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    624 Queen St Lancaster, PA 17603
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    624 Queen St Lancaster, PA 17603

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    • Residential income homes
    • 12,828 SF
    • 0.63 lot acres
    For Sale
    $899,000
    View Listing →
    Lancaster Multi-Family Investment For Sale
    $899,000
    4,782 SF

    Lancaster Multi-Family Investment

    Five-unit building, ample parking, high occupancy.

    624 Queen St, Lancaster, PA 17603
    View Listing
    Property ID
    US73-5909469
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 624 Queen St

    Year built
    1900
    Lot size
    0.63 lot acres
    Property size
    12,828 SF
    Property type
    Residential income homes
    APN
    334-37179-0-0000

    Description

    Exceptional investment opportunity in Lancaster City, Pennsylvania. This stabilized multifamily portfolio comprises seven buildings totaling 12,828 square feet on a 0.63-acre lot. The property includes a 5-unit apartment building and five single-family homes, all currently 100% occupied, generating a substantial net operating income (NOI) of $113,273. The portfolio offers ten units and ten garages, providing ample parking. The property is zoned for residential and commercial use, presenting potential for future expansion or increased density given the sizable vacant area on the lot. The buildings, constructed in 1900, are classified as Class C. The asking price is $1,700,000, representing a price per unit of $170,000 and a compelling 6.66% cap rate. Individual property addresses included in this sale are 618 S Queen St, 620 S Queen St, 622 S Queen St, 624-626 S Queen St, 619 Beaver St, and 621 Beaver St. The combined tax parcel numbers are 334-34579-0-0000, 334-40665-0-0000, 334-40848-0-0000, 334-37179-0-0000, 334-28147-0-0000, and 334-28331-0-0000. This fee-simple ownership opportunity is conveniently located minutes from Lancaster City Square. Note that square footage and lot size are estimated combined totals for all properties.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Pennsylvania
    Longitude
    -76.303571869318
    Latitude
    40.027384625284

    Comparable in this City

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      Lancaster Multi-Family Investment

      Five-unit building, ample parking, high occupancy.
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      View Details
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      Lancaster Mixed-Use Investment Opportunity

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    Similar Nearby for Sale

    • $674,000
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      464 Manor St, Lancaster, PA 17603
      View Details
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      2,379 SF

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      Fully occupied triplex with value-add opportunity in Lancaster's West End.
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      Updated Lancaster City Two-Unit Property

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      Lancaster Triplex: Investment Opportunity

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    • $899,000
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      Lancaster Multi-Family Investment

      Five-unit building, ample parking, high occupancy.
      624 Queen St, Lancaster, PA 17603
      View Details
    • Contact for pricing
      2,368 SF

      Lancaster Mixed-Use Investment Opportunity

      Fully leased, renovated mixed-use property in Lancaster's SOWE District.
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      View Details

    Similar Nearby for Lease

    • $122,400
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      Versatile Workspace Solutions Available

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      Office Space For Lease

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    • $3,500 /Mo

      Office Space Near Route 30

      3,000 SF office space with easy access to Route 30.
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    Lancaster, PA 17603
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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