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31 North Broad Street

Lancaster PA 17602

4
2048 sq. ft.
1742 sq. ft.
Duplex
Currently for sale - view listing

Overview

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.

Features

4 bedrooms
2048 sq. ft. floor area
1742 sq. ft. lot size
Duplex

Property history for 31 North Broad Street

2022
Sold
Undisclosed
22 Aug 2022 by Edgar Wright, of Edgar M. Wright, Realtor
2021
Sold
$152,000
30 Sep 2021 by Douglas Snavely, of Linderman Snavely Realtors LLC

Happy sellers in Lancaster

91%
91% of sellers in Lancaster reported that their sale price either exceeded or met their price expectations.

Lancaster stands out for consistently delivering exceptional satisfaction and strong market results for homeowners.

This is based on voluntary sentiment collected from 11 reviews in Lancaster over the last 12 months.

Local market activity for 4 bedroom duplexes in Lancaster

In the last 12 months, 10 four-bedroom duplexes similar to 31 North Broad Street, have been sold.

This represents a 29% increase in four-bedroom duplexes sales when compared to the previous 12 months.

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