Building Details

Buildings 2

Listing Agency: U.S. Commercial Realty

Listed By: Thomas M McDermott Show Phone

Source: Sandrasellstheshore

Added: Jul 20 Changed: Oct 3 Last Checked: Oct 16 at 8:23AM

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Investment Insights

Based on property information with market context.

Located at 649-651 W Chestnut St in Lancaster, this multifamily property comprises two tax parcels and two buildings. The improvements include three large apartments and a former dental office, along with a nine-car parking lot. Newer roofs, gas heat, and separate metering for all units are among the property’s physical features.

One apartment is occupied on a month-to-month basis, while the remaining units are currently vacant. The City of Lancaster has approved a Special Exception allowing conversion of the buildings to a Nine (9) Unit Apartment Building. The property offers a combination of residential units and office space within the Chestnut Hill area.

Key Highlights

• Two tax parcels and two buildings included at 649‑651 W Chestnut St
• Three large apartments plus a former dental office
• Nine‑car parking lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,094

Cap Rate

6.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,061,880 $1.1M

Cap Rate 7%

$758,486 $758.5K

Cap Rate 9%

$589,933 $589.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,390 SF

Gross rent

$97.0K $18.00/SF

− Vacancy

−$485 −$0.09/SF

EGI

$96.5K $17.91/SF

− OpEx

−$43.4K −$8.06/SF

NOI

$53.1K $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%

$1,061,880

Cap Rate 7%

$758,486

Cap Rate 9%

$589,933

Alternative Uses

Best Use

Apartment 5plus

$758.5K

$663.7K – $884.9K (±1% cap)

NOI $53,094 @ 7.0% cap · market cap 6.68%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.81M

$1.58M – $2.11M (±1% cap)

NOI $126,435 @ 7.0% cap · market cap 15.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Furniture & Home Goods (Bike/Boat/Book/etc) Store Storage Facility Home Appliance Store Carpet & Flooring Store Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

1,861

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two buildings combine apartments with former office space and separately metered units.

Where is this multifamily property located?

The property is located at 649-651 W CHESTNUT ST Lancaster, PA.

What is the asking price?

The asking price for this property is $795,000.

What are key features of this property?

This property features: Two tax parcels and two buildings included at 649‑651 W Chestnut St; Three large apartments plus a former dental office; Nine‑car parking lot