Updated Duplex with Detached
For Sale
$459,900
814 N SHIPPEN Street, Lancaster, PA 17602
MULTI_FAMILY - Other - LANCASTER, PA
Property Size2,592 SF
Lot Size0.06 Acres
Price / SF$177.43
Days on Market11
Property Features for 814 N SHIPPEN Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement, Family Room
Parking
1
Parking features
Driveway, Off Street, Garage - Detached, On Street
Interior features
Bathroom - Tub Shower, Carpet, Family Room Off Kitchen, Floor Plan - Traditional, Kitchen - Eat-In, Kitchen - Island
Appliances
Dishwasher, Dryer, Refrigerator, Washer, WaterHeater
High school
MCCASKEY H.S.
Elementary school district
SCHOOL DISTRICT OF LANCASTER
Middle school district
SCHOOL DISTRICT OF LANCASTER
High school district
SCHOOL DISTRICT OF LANCASTER
Standard status
Active
Size
2,592 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
5563
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
in-unit laundry
EV Charging Station
garage
Building Details
Year built
1900
Number of units
2
Building materials
Brick, Block
Architectural style
Other
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 740-2221
Listed By:
James T. Dunn III · License #RS279560
(717) 333-5987
Added: Aug 19
Last Checked: Aug 29 at 2:06AM
MLS# PALA2093816
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,592-square-foot duplex contains two distinct units. The first-floor apartment offers one bedroom, hardwood flooring, an eat-in kitchen with granite counters, a breakfast bar, gas cooking, and in-unit laundry. Upstairs, the second unit includes two bedrooms plus a flexible third room, along with new flooring, a modern kitchen with granite counters, breakfast bar, dishwasher, and private laundry. Appliances, including refrigerators, washers, and dryers, are included.
The property sits on 0.06 acres at 814 N Shippen Street in Lancaster, Pennsylvania. Parking includes three off-street spaces, a detached one-car garage, driveway access, and on-street parking. The garage also has an EV charging station, while separate utilities serve each unit. The location is minutes from a hospital, major highways, restaurants, shopping centers, and the train station.
The property sits on 0.06 acres at 814 N Shippen Street in Lancaster, Pennsylvania. Parking includes three off-street spaces, a detached one-car garage, driveway access, and on-street parking. The garage also has an EV charging station, while separate utilities serve each unit. The location is minutes from a hospital, major highways, restaurants, shopping centers, and the train station.
Key Highlights
- 2,592‑square‑foot duplex with two residential units
- First‑floor 1‑bedroom unit with hardwood flooring and updated kitchen
- Second‑floor unit includes 2 bedrooms plus a flexible third room
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 separate units include updated kitchens, private laundry, and dedicated off-street parking.
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: 2,592‑square‑foot duplex with two residential units; First‑floor 1‑bedroom unit with hardwood flooring and updated kitchen; Second‑floor unit includes 2 bedrooms plus a flexible third room
