Multifamily
For Sale
$900,000
640-646 West Market Street, York, PA 17401
Multifamily portfolio with a commercial component in York County.
Property Size3,652 SF
Price / SF$246.44
Days on Market161
Property Features for 640-646 West Market Street
General Information
Standard status
Active
Size
3,652 SF
Total Parking Spaces
16
Property subtype
Multi-Family / Fee Simple
Zoning
UN1
Financials
Asking Price
$900,000
Cap Rate
8.11%
Gross Income
$130,476
Taxes and HOA fees
Annual Taxes
$3,954
Amenities
No
2+ Access Exits
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Listing Agency:
Yohn Property Management, LLC
(717) 640-0060
Listed By:
Kyle Andrew Price · License #RS360292
(717) 640-0060
Source:
Compass
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 31 at 9:58PM
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 Yohn Property Management, LLC
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises properties at 640, 642, 644, and 646 West Market Street, along with 652 and 654 West Mason Avenue in York, Pennsylvania. The combined property size is 3,652 square feet, with construction dating to 1915. Interior access includes 2+ access exits, and the property is identified with UN1 zoning.
The asset is situated in York County within the York City MLS area and is served by York City School District. Current operating metrics include an 8.11% cap rate, an 8.24% cash-on-cash return, and a 2.12x pro forma DSCR. The source information also identifies a potential Section 8 conversion and commercial-unit optimization, with a projected 12.28% cap rate after stabilization.
The asset is situated in York County within the York City MLS area and is served by York City School District. Current operating metrics include an 8.11% cap rate, an 8.24% cash-on-cash return, and a 2.12x pro forma DSCR. The source information also identifies a potential Section 8 conversion and commercial-unit optimization, with a projected 12.28% cap rate after stabilization.
Key Highlights
- 3,652 SF multifamily portfolio across West Market Street and West Mason Avenue
- Six listed addresses: 640, 642, 644, 646 West Market and 652‑654 West Mason Avenue
- UN1 zoning designation
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
$37,798
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
4.20%
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%
$755,960
$756.0K
Cap Rate 7%
$539,971
$540.0K
Cap Rate 9%
$419,978
$420.0K
Market Conditions
NOI Build-Up for 3,652 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
$65.7K $18.00/SF
− Vacancy
−$5.3K −$1.44/SF
EGI
$60.5K $16.56/SF
− OpEx
−$22.7K −$6.21/SF
NOI
$37.8K $10.35/SF
Area
York County, PA
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$755,960
Cap Rate 7%
$539,971
Cap Rate 9%
$419,978
Alternative Uses
Best Use
Mixed Use
$540.0K
$472.5K – $630.0K
NOI $37,798 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$480.9K
$420.8K – $561.0K
NOI $33,660 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$1.06M
$925.2K – $1.23M
NOI $74,017 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,119
Businesses Nearby
Explore this area
Business Placement
Demographics for 17401, PA
18,771
Population
8,202
Households
2.3
Avg Household Size
32
Median Age
16%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
12,514
Density / Sq Mi
$41,569
Median Household Income
$30,329
Median Earnings
$940
Median Rent
$84,500
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?
Multifamily property - Multifamily portfolio with a commercial component in York County.
Where is this multifamily property located?
The property is located at 640-646 West Market Street York, PA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 3,652 SF multifamily portfolio across West Market Street and West Mason Avenue; Six listed addresses: 640, 642, 644, 646 West Market and 652‑654 West Mason Avenue; UN1 zoning designation
