Two-Unit Duplex with
New
For Sale
$410,000
610 W CHESTNUT STREET, Lancaster, PA 17603
Two-level residential income property with separate utilities, included appliances, and varied unit layouts.
Property Size2,554 SF
Price / SF$160.53
Days on Market4
Property Features for 610 W CHESTNUT STREET
General Information
Standard status
Active
Size
2,554 SF
Total Parking Spaces
2
Property subtype
Duplex
Units
Unit Mix
1 x 1BD/1BA, 1 x 4BD/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1900
Stories
2
Listing Agency:
Puffer Morris Real Estate, Inc.
(717) 299-3433
Listed By:
Brian Altimare · License #RS338080
(717) 330-4695
Source:
Cummingsrealtors
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 21 at 5:33AM
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 Puffer Morris Real Estate, Inc.
Investment Insights
Based on property information with market context.
Built in 1900, this 2,554-square-foot duplex contains two separate residential units. The first-floor apartment offers one bedroom, one bathroom, a spacious kitchen, dining room, and living room. Upstairs, the larger unit includes four bedrooms, one bathroom, a kitchen, family room, laundry area, and porch. Utilities are separately metered, and appliances remain with the property.
The property is located at 610 W Chestnut Street in Lancaster, Pennsylvania 17603. Two off-street parking spaces serve the building, adding practical convenience for occupants. The distinct layouts and separate utility setup provide a straightforward configuration for residential income use.
The property is located at 610 W Chestnut Street in Lancaster, Pennsylvania 17603. Two off-street parking spaces serve the building, adding practical convenience for occupants. The distinct layouts and separate utility setup provide a straightforward configuration for residential income use.
Key Highlights
- Two‑unit duplex with 2,554 square feet
- First‑floor unit has 1BD, 1BA, kitchen, dining room, and living room
- Second‑floor unit includes 4BD, 1BA, kitchen, family room, laundry, and porch
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
$28,528
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
6.96%
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%
$570,560
$570.6K
Cap Rate 7%
$407,543
$407.5K
Cap Rate 9%
$316,978
$317.0K
Market Conditions
NOI Build-Up for 2,554 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
$41.4K $16.20/SF
− Vacancy
−$621 −$0.24/SF
EGI
$40.8K $15.96/SF
− OpEx
−$12.2K −$4.79/SF
NOI
$28.5K $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%
$570,560
Cap Rate 7%
$407,543
Cap Rate 9%
$316,978
Alternative Uses
Best Use
Multifamily LT 5
$407.5K
$356.6K – $475.5K
NOI $28,528 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$359.4K
$314.5K – $419.3K
NOI $25,158 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$855.9K
$748.9K – $998.5K
NOI $59,910 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,417
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level residential income property with separate utilities, included appliances, and varied unit layouts.
Where is this duplex located?
The property is located at 610 W CHESTNUT STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,554 square feet; First‑floor unit has 1BD, 1BA, kitchen, dining room, and living room; Second‑floor unit includes 4BD, 1BA, kitchen, family room, laundry, and porch
