540 King StLancaster, PA 17602

For Sale
$650,000

Five-unit building, 7.10% cap rate

Overview

Added:
Dec 11, 2024
Days on market:
92
This fee-simple, stabilized multifamily investment opportunity presents a well-maintained, five-unit apartment building situated in Lancaster City's historic East End at 540 E King St, Lancaster, PA 17602. Built in 1890 and extensively renovated between 2022 and 2024, this three-story Class B property boasts 100% occupancy as of October 1, 2024, generating a Net Operating Income (NOI) of $46,091. The property features a mix of unit sizes and tenant lease durations, offering a stable income stream. Adding to its appeal are two large garages, providing additional income potential or the possibility of tenant parking. The 0.18-acre lot offers ample space. The asking price is $650,000, translating to $130,000 per unit. The property is zoned residential and features a desirable location within Lancaster City's thriving rental market. This turnkey investment is perfect for adding to an existing portfolio or for first-time investors seeking a strong return. The property's APN is 337-31416-0-0000.

Highlights

  • $650,000 asking price for a stabilized multifamily investment.
  • Five-unit apartment building with 100% occupancy.
  • 7.10% cap rate with a Net Operating Income (NOI) of $46,091.
  • Recently renovated (2022-2024), three-story building on a 0.18-acre lot in Lancaster, PA.
  • Includes two garages offering additional income potential.

Property Details for 540 King St

Property type
Multifamily properties, Apartment buildings
Class
B
Year Built/Renovated
1890/2022
Buildings
1
Stories
3
Lot Size (sq. ft)
7,841 SF
Units
5

Location Insight

City
Lancaster
County
Lancaster
State
Pennsylvania
Latitude
40.039295
Longitude
-76.2935709
540 King St, Lancaster, Pennsylvania

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540 King St
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