Renovated
For Sale
$399,900
Pending
751 High Street, Lancaster, PA 17603
Two updated units offer separate electric metering and immediate occupancy.
Property Size2,152 SF
Days on Market147
Property Features for 751 High Street
General Information
Standard status
Pending
Size
2,152 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,748
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1860
Buildings
1
Listing Agency:
Keller Williams Elite
(717) 271-9540
Listed By:
Christian Will · License #RS350535c
(717) 271-9540
Source:
Compass
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 6:20PM
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 Keller Williams Elite
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,152 square feet and has been comprehensively renovated. Improvements include refreshed kitchens and bathrooms, new flooring, replacement windows, updated lighting and outlets, and a new roof. Each unit is equipped with a new furnace, central AC, natural gas heat, and new appliances. The property is vacant and ready for occupancy or tenant placement.
Set on a double lot in Lancaster City, the property provides outdoor space for the units and is zoned RESIDENTIAL. Electric service is separately metered for each unit. The listing indicates potential for up to a 9% cap rate. The adjacent vacant lot may offer an opportunity to explore off-street parking, subject to Lancaster City zoning and permitting requirements.
Set on a double lot in Lancaster City, the property provides outdoor space for the units and is zoned RESIDENTIAL. Electric service is separately metered for each unit. The listing indicates potential for up to a 9% cap rate. The adjacent vacant lot may offer an opportunity to explore off-street parking, subject to Lancaster City zoning and permitting requirements.
Key Highlights
- 2,152‑square‑foot duplex with 2 residential units
- Renovated kitchens, bathrooms, flooring, lighting, and electrical outlets
- New roof, replacement windows, furnaces, central AC units, and appliances
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
$24,038
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
6.01%
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%
$480,760
$480.8K
Cap Rate 7%
$343,400
$343.4K
Cap Rate 9%
$267,089
$267.1K
Market Conditions
NOI Build-Up for 2,152 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
$34.9K $16.20/SF
− Vacancy
−$523 −$0.24/SF
EGI
$34.3K $15.96/SF
− OpEx
−$10.3K −$4.79/SF
NOI
$24.0K $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%
$480,760
Cap Rate 7%
$343,400
Cap Rate 9%
$267,089
Alternative Uses
Best Use
Multifamily LT 5
$343.4K
$300.5K – $400.6K
NOI $24,038 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$302.8K
$265.0K – $353.3K
NOI $21,198 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$721.1K
$631.0K – $841.3K
NOI $50,480 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,472
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?
Duplex - Two updated units offer separate electric metering and immediate occupancy.
Where is this duplex located?
The property is located at 751 High Street Lancaster, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,152‑square‑foot duplex with 2 residential units; Renovated kitchens, bathrooms, flooring, lighting, and electrical outlets; New roof, replacement windows, furnaces, central AC units, and appliances
