8-Unit Apartment
New
For Sale
$699,000
50 S Queen St, Littlestown, PA 17340
Recent unit and common-area upgrades support an established rental property with ongoing occupancy.
Property Size5,500 SF
Price / SF$127.09
Days on Market6
Property Features for 50 S Queen St
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Commercial
Additional Details
Multifamily Units
8
Building Details
Year Built
1900
Buildings
1
Listing Agency:
EXP Realty, LLC
Listed By:
David E Straitman · License #675123
(410) 848-4833
Source:
Baltimoreharfordhomesforsale
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 21 at 7:09AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains approximately 5,500 square feet and dates to 1900. Improvements completed in 2024 include new or updated mini-split systems, baseboard heaters, flooring, bathrooms, kitchens, doors, lighting, paint, and exterior siding. Common-area work includes flooring, a drop-in ceiling, thermostat-controlled heating, motion-sensor lighting, and a painted stairwell serving second-floor units.
Four units are occupied by tenants receiving housing vouchers, while two additional tenants are pursuing voucher assistance subject to housing authority approval. An existing maintenance and water-heater room may offer a path to a coin-operated laundry area, subject to feasibility, approvals, installation costs, and market demand. Owner-paid electric lighting in common areas uses motion sensors.
Four units are occupied by tenants receiving housing vouchers, while two additional tenants are pursuing voucher assistance subject to housing authority approval. An existing maintenance and water-heater room may offer a path to a coin-operated laundry area, subject to feasibility, approvals, installation costs, and market demand. Owner-paid electric lighting in common areas uses motion sensors.
Key Highlights
- 8 units totaling approximately 5,500 square feet
- 2024 updates across all units and multiple common areas
- Four units occupied by tenants receiving housing vouchers
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
$23,302
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
3.33%
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%
$466,040
$466.0K
Cap Rate 7%
$332,886
$332.9K
Cap Rate 9%
$258,911
$258.9K
Market Conditions
NOI Build-Up for 5,500 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
$44.9K $8.16/SF
− Vacancy
−$2.5K −$0.46/SF
EGI
$42.4K $7.70/SF
− OpEx
−$19.1K −$3.47/SF
NOI
$23.3K $4.24/SF
Area
Adams County, PA
Vacancy
5.60%
Lease Rate
$8.16 /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%
$466,040
Cap Rate 7%
$332,886
Cap Rate 9%
$258,911
Alternative Uses
Best Use
Apartment 5plus
$332.9K
$291.3K – $388.4K
NOI $23,302 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.01M
$886.4K – $1.18M
NOI $70,909 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 17340, PA
11,238
Population
4,489
Households
2.5
Avg Household Size
45
Median Age
19%
College-Educated
92%
High-School Grad
39.4 sq mi
ZIP Area
285
Density / Sq Mi
$84,858
Median Household Income
$43,271
Median Earnings
$1,179
Median Rent
$276,700
Median Home Value
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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?
Apartment building - Recent unit and common-area upgrades support an established rental property with ongoing occupancy.
Where is this apartment building located?
The property is located at 50 S Queen St Littlestown, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 8 units totaling approximately 5,500 square feet; 2024 updates across all units and multiple common areas; Four units occupied by tenants receiving housing vouchers
