Vacant Triplex with Separate
New
For Sale
$399,900
516 W WALNUT Street, Lancaster, PA 17603
MULTI_FAMILY - Other - LANCASTER, PA
Property Size1,904 SF
Lot Size0.08 Acres
Price / SF$210.03
Days on Market6
Property Features for 516 W WALNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Dining Room, Basement
Parking features
On Street
Interior features
Attic, Cedar Closet(s), Combination Dining/Living, Floor Plan - Traditional, Wood Floors
Appliances
Dishwasher, Exhaust Fan, Microwave, Oven/Range - Electric, Refrigerator, Stove, WaterHeater, Water Heater - Tankless
Subdivision
CHESTNUT HILL
Elementary school district
SCHOOL DISTRICT OF LANCASTER
Middle school district
SCHOOL DISTRICT OF LANCASTER
High school district
SCHOOL DISTRICT OF LANCASTER
Standard status
Active
Size
1,904 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
9520
Utilities
Heating system
Baseboard, Other (Heating), Electric (Heating)
Cooling system
Ceiling Fan(s), Window Unit(s)
Building Details
Year built
1900
Number of units
3
Building materials
Frame, Metal Siding
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 560-9100
Listed By:
Timothy K Shreiner · License #RS187003L
(717) 560-8496
Added: Aug 6
Last Checked: Aug 11 at 7:06PM
MLS# PALA2092474
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property contains 1,904 square feet on a 0.08-acre lot, with all units currently vacant. Separate electric and water meters support independent utility management. Interior features include wood flooring, a traditional floor plan, combination dining and living areas, an attic, and a cedar closet. The building uses frame and metal siding construction, with electric baseboard heating, additional heating equipment, ceiling fans, and window-unit cooling. Appliances include a dishwasher, microwave, electric range, refrigerator, and tankless water heater.
Located at 516 W Walnut Street in Lancaster, the property is a short distance from Downtown Lancaster, Penn Square, Franklin & Marshall College, restaurants, shopping, public transportation, and major commuter routes. On-street parking is available. Built in 1900, the property offers a vacant three-unit configuration for renovation, leasing, or owner-occupant use.
Located at 516 W Walnut Street in Lancaster, the property is a short distance from Downtown Lancaster, Penn Square, Franklin & Marshall College, restaurants, shopping, public transportation, and major commuter routes. On-street parking is available. Built in 1900, the property offers a vacant three-unit configuration for renovation, leasing, or owner-occupant use.
Key Highlights
- Three residential units, all currently vacant
- 1,904 square feet on a 0.08‑acre lot
- Separate electric meters and separate water meters
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
$21,267
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
5.32%
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%
$425,340
$425.3K
Cap Rate 7%
$303,814
$303.8K
Cap Rate 9%
$236,300
$236.3K
Market Conditions
NOI Build-Up for 1,904 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
$30.8K $16.20/SF
− Vacancy
−$463 −$0.24/SF
EGI
$30.4K $15.96/SF
− OpEx
−$9.1K −$4.79/SF
NOI
$21.3K $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%
$425,340
Cap Rate 7%
$303,814
Cap Rate 9%
$236,300
Alternative Uses
Best Use
Multifamily LT 5
$303.8K
$265.8K – $354.5K
NOI $21,267 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$267.9K
$234.4K – $312.6K
NOI $18,755 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$638.0K
$558.3K – $744.4K
NOI $44,663 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,120
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?
Triplex - Three vacant residential units offer separate utility metering and flexibility for renovation or owner-occupant use.
Where is this triplex located?
The property is located at 516 W WALNUT Street Lancaster, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Three residential units, all currently vacant; 1,904 square feet on a 0.08‑acre lot; Separate electric meters and separate water meters
