621 N Lime St · Lancaster, PA 17602

$399,900

5 bd · 3.0 ba · 2,307 sqft · MultiFamily public records · 87 Days on market

Built 1900 2,614 sqft lot $173/sqft · 16% above area Est $343k · 16% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +7.0/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Excellent investment opportunity in a prime Lancaster location! This fully rented triplex is ideally situated just moments from Lancaster General Hospital, making it highly attractive to tenants seeking convenience and accessibility. The property features a well-balanced unit mix, including one 1-bedroom unit, one 2-bedroom unit, and one spacious 3-bedroom unit—appealing to a wide range of renters. All units are currently occupied, providing immediate and steady rental income for the next owner. Recent improvements include a brand-new roof and a new hot water heater, offering peace of mind and reduced maintenance costs. With strong rental demand in the area and a solid income stream already in place, this is a turnkey addition to any investment portfolio. Don’t miss your chance to own a low-maintenance, income-producing property in one of Lancaster’s most desirable rental locations!

Key facts

• New hot water heater
• Brand-new roof
• Turnkey addition

Tags

• PRIME LANCASTER LOCATION
• BRAND-NEW ROOF
• NEW HOT WATER HEATER
• TURNKEY ADDITION

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $358/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $376k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 4.2% in Lancaster — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 85/100 on livability (#71 in PA, #498 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Lancaster SD (urban): math 12% / reading 25% proficiency, ranked #500 of 539 in PA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.2%/yr); 161 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $4,805/mo this rent would consume 76% of the median local household income ($76k/yr) (locally 1556% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $50k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $339k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $375,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.49%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $343,328
• List price: $399,900
• Delta: 16.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
349 E New St	0.21mi	4/— (-1)	2,286 (-1%)	4mo	$315,000	$138	80
128 E New St	0.08mi	4/— (-1)	2,474 (+7%)	2mo	$360,000	$146	78
14 W James St	0.33mi	4/2.0 (-1)	2,280 (-1%)	4mo	$330,000	$145	70
235 E Clay St	0.13mi	5/—	2,162 (-6%)	16mo	$309,900	$143	70
154 E Lemon St	0.31mi	5/—	2,429 (+5%)	9mo	$365,000	$150	69
506 N Queen St	0.30mi	5/3.0	2,553 (+11%)	1mo	$440,000	$172	67
433 N Queen St	0.32mi	4/— (-1)	2,468 (+7%)	12mo	$472,500	$191	58
711 N Shippen St	0.13mi	4/2.0 (-1)	2,072 (-10%)	23mo	$310,000	$150	49
213 N Mulberry St	0.68mi	5/—	2,592 (+12%)	1mo	$400,000	$154	47
124 E James St	0.21mi	4/2.0 (-1)	1,969 (-15%)	15mo	$350,000	$178	44
322 W James St	0.57mi	5/—	2,642 (+14%)	12mo	$552,000	$209	39
236 N Franklin St	0.68mi	4/2.0 (-1)	1,997 (-13%)	22mo	$234,000	$117	19

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.96×
• Total profit: $-4,992
• Equity at exit: $59,626

10-year hold

• IRR: 6.5%
• Equity multiple: 1.45×
• Total profit: $49,972
• Equity at exit: $34,576

Cash invested: $111,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 17602

• Rents YoY: 1.2%
• Active inventory: 161
• Price-to-rent: 23.1×

Monthly cashflow live

• Estimated rent: $4,805 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$460 /mo · $5,516/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,009
• Net cashflow: $1,073

Break-even live

Break-even rent $3,447

Max offer price $399,900

Occupancy floor 73%

Sensitivity live

Price	-10% $1,299	-5% $1,186	+0% $1,073	+5% $959	+10% $846
Rent	-10% $693	-5% $883	+0% $1,073	+5% $1,262	+10% $1,452
Rate	-1.0pp $1,274	-0.5pp $1,174	base $1,073	+0.5pp $969	+1.0pp $863

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,441
1× unit	2	1	$1,571
1× unit	3	1	$1,794
Total (3 units)			$4,805

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 W Frederick St Lancaster, PA	4.0	1.0	1713	$1,895	$1.11	44d	1	0.75mi
708 S Lime St Unit 3 Lancaster, PA	4.0	1.0	1742	$1,850	$1.06	44d	1	1.19mi

Listing history 18 events

1. 2026-06-15
   statusdays on market $399,900 Pending 87 DOM
2. 2026-06-14
   days on market $399,900 Active 86 DOM
3. 2026-06-13
   days on market $399,900 Active 85 DOM
4. 2026-06-10
   days on market $399,900 Active 83 DOM
5. 2026-06-09
   days on market $399,900 Active 82 DOM
6. 2026-06-08
   days on market $399,900 Active 81 DOM
7. 2026-06-07
   days on market $399,900 Active 80 DOM
8. 2026-06-03
   days on market $399,900 Active 76 DOM
9. 2026-06-02
   days on market $399,900 Active 75 DOM
10. 2026-06-01
    days on market $399,900 Active 74 DOM
11. 2026-05-31
    days on market $399,900 Active 73 DOM
12. 2026-05-30
    days on market $399,900 Active 72 DOM
13. 2026-04-27
    price $445,000 913-char remark

    Show marketing remark (913 chars)

    Excellent investment opportunity in a prime Lancaster location! This fully rented triplex is ideally situated just moments from Lancaster General Hospital, making it highly attractive to tenants seeking convenience and accessibility. The property features a well-balanced unit mix, including one 1-bedroom unit, one 2-bedroom unit, and one spacious 3-bedroom unit—appealing to a wide range of renters. All units are currently occupied, providing immediate and steady rental income for the next owner. Recent improvements include a brand-new roof and a new hot water heater, offering peace of mind and reduced maintenance costs. With strong rental demand in the area and a solid income stream already in place, this is a turnkey addition to any investment portfolio. Don’t miss your chance to own a low-maintenance, income-producing property in one of Lancaster’s most desirable rental locations!

