Three-Unit Triplex with
For Sale
$340,000
747 Manor Street, Lancaster, PA 17603
Residential income property with separate utility service, lead-safe certifications, and professional management already in place.
Property Size2,048 SF
Price / SF$166.02
Days on Market202
Property Features for 747 Manor Street
General Information
Standard status
Active
Size
2,048 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Units
Unit Mix
1 x 2BR, 2 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,687
Amenities
Other
No Pool
Above Grade, Below Grade
Building Details
Year Built
1900
Listing Agency:
EXP Realty, LLC
(717) 606-3080
Listed By:
Crystal Musser · License #RS345923
(717) 606-3080
Source:
Compass
Added: Feb 10
Changed: Aug 30
Last Checked: Aug 31 at 2:09AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 2,048-square-foot triplex was built in 1900 and contains three apartments: one two-bedroom residence and two one-bedroom residences. The property also includes two garage bays that are leased separately. Each apartment has separate electric and heat service, while the landlord handles water, sewer, and trash. All three units carry lead-safe certifications, and the building has a newer roof.
Located at 747 Manor Street in Lancaster City, the property is within the School District of Lancaster. Long-term occupants are in place on month-to-month leases, and professional property management is already established. The residential zoning and three-unit configuration provide a clearly defined multifamily asset with supporting garage income.
Located at 747 Manor Street in Lancaster City, the property is within the School District of Lancaster. Long-term occupants are in place on month-to-month leases, and professional property management is already established. The residential zoning and three-unit configuration provide a clearly defined multifamily asset with supporting garage income.
Key Highlights
- Three‑unit configuration with one 2‑bedroom apartment and two 1‑bedroom apartments
- 2,048 square feet; built in 1900
- Two separately leased garage bays
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
$22,876
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
6.73%
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%
$457,520
$457.5K
Cap Rate 7%
$326,800
$326.8K
Cap Rate 9%
$254,178
$254.2K
Market Conditions
NOI Build-Up for 2,048 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
$33.2K $16.20/SF
− Vacancy
−$498 −$0.24/SF
EGI
$32.7K $15.96/SF
− OpEx
−$9.8K −$4.79/SF
NOI
$22.9K $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%
$457,520
Cap Rate 7%
$326,800
Cap Rate 9%
$254,178
Alternative Uses
Best Use
Multifamily LT 5
$326.8K
$286.0K – $381.3K
NOI $22,876 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$288.2K
$252.2K – $336.2K
NOI $20,174 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$686.3K
$600.5K – $800.7K
NOI $48,041 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,343
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?
Triplex - Residential income property with separate utility service, lead-safe certifications, and professional management already in place.
Where is this triplex located?
The property is located at 747 Manor Street Lancaster, PA.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Three‑unit configuration with one 2‑bedroom apartment and two 1‑bedroom apartments; 2,048 square feet; built in 1900; Two separately leased garage bays
