Mixed-Use Corner Triplex
701-703 North Duke Street Lancaster, PA 17602
701-703 North Duke Street, Lancaster, PA, 17602
$775,000
For Sale
$775,000
Well-maintained corner triplex with a renovated, handicap-accessible primary residence and two additional apartments with in-unit laundry.
Property Size4,792 SF
Price / SF$161.73
Days on Market44
Property Features for 701-703 North Duke Street
General Information
- Standard status
- Active
- Size
- 4,792 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1890
Listing agency
Howard Hanna Real Estate Services - Lancaster
(717) 587-8283
Listed by
Phyllis Rothweiler · License #RS285880
(717) 587-8283
Source
Compass
Added: Jun 8 Updated: Jul 21 at 6:23AM Checked: Jul 21 at 6:23AM
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 Howard Hanna Real Estate Services - Lancaster
Investment Insights
Based on property information with market context.
This well-maintained corner triplex offers a flexible mixed-use configuration with three residential units. The center of the property is a renovated, handicap-accessible primary residence of approximately 1,600 square feet on the main level, featuring a newly updated kitchen, newly renovated full bath, two powder rooms, a private spa retreat with soaking tub, and an expansive “L” shaped living area with electric fireplace. Additional interior amenities include a private study with custom built-in bookcases, two bedrooms, in-home laundry facilities, central air, and a fenced private patio. The property also includes a game room and a full basement with private access for storage or future expansion.
Two additional apartments support ongoing rental income. Unit 1 is a two-bedroom, one-bath unit with a working wood-burning fireplace and in-unit laundry. Unit 2 is a one-bedroom, one-bath unit with a second-story private balcony and in-unit laundry. All units include appliances, and each unit has a washer/dryer. The property provides direct access to eight on-site parking spaces.
The listing also notes updated mechanicals and modern finishes throughout, with the option to purchase fully furnished. Conveniently located minutes from downtown Lancaster, LGH, and major commuter routes, the property’s corner positioning provides high visibility and strong traffic exposure.
Two additional apartments support ongoing rental income. Unit 1 is a two-bedroom, one-bath unit with a working wood-burning fireplace and in-unit laundry. Unit 2 is a one-bedroom, one-bath unit with a second-story private balcony and in-unit laundry. All units include appliances, and each unit has a washer/dryer. The property provides direct access to eight on-site parking spaces.
The listing also notes updated mechanicals and modern finishes throughout, with the option to purchase fully furnished. Conveniently located minutes from downtown Lancaster, LGH, and major commuter routes, the property’s corner positioning provides high visibility and strong traffic exposure.
Key Highlights
- Well‑maintained 4,792 sq ft corner mixed‑use property in Lancaster City with direct access to 8 on‑site parking spaces.
- Renovated handicap‑accessible primary residence (approx. 1,600 sq ft on the main level) currently rented for $3,000/month including utilities.
- Primary residence features a newly renovated full bath, soaking tub spa retreat, 2 powder rooms, central air, fenced private patio, and a private study with built‑ins.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $77.6k | $16.20 |
| − Vacancy | −$1.2k | −$0.24 |
| EGI | $76.5k | $15.96 |
| − OpEx | −$22.9k | −$4.79 |
| NOI | $53.5k | $11.17 |
4,792 SF · lease $16.20/SF/yr · vacancy 1.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$764.7K
$669.1K – $892.1K
NOI $53,526 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$674.3K
$590.1K – $786.7K
NOI $47,204 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$1.61M
$1.41M – $1.87M
NOI $112,408 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Triplex - Well-maintained corner triplex with a renovated, handicap-accessible primary residence and two additional apartments with in-unit laundry.
Where is this triplex located?
The property is located at 701-703 North Duke Street Lancaster, PA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Well‑maintained 4,792 sq ft corner mixed‑use property in Lancaster City with direct access to 8 on‑site parking spaces.; Renovated handicap‑accessible primary residence (approx. 1,600 sq ft on the main level) currently rented for $3,000/month including utilities.; Primary residence features a newly renovated full bath, soaking tub spa retreat, 2 powder rooms, central air, fenced private patio, and a private study with built‑ins.
