5-Unit Apartment
For Sale
$659,500
508 W CHESTNUT STREET, Lancaster, PA 17603
Well-maintained multifamily property near downtown Lancaster amenities and entertainment.
Property Size3,692 SF
Price / SF$178.63
Days on Market81
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) 425-6264
Listed By:
David K Petersheim
(717) 327-7542
Source:
Cummingsrealtors
Added: Jul 28
Changed: Oct 16
Last Checked: Oct 16 at 8:46AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$36,368
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$727,360
$727.4K
Cap Rate 7%
$519,543
$519.5K
Cap Rate 9%
$404,089
$404.1K
Market Conditions
NOI Build-Up for 3,692 SF
Gross rent
$66.5K $18.00/SF
− Vacancy
−$332 −$0.09/SF
EGI
$66.1K $17.91/SF
− OpEx
−$29.8K −$8.06/SF
NOI
$36.4K $9.85/SF
Area
Lancaster County, PA
Vacancy
0.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$727,360
Cap Rate 7%
$519,543
Cap Rate 9%
$404,089
Alternative Uses
Best Use
Apartment 5plus
$519.5K
$454.6K – $606.1K
NOI $36,368 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,605 @ 7.0% cap · market cap 13.13%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,360
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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 $659,500.
What are key features of this property?
This property features: 5‑unit apartment building; 3,692 square feet of multifamily space; Built in 1900
