357
$415.4K
Cap Rate 9%
$323,056
$323.1K
Market Conditions
NOI Build-Up for 2,603 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
$42.2K $16.20/SF
− Vacancy
−$633 −$0.24/SF
EGI
$41.5K $15.96/SF
− OpEx
−$12.5K −$4.79/SF
NOI
$29.1K $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%
$581,500
Cap Rate 7%
$415,357
Cap Rate 9%
$323,056
Alternative Uses
Best Use
Multifamily LT 5
$415.4K
$363.4K – $484.6K
NOI $29,075 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$366.3K
$320.5K – $427.4K
NOI $25,641 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$872.3K
$763.3K – $1.02M
NOI $61,060 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,023
Businesses Nearby
Explore this area
Business Placement
Demographics for 17602, PA
52,665
Population
19,472
Households
2.7
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
24.6 sq mi
ZIP Area
2,141
Density / Sq Mi
$71,752
Median Household Income
$38,469
Median Earnings
$1,272
Median Rent
$250,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two professionally managed residential properties offer a balanced unit mix with established occupancy and recent updates.
Where is this duplex located?
The property is located at 459 PERSHING AVENUE Lancaster, PA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four total units across 459 Pershing Avenue and 435 S. Christian Street; Unit mix includes one 1‑bedroom, two 2‑bedroom, and one 3‑bedroom unit; Three of four units updated within the past 5 years
