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101 E King St 8 Unit Apartment Building $1,375,000 ($171,875/Unit) Lancaster, PA 17602
Investment Highlights
- Six one-bedroom apartments plus a leased restaurant space currently occupied by Silantro Restaurant.
- Located one block from Penn Square and Lancaster Convention Center, offering strong connectivity to core city amenities.
- Projected Net Operating Income of approximately $85,668 based on current figures.
- Restaurant tenant pays fixed rent of $3,900 per month plus utilities, with lease secured through 2030.
- CB1 zoning permits multiple uses, including approved short-term rental operations.
- Improved property includes unfinished basement area for additional storage or future utilization.
Executive Summary
This mixed-use investment property, located within Lancaster’s Central Business Core district, offers significant income potential with a combination of six one-bedroom apartments and a leased restaurant unit. Positioned just one block from Penn Square and across the street from Lancaster County Courthouse, the property benefits from exceptional proximity to Lancaster’s Marriott & Convention Center, retail amenities, and cultural attractions. The apartments feature electric heat pump and baseboard heating, while the restaurant tenant operates under a fixed lease through July 31, 2030, providing stable cash flow. The site’s CB1 zoning supports diverse uses, including short-term rentals such as Airbnb. This is an appealing opportunity for investors seeking a well-located asset in a vibrant urban setting with future upside through rent adjustments.
Property Facts
| Price | $1,375,000 | Building Class | C |
| Price Per Unit | $171,875 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 7,938 SF |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | ||
| Zoning | CB1 - Commercial | ||
| Price | $1,375,000 |
| Price Per Unit | $171,875 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 7,938 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Zoning | CB1 - Commercial |
Amenities
Site Amenities
- 24 Hour Access
1 1
Exceptionally walkable
90/100
Fairly drivable
40/100
Some public transit
50/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 332-50957-0-0000 | Improvements Assessment | $294,600 |
| Land Assessment | $81,200 | Total Assessment | $375,800 |
Property Taxes
Parcel Number
332-50957-0-0000
Land Assessment
$81,200
Improvements Assessment
$294,600
Total Assessment
$375,800
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101 E King St
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