Duplex With Wraparound
For Sale
$424,900
Pending
601 West Orange Street, Lancaster, PA 17603
Two residential units support a live-in ownership strategy with separate living areas and rental income potential.
Property Size2,945 SF
Days on Market126
Property Features for 601 West Orange Street
General Information
Standard status
Pending
Size
2,945 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R4
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,119
Amenities
wraparound porch
oversized side yard
Yes
1
Other
https://media.nicolejames.co/videos/019db846-9030-71d8-b11f-7b6462a47a37
No Pool
Building Details
Year Built
1900
Listing Agency:
PPM Real Estate, Inc.
(954) 871-8927
Listed By:
Kaley Miller · License #RS372393
(954) 871-8927
Source:
Compass
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 30 at 5:30AM
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 PPM Real Estate, Inc.
Investment Insights
Based on property information with market context.
This Lancaster duplex contains 2,945 square feet across two separate residences. The first-floor unit measures approximately 1,458 SF with two bedrooms and two bathrooms, has been recently renovated, and will be delivered vacant at closing. It also includes direct access to an oversized side yard and a wraparound porch. The second-floor residence measures approximately 1,236 SF and offers two bedrooms and one bathroom. It is occupied by a long-term tenant under a month-to-month arrangement, providing an existing income stream without a fixed-term lease. Built in 1900 and zoned R4, the property combines a larger lower-level home with a more compact upper unit. Its address on West Orange Street places it moments from Central Market and Lancaster’s coffee shops, restaurants, galleries, and boutiques.
Key Highlights
- 2,945 SF duplex on a 1900‑built residential property
- First‑floor unit: approximately 1,458 SF with 2 bedrooms and 2 bathrooms
- Second‑floor unit: approximately 1,236 SF with 2 bedrooms and 1 bathroom
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
$32,895
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
7.74%
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%
$657,900
$657.9K
Cap Rate 7%
$469,929
$469.9K
Cap Rate 9%
$365,500
$365.5K
Market Conditions
NOI Build-Up for 2,945 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
$47.7K $16.20/SF
− Vacancy
−$716 −$0.24/SF
EGI
$47.0K $15.96/SF
− OpEx
−$14.1K −$4.79/SF
NOI
$32.9K $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%
$657,900
Cap Rate 7%
$469,929
Cap Rate 9%
$365,500
Alternative Uses
Best Use
Multifamily LT 5
$469.9K
$411.2K – $548.3K
NOI $32,895 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$414.4K
$362.6K – $483.5K
NOI $29,010 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$986.9K
$863.5K – $1.15M
NOI $69,082 @ 7.0% cap · market cap 16.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units support a live-in ownership strategy with separate living areas and rental income potential.
Where is this duplex located?
The property is located at 601 West Orange Street Lancaster, PA.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 2,945 SF duplex on a 1900‑built residential property; First‑floor unit: approximately 1,458 SF with 2 bedrooms and 2 bathrooms; Second‑floor unit: approximately 1,236 SF with 2 bedrooms and 1 bathroom
