Three-Unit Triplex with
For Sale
$364,900
503 Manor Street, Lancaster, PA 17603
Fully leased residential income property with updated interiors, professional management, and a three-family dwelling zoning designation.
Property Size2,056 SF
Price / SF$177.48
Days on Market159
Property Features for 503 Manor Street
General Information
Standard status
Active
Size
2,056 SF
Total Parking Spaces
3
Property subtype
Multi-Family / Fee Simple
Zoning
115 RES 3 FAMILY DWELLING
Occupancy
100%
Units
Unit Mix
1 x 2BR, 2 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,781
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Keller Williams Elite
(717) 799-0584
Listed By:
Mitchell Hershey · License #RS332040
(717) 799-0584
Source:
Compass
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 9:00PM
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 Keller Williams Elite
Investment Insights
Based on property information with market context.
This 1930 triplex contains one two-bedroom residence and two one-bedroom residences, along with three garage spaces. All three units are leased to long-term tenants, and interior paint and flooring have been refreshed as apartments became available. The property is professionally managed by Trademark Real Estate Services, with the stated 7.5% cash-on-cash return including the management fee.
Located at 503 Manor Street in Lancaster, Pennsylvania, the property carries a 115 RES 3 FAMILY DWELLING zoning designation and is served by the School District of Lancaster. The unit mix and garage component provide a compact multifamily configuration with established occupancy and on-site parking.
Located at 503 Manor Street in Lancaster, Pennsylvania, the property carries a 115 RES 3 FAMILY DWELLING zoning designation and is served by the School District of Lancaster. The unit mix and garage component provide a compact multifamily configuration with established occupancy and on-site parking.
Key Highlights
- Three‑unit triplex with one 2‑bedroom unit and two 1‑bedroom units
- All units are currently leased to long‑term tenants at market rates
- Three garage spaces included
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
$22,965
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
6.29%
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%
$459,300
$459.3K
Cap Rate 7%
$328,071
$328.1K
Cap Rate 9%
$255,167
$255.2K
Market Conditions
NOI Build-Up for 2,056 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
$33.3K $16.20/SF
− Vacancy
−$500 −$0.24/SF
EGI
$32.8K $15.96/SF
− OpEx
−$9.8K −$4.79/SF
NOI
$23.0K $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%
$459,300
Cap Rate 7%
$328,071
Cap Rate 9%
$255,167
Alternative Uses
Best Use
Multifamily LT 5
$328.1K
$287.1K – $382.8K
NOI $22,965 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$289.3K
$253.2K – $337.6K
NOI $20,253 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$689.0K
$602.9K – $803.8K
NOI $48,228 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,266
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully leased residential income property with updated interiors, professional management, and a three-family dwelling zoning designation.
Where is this triplex located?
The property is located at 503 Manor Street Lancaster, PA.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Three‑unit triplex with one 2‑bedroom unit and two 1‑bedroom units; All units are currently leased to long‑term tenants at market rates; Three garage spaces included