14. 2026-03-19
    listed $450,000 Active 913-char remark

    Show marketing remark (913 chars)

    Excellent investment opportunity in a prime Lancaster location! This fully rented triplex is ideally situated just moments from Lancaster General Hospital, making it highly attractive to tenants seeking convenience and accessibility. The property features a well-balanced unit mix, including one 1-bedroom unit, one 2-bedroom unit, and one spacious 3-bedroom unit—appealing to a wide range of renters. All units are currently occupied, providing immediate and steady rental income for the next owner. Recent improvements include a brand-new roof and a new hot water heater, offering peace of mind and reduced maintenance costs. With strong rental demand in the area and a solid income stream already in place, this is a turnkey addition to any investment portfolio. Don’t miss your chance to own a low-maintenance, income-producing property in one of Lancaster’s most desirable rental locations!

15. 2024-12-05
    soldstatus $339,000 Closed 479-char remark

    Show marketing remark (479 chars)

    Perfect Location! This well maintained 3 Unit building is close to everything downtown Lancaster has to offer. Walk to the train station, Clipper stadium, Lancaster General Health and downtown for great food and entertainment. This building has had the same owner for over forty years with professional management for over ten years. Good cash flow, fully rented. Call listing agent Peg Kuhns for all showing appointments. 24 Hour notice required for tenants. NO SUNDAY SHOWINGS

16. 2024-12-05
    soldstatus $339,000

    Show marketing remark (479 chars)

    Perfect Location! This well maintained 3 Unit building is close to everything downtown Lancaster has to offer. Walk to the train station, Clipper stadium, Lancaster General Health and downtown for great food and entertainment. This building has had the same owner for over forty years with professional management for over ten years. Good cash flow, fully rented. Call listing agent Peg Kuhns for all showing appointments. 24 Hour notice required for tenants. NO SUNDAY SHOWINGS

17. 2024-11-04
    status Pending 479-char remark

    Show marketing remark (479 chars)

    Perfect Location! This well maintained 3 Unit building is close to everything downtown Lancaster has to offer. Walk to the train station, Clipper stadium, Lancaster General Health and downtown for great food and entertainment. This building has had the same owner for over forty years with professional management for over ten years. Good cash flow, fully rented. Call listing agent Peg Kuhns for all showing appointments. 24 Hour notice required for tenants. NO SUNDAY SHOWINGS

18. 2024-11-01
    listed $339,000 Active 479-char remark

    Show marketing remark (479 chars)

    Perfect Location! This well maintained 3 Unit building is close to everything downtown Lancaster has to offer. Walk to the train station, Clipper stadium, Lancaster General Health and downtown for great food and entertainment. This building has had the same owner for over forty years with professional management for over ten years. Good cash flow, fully rented. Call listing agent Peg Kuhns for all showing appointments. 24 Hour notice required for tenants. NO SUNDAY SHOWINGS

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $5,516 · $460/mo
• Projected year-2 tax: $5,917 · $493/mo
• Expected delta: +$401/yr (+$33/mo · 7.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,660
• − Mortgage interest: −$22,401
• − Property taxes: −$5,516
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,613
• − Management: −$4,613
• − Depreciation: −$11,633
• Taxable income: $6,885
• Est. tax owed @ 24.0%: −$1,652
• After-tax cash flow: $11,218/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lancaster SD
• NCES district ID: 4213140
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -13.00%
• Median HH income: $38,500
• Composite: 15.52/100
• National rank: #9301
• State rank: #500 of 539 in PA

Livability — Lancaster

• Score: 85/100
• State rank: #71
• US rank: #498

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C- Employment C- Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, PA
• County: Lancaster County · 390,309 people
• City population: 176,170
• Metro: Lancaster, PA
• Population (ZIP): 52,217
• Household income: $75,862
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1556.0

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 561,011 people
• By 2030: 570,969 · +1.8%
• By 2040: 585,929 · +4.4%
• By 2050: 591,056 · +5.4%
• By 2075: 594,747 · +6.0%
• By 2100: 558,850 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 52% Hispanic / Latino 32% Two or more races 12% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 21% Cuban 1% Dominican 4%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 70% English-only · Spanish 22% German/W. Germanic 2% French/Haitian/Cajun 1%

Political lean MEDSL · Lancaster

• 2024 margin: R (+15.9) · D 41.5% · R 57.5%
• 2008→2024 swing: -4.1pp toward R · 2008: -11.8pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.8 2016: R+19.7 2012: R+19.2 2008: R+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.05%
• Current HPI: 288.9141
• Rent YoY: ▲ 1.20%
• Metro: Lancaster, PA
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+31.3% since first listed

6 events — show timeline

• 2026-04-27 Price Changed $445,000 BRIGHT MLS
• 2026-03-19 Listed $450,000 BRIGHT MLS
• 2024-12-05 Sold (Public Records) $339,000 Public Records
• 2024-12-05 Sold (MLS) $339,000 BRIGHT MLS
• 2024-11-04 Pending — BRIGHT MLS
• 2024-11-01 Listed $339,000 BRIGHT MLS

Property tax history

+4.0%/yr

Latest (2026): $5,516 · +3.3% YoY. Source: county tax records.