5-Unit Apartment
New
For Sale
$699,500
508 W CHESTNUT STREET, Lancaster, PA 17603
Well-maintained multifamily property near downtown Lancaster amenities and entertainment.
Property Size3,692 SF
Price / SF$189.46
Days on Market6
Property Features for 508 W CHESTNUT STREET
General Information
Standard status
Active
Size
3,692 SF
Property subtype
Commercial
Additional Details
Multifamily Units
5
Building Details
Year Built
1900
Listing Agency:
Astoria Realty Advisors LLC
(717) 327-7542
Listed By:
David K Petersheim
(717) 327-7542
Source:
Cummingsrealtors
Added: Jul 27
Changed: Jul 31
Last Checked: Aug 1 at 5:11AM
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 Astoria Realty Advisors LLC
Investment Insights
Based on property information with market context.
This 5-unit apartment building at 508 W Chestnut Street offers 3,692 square feet of multifamily space. Built in 1900, the property is described as well-maintained and provides an established residential income configuration.
The property is located in Lancaster City's Chestnut Hill neighborhood, minutes from downtown Lancaster, restaurants, shopping, Central Market, and entertainment. Its five-unit layout and proximity to downtown amenities support continued multifamily use.
The property is located in Lancaster City's Chestnut Hill neighborhood, minutes from downtown Lancaster, restaurants, shopping, Central Market, and entertainment. Its five-unit layout and proximity to downtown amenities support continued multifamily use.
Key Highlights
- 5‑unit apartment building
- 3,692 square feet of multifamily space
- Built in 1900
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.5k | $18.00 |
| − Vacancy | −$332 | −$0.09 |
| EGI | $66.1k | $17.91 |
| − OpEx | −$29.8k | −$8.06 |
| NOI | $36.4k | $9.85 |
3,692 SF · lease $18.00/SF/yr · vacancy 0.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$519.5K
$454.6K – $606.1K
NOI $36,368 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,605 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,835
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?
Apartment building - Well-maintained multifamily property near downtown Lancaster amenities and entertainment.
Where is this apartment building located?
The property is located at 508 W CHESTNUT STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $699,500.
What are key features of this property?
This property features: 5‑unit apartment building; 3,692 square feet of multifamily space; Built in 1900
