Updated Two-Family
For Sale
$459,900
814 N SHIPPEN STREET, Lancaster, PA 17602
Two residential units with separate utilities, private laundry, off-street parking, and a detached garage with EV charging.
Property Size2,592 SF
Price / SF$177.43
Days on Market18
Property Features for 814 N SHIPPEN STREET
General Information
Standard status
Active
Size
2,592 SF
Total Parking Spaces
3
Property subtype
Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR, 1 x 2BR+flex
Multifamily Units
2
Amenities
in-unit laundry
EV Charging Station
Building Details
Year Built
1900
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 333-5987
Listed By:
James T. Dunn III · License #RS279560
(717) 333-5987
Source:
Cummingsrealtors
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 28 at 12:03PM
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 Iron Valley Real Estate of Lancaster
Investment Insights
Based on property information with market context.
This updated duplex at 814 N Shippen Street includes two separate residential units. The first-floor apartment has one bedroom, hardwood flooring, a renovated kitchen with granite counters, a breakfast bar, a gas range, and in-unit laundry. The upper apartment offers two bedrooms plus an additional flexible room, along with new flooring, a modern kitchen featuring granite counters and a breakfast bar, a built-in dishwasher, and private laundry. Appliances, including refrigerators, washers, and dryers, are included.
The property provides three off-street parking spaces and a detached one-car garage equipped with an EV charging station. Each unit has separate utilities, allowing occupants to manage their own utility bills. Built in 1900, the residence has a maintained exterior and is situated near a hospital, major highways, restaurants, shopping centers, and a train station in Lancaster, Pennsylvania.
The property provides three off-street parking spaces and a detached one-car garage equipped with an EV charging station. Each unit has separate utilities, allowing occupants to manage their own utility bills. Built in 1900, the residence has a maintained exterior and is situated near a hospital, major highways, restaurants, shopping centers, and a train station in Lancaster, Pennsylvania.
Key Highlights
- Two‑family duplex with a 1‑bedroom first‑floor unit and a 2‑bedroom upper unit plus flexible third room
- 2,592 SF residential property built in 1900
- Three off‑street parking spaces and a detached one‑car garage
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
$28,952
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
6.30%
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%
$579,040
$579.0K
Cap Rate 7%
$413,600
$413.6K
Cap Rate 9%
$321,689
$321.7K
Market Conditions
NOI Build-Up for 2,592 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
$42.0K $16.20/SF
− Vacancy
−$630 −$0.24/SF
EGI
$41.4K $15.96/SF
− OpEx
−$12.4K −$4.79/SF
NOI
$29.0K $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%
$579,040
Cap Rate 7%
$413,600
Cap Rate 9%
$321,689
Alternative Uses
Best Use
Multifamily LT 5
$413.6K
$361.9K – $482.5K
NOI $28,952 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$364.7K
$319.2K – $425.5K
NOI $25,532 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$868.6K
$760.0K – $1.01M
NOI $60,802 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,464
Businesses Nearby
Explore this area
Business Placement
Demographics for 17602, PA
52,665
Population
19,472
Households
2.7
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
24.6 sq mi
ZIP Area
2,141
Density / Sq Mi
$71,752
Median Household Income
$38,469
Median Earnings
$1,272
Median Rent
$250,600
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 residential units with separate utilities, private laundry, off-street parking, and a detached garage with EV charging.
Where is this duplex located?
The property is located at 814 N SHIPPEN STREET Lancaster, PA.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Two‑family duplex with a 1‑bedroom first‑floor unit and a 2‑bedroom upper unit plus flexible third room; 2,592 SF residential property built in 1900; Three off‑street parking spaces and a detached one‑car garage
