31 N Broad St, Lancaster, PA 17602
- $265,000
- 2,048
- SqFt
- List Price
- $265,000
- Days on Market
- 18
- Status
- ACTIVE
- MLS#
- PALA2091636
- Living Area
- 2,048
- Lot Size (Acres)
- 0.04
- Style
- Colonial
- Year Built
- 1900
- County
- Lancaster
- School District
- School District Of Lancaster
Property Description
Welcome to this charming 1900-built Colonial-style duplex located in Lancaster City. This two-unit multi-family property offers approximately 2,048 square feet of living space with a total of 4 bedrooms and 2 bathrooms across both units. Recently passing the Lancaster City lead-based paint inspection, this property provides added peace of mind and helps meet important local compliance standards. Whether you’re looking to expand your investment portfolio or begin your journey as a landlord, this property presents a great opportunity. Gross Monthly Rent: $850 (1BR) + $1,150 (3BR) = $2,000 Gross Annual Rent: $24,000 Owner Pays: Water, sewer, trash (W/S/T) — a common setup that keeps tenants happy but adds to owner expenses (estimate $200–400/month depending on usage). Gross Rent Multiplier (GRM): 11.04 ($265k / $24k) — reasonable for a stabilized older duplex in the area. Taxes: $4,996/year (2022 assessment; recent figures may be similar or slightly higher). Cap Rate Estimate (rough, before other expenses): Around 6–8% gross, depending on maintenance, insurance, vacancy, and management. Long-term tenants are a big plus for stability.
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Additional Information
- Area
- Lancaster City (10533)
- Subdivision
- None Available
- Taxes
- $4996
- Stories
- 3
- Interior Features
- Kitchen - Eat-In
- School District
- School District Of Lancaster
- Flooring
- Carpet, Vinyl, Tile/Brick
- Exterior Features
- Sidewalks, Street Lights
- View
- Park/Greenbelt, City
- Heating
- Hot Water, Radiator
- Heating Fuel
- Electric, Natural Gas
- Cooling
- None
- Roof
- Rubber
- Utilities
- Cable TV Available, Natural Gas Available, Electric Available, Phone Available, Sewer Available, Water Available
- Water
- Public
- Sewer
- Public Sewer
- Basement
- Yes
Mortgage Calculator
Listing courtesy of RE/MAX Evolved. Contact: (717) 509-2880
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