Lancaster, PA 17603 342-346 W King Street

Pending
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Presented By: Life Changes Realty Group
  • MLS# PALA2066358
  • 03/29/2025
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  • Beds • 7

Home Details

Investor Alert - Lancaster City Cash Cow! Fully rented large detached 4 unit apartment building just three blocks from the downtown Lancaster City square! Building consists of two duplexes (separate tax IDs), totaling a whopping 5,408 square feet. The two duplexes have a combined basement, currently operating as a quadruplex with 4 large apartments. One duplex consists of a 4 bedroom, 1 bath apartment and a 1 bedroom, 1 bath apartment. The other duplex is a 3 bedroom, 1 bath apartment and a 3 bedroom, 1.5 bath apartment (with potential to split one of these huge apartments in half to make a 5th unit!). The two second floor units have been recently updated throughout, potential to continue upgrading first floor units and increase cash flow! Each apartment has two private entry doors, second floor units have a walk-up entry door AND a private street-level entrance (second-floor units can also enter through rear of building off of Strawberry St.) More to love: Custom craftsman features, hardwood floors, upgraded luxury vinyl tile and luxury vinyl plank flooring, high ceilings and tons of natural light give these apartments classic charm with durability in mind. Each apartment has a landlord-owned fridge and stove. Tenants are responsible for electric, heat (electric) & gas, Landlord pays trash, water & sewer. Located in an area experiencing large-scale investment and redevelopment, this freshly painted and well-maintained investment will become a top-producer in your portfolio for years to come! New rubber roof - 342 W King St. - 2022, new mansard roof - 342 W King St. - 2022, new rubber roof - 346 W King St. - Corner Unit (blue building) - 2024. Long term tenants and stable cash flow history with professional property manager in place. Mark your calendar! - Two upcoming showing options: Wednesday, April 2nd from 4pm-6pm and Saturday, April 5th from 1pm - 3pm. Showings will be open-house style, please call to register. Separate, private showings cannot be accommodated at this time. Please plan to come to one of the above-mentioned group showing times.
Presented By: Life Changes Realty Group

Interior Features for 342-346 W King Street

Bedrooms

Three Bedroom Units Count2

Other Interior Features

LivingAreaSourceEstimated
Avg. Heating Oil Per Month0.0
BasementPartial, Outside Entrance, Interior Access, Unfinished
Basement (Y/N)Yes
Central Air Y/NNo
Fireplace Y/NNo
FlooringHardwood, Luxury Vinyl Plank, Luxury Vinyl Tile, Solid Hardwood, Vinyl
Heating FuelElectric
Heating Y/NYes
Hot WaterElectric, Natural Gas
Window FeaturesBay/Bow, Double Hung, Replacement, Sliding, Transom, Vinyl Clad, Wood Frame

General for 342-346 W King Street

Acceptable FinancingCash, Conventional, Bank Portfolio
AccessibilityNone
AppliancesOven - Single, Refrigerator, Water Heater
Architectural StyleTraditional
Association Recreation FeeN
Avg. Electric Per Month0.0
Avg. Gas Per Month0.0
Avg. Water Per Month297.0
CityLANCASTER
Construction MaterialsMasonry
Cool FuelNone
CoolingNone
CountyLANCASTER
DirectionsFrom N Duke St., Turn right onto E Walnut St., Turn left onto N Charlotte St., Turn left onto W King St., Destination will be on the right.
DisclosuresAgent Related to Owner, Agent has Financial Interest, Owner RE Licensee, Prop Disclosure
Electric100 Amp Service
ExclusionsTenant owned appliances and personal property
Exterior FeaturesAwning(s), Bump-outs, Exterior Lighting, Sidewalks, Street Lights
Garage Y/NNo
Gross Income54034.66
HeatingBaseboard - Electric
Home Warranty Y/NNo
Interior FeaturesAdditional Stairway, Bathroom - Stall Shower, Bathroom - Tub Shower, Built-Ins, Dining Area, Entry Level Bedroom, Floor Plan - Open, Floor Plan - Traditional, Formal/Separate Dining Room, Kitchen - Table Spac
Lease TypeMonth to Month, Yearly
Location TypeDowntown
Lot Size Square Feet3049.20
Lot Size UnitsSquare Feet
MLS AreaLancaster City (10533)
ModificationTimestamp2025-04-09T21:41:56
MunicipalityLANCASTER CITY
New ConstructionNo
Number Of Units Total4
Number of Units Leased4
One Bedroom Units Count1
Operating Expense19000.00
Other StructuresAbove Grade, Below Grade
Other UnitsUnit 1, Unit 2, Unit 4, Unit 3
OwnerPaysInsurance, Management, Pest Control, Repairs, Sewer, Snow Removal, Taxes - Real Estate, Water, Trash Collection
OwnershipFee Simple
Patio/Porch FeaturesPorch(es), Deck(s)
PossessionSettlement, Subject to Existing Lease
Price Per Sq Ft Total AG92.44
Property ConditionVery Good
Property SubtypeQuadruplex
Property TypeMulti-Family
RoofArchitectural Shingle, Asphalt, Flat, Pitched, Rubber, Shingle
School DistrictSCHOOL DISTRICT OF LANCASTER
Security FeaturesMain Entrance Lock, Smoke Detector
SewerPublic Sewer
Single Room Units Count0
Standard StatusPending
StatusPENDING
Structure TypeDetached
Subdivision NameDOWNTOWN LANCASTER
Tax Annual Amount7993.06
Tax Assessed Value202000.0
Tax Year2023
Total Actual Rent48360.00
Total SQFT6384
TransportationBus Stop less than 1 mile, Commuter Lots less than 5 miles, Commuter Rail Station 1 to 5 miles
Two Bedroom0
UtilitiesCable TV Available, Electric Available, Natural Gas Available, Phone Available, Sewer Available
Vacation Rental Y/NNo
ViewCity, Street
Water Access Y/NNo
Waterfront Y/NNo
Year Built1925
Year Built SourceAssessor
ZoningR4

Exterior for 342-346 W King Street

Door FeaturesSix Panel
Foundation DetailsCrawl Space, Permanent
InclusionsLandlord owned appliances
Land Assessed Value69400.00
Land Use Code575
Lot FeaturesCorner
Lot Size Acres0.07
Lot Size SourceEstimated
Navigable Water Y/NNo
Parking FeaturesPublic, Unassigned
PoolNo Pool
SpaNo
Type of ParkingOn Street
Water Oriented Y/NNo
Water SourcePublic
Water View Y/NNo

Additional Details

Price History

Rachel Shepherd

Price $499,900
MLS#PALA2066358
List Date 03/29/2025
Property Type Pending
Phone 703.929.4729
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