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Lancaster Mixed-Use Investment Opportunity

602 St Joseph St Lancaster, PA 17603

602 St Joseph St, Lancaster, PA, 17603
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Fully leased, renovated mixed-use property in Lancaster's SOWE District.

Property Size2,368 SF
Price / SF$126.69
AddedSep 18, 2024
Days on Market667
Last RefreshJul 15 at 10:35 pm

Property Features for 602 St Joseph St

General Information

Standard status
Active
Size
2,368 SF
Property subtype
Mixed Use

Building Details

Year Built
1870

Listing office U.S. Commercial Realty

Listing date Sep 18, 2024

Source Crexi

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 U.S. Commercial Realty


Investment Insights

Based on property information with market context.

This mixed-use property, located in the SOWE District of Lancaster City, presents an investment opportunity. The property features two units: a commercial space on the first floor front and a four-bedroom, one-bathroom apartment with access to the side and rear of the building. The property has been recently renovated, including a new commercial storefront and facade improvement in 2019, along with HVAC replacement at that time. A new roof was installed in 2023. The building has a total size of 2368 square feet and is currently fully leased.

Key Highlights

  • Fully leased 2‑unit investment property in Lancaster City's SOWE District.
  • Significant recent renovations including a new roof (2023), commercial storefront and facade (2019), and HVAC replacement (2019).
  • Includes a commercial tenant space and a 4 bed/1 bath apartment.

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 $38.4k $16.20
− Vacancy −$575 −$0.24
EGI $37.8k $15.96
− OpEx −$11.3k −$4.79
NOI $26.5k $11.17
2,368 SF · lease $16.20/SF/yr · vacancy 1.50% · expense 30.00%

Alternative Uses

Best Use
Mixed Use
$420.2K
$367.6K – $490.2K (±1% cap)
NOI $29,411 @ 7.0% cap · market cap 9.80%
Second Best
Retail
$398.1K
$348.4K – $464.5K (±1% cap)
NOI $27,868 @ 7.0% cap · market cap 9.29%
Theoretical Best
Office A
$793.5K
$694.3K – $925.8K (±1% cap)
NOI $55,547 @ 7.0% cap · market cap 18.52%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Location Intelligence

Current Use by Public Records

Quadplexes

FAQs

What type of property is this?
Mixed-use property - Fully leased, renovated mixed-use property in Lancaster's SOWE District.
Where is this mixed-use property located?
The property is located at 602 St Joseph St Lancaster, PA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Fully leased 2‑unit investment property in Lancaster City's SOWE District.; Significant recent renovations including a new roof (2023), commercial storefront and facade (2019), and HVAC replacement (2019).; Includes a commercial tenant space and a 4 bed/1 bath apartment.
Contact an agent
(717) 968-8433 Call to check price and availability
More about this property
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