NOT LISTED FOR SALE

244 W King St Lancaster, PA 17603

Downtown Lancaster Neighborhood

Estimated Value: $1,471,780

-- Bed
-- Bath
2,574 Sq Ft
$572/Sq Ft Est. Value

Last Sold February 24, 2017

Last sale price $600,000 $233 Per Sq Ft

Est. 145% increase in value since last sale

Current estimated payment $9,256/month

Highlights

  • 0.08 Acre Lot
  • Forced Air Heating System
  • 3-minute walk to Steinman Park
  • No HOA
  • Baseboard Heating

About This Home

As of February 2017

Fully Leased. RARE Licensed 16 Unit Apartment Building. Features (8) Effeciencies, (6) 1 Bedroom units and (2) Commercial Storefronts. Six of the units were recently rehabbed including new kitchens, baths, windows, plumbing, gas furnaces, etc. Rents need raised when long term tenants move out. Landlord pays Sewer/Water & Trash, Tenants pay Heat, Electric & Gas. Sellers are PA Licensed Real Estate Brokers.*Entered for MLS Comp purposes only*

Last Agent to Sell the Property

Brad Gearhart

bradgearhart@comcast.net City Limits Listed on: 11/30/2016

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $10,996

Year Built

  • Built in 1900

Lot Details

  • 3,485

Parking

  • On-Street Parking

Home Design

  • Brick Exterior Construction
  • Poured Concrete
  • Rubber Roof
  • Stone Siding

Unfinished Basement

  • Partial Basement
  • Exterior Basement Entry

Home Security

  • Fire and Smoke Detector
  • Fire Escape

Utilities

  • Forced Air Heating System
  • Baseboard Heating
  • 200+ Amp Service
  • Natural Gas Water Heater

Additional Features

  • Washer and Dryer Hookup
  • 3,485 Sq Ft Lot

Listing and Financial Details

  • Tenant pays for heat, hot water, electricity
  • Assessor Parcel Number 3347383000000

Community Details

Overview

  • No Home Owners Association
  • 16 Units

Building Details

  • Income includes apartment rentals, professional offices
  • Electric Expense $1,131
  • Insurance Expense $3,193
  • Maintenance Expense $6,691
  • Manager Expense $6,691
  • Other Expense $1,486
  • Trash Expense $1,920
  • Operating Expense $26,045
  • Net Operating Income $58,539

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$10,996

Year Built

Built in 1900

Lot Details

0

Listing Details

  • Property Type: Multi-Family
  • Structure Type: Twin/Semi-Detached
  • New Construction: No
  • Other Expense: 1486.00
  • Storage: Basement
  • Year Built: 1900
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances: Washer/Dryer Hookups Only
  • Fireplace: No
  • Basement: Yes
  • Basement Type: Poured Concrete, Outside Entrance, Partial, Unfinished

Exterior Features

  • Construction Materials: Brick, Block, Stone
  • Construction Completed: No
  • Exterior Features: Fire Escape
  • Roof: Rubber
  • Water Access: No
  • Waterfront: No
  • Water Oriented: No
  • Pool: No Pool
  • Tidal Water: No
  • Water View: No

Garage/Parking

  • Garage: No
  • Type Of Parking: On Street

Utilities

  • Central Air Conditioning: No
  • Electric Expense: 1131.00
  • Electric Service: 200+ Amp Service, Circuit Breakers, Fuses
  • Heating Fuel: Natural Gas
  • Heating Type: Baseboard, Forced Air
  • Heating: Yes
  • Hot Water: Electric, Natural Gas
  • Security: Smoke Detector
  • Sewer/Septic System: Public Sewer
  • Water Sewer Expenses: 4933.00
  • Water Source: Public

Condo/Co-op/Association

  • Condo Co-Op Association: No
  • HOA: No
  • Professional Management Expense: 6691.00

Lot Info

  • Lot Size Acres: 0.08
  • Zoning Description: Central Business Dst
  • In City Limits: Yes

Rental Info

  • Tenant Pays: Heat, Hot Water, Electricity
  • Vacation Rental: No

Tax Info

  • Assessor Parcel Number: 4058249
  • School Tax: 6706.14
  • Tax Annual Amount: 10995.75
  • Assessor Parcel Number: 3347383000000
  • County Tax Payment Frequency: Annually

Multi Family

  • Gross Income: 95580.00
  • Income Includes: Apartment Rentals, Professional Offices
  • Metering: Fully Separate
  • Operating Expense: 26045.00
  • Other Units: Unit 1,Unit 2,Unit 4,Unit 5,Unit 3,Unit 6

MLS Schools

  • School District Name: SCHOOL DISTRICT OF LANCASTER

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Jul 30, 2025
Sold by
Lancaster County Sheriffs
Bought by
Palisades Mortgage Loan Trust
Current Estimated Value
$1,471,780

Purchase Details

Closed on
Dec 20, 2017
Sold by
38 E Walnut Street Llc
Bought by
Lancaster Main Street Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,472,000
Interest Rate
3.92%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Listed on
Nov 30, 2016
Closed on
Feb 24, 2017
Sold by
Neff J Gary
Bought by
38 E Walnut Street Llc
Seller's Agent
Brad Gearhart
City Limits
List Price
$600,000
Sold Price
$600,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
10.75%
Original Mortgage
$450,000
Interest Rate
4.12%
Mortgage Type
Future Advance Clause Open End Mortgage
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
Collateral Analytics

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Palisades Mortgage Loan Trust $966,073 None Listed On Document
Lancaster Main Street Llc $750,000 None Available
38 E Walnut Street Llc $600,000 None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Lancaster Main Street Llc $1,472,000
Previous Owner 38 E Walnut Street Llc $450,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
02/24/2017 02/24/17 Sold $600,000 0.0% $233 / Sq Ft
11/30/2016 11/30/16 Pending -- -- --
11/30/2016 11/30/16 For Sale $600,000 -- $233 / Sq Ft
Source: Bright MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $18,166 $459,100 $70,300 $388,800
2024 $18,166 $459,100 $70,300 $388,800
2023 $17,861 $459,100 $70,300 $388,800
2022 $17,117 $459,100 $70,300 $388,800
2021 $16,750 $459,100 $70,300 $388,800
2020 $16,750 $459,100 $70,300 $388,800
2019 $16,499 $459,100 $70,300 $388,800
2016 $10,996 $241,600 $24,600 $217,000
2015 $4,290 $241,600 $24,600 $217,000
2014 $9,596 $241,600 $24,600 $217,000
Source: Public Records

Agents Affiliated with this Home

  • B

    Seller's Agent in 2017

    Brad Gearhart

    City Limits

See All Agents

Map

Source: Bright MLS

MLS Number: 1002740129

Bright MLS

APN: 334-73830-0-0000

Pennsylvania Lancaster County Lancaster 17603 Downtown Lancaster

244 W King St, Lancaster, PA

Not Listed for Sale

MultiFamily

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