9-Unit Brick Apartment
For Sale
$919,000
1001 CHESTNUT Street, Lebanon, PA 17042
Multi-Family, LEBANON, PA
Property Size3,900 SF
Lot Size0.07 Acres
Price / SF$235.64
Days on Market33
Property Features for 1001 CHESTNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Middle school
LEBANON
High school
LEBANON
Elementary school district
LEBANON
Middle school district
LEBANON
High school district
LEBANON
Standard status
Active
Size
3,900 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
7959
Building Details
Year built
1910
Number of units
4
Building materials
Brick, Brick Front, Concrete, Masonry
Listing Agency:
Hostetter Realty
(717) 786-6200
Listed By:
Jacob D. Fisher · License #RS325195
(717) 587-2481
Added: Aug 4
Changed: Sep 5
Last Checked: Sep 5 at 4:06PM
MLS# PALN2027800
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Ridgeview Apartments is a brick, nine-unit residential building with an all one-bedroom, one-bathroom unit mix and approximately 3,900 square feet of total building area. The property sits on a 0.07-acre corner lot and was built in 1910. Several apartments received remodels in 2023 and 2025. Public water and sewer serve the building, while oil provides heat. Parking is available along the street.
Tenants are in place and pay their own electric and heating expenses. Existing property management is available to continue after a sale. The property is located near Routes 422 and 72, providing access to area shopping, employment centers, and commuter routes.
Tenants are in place and pay their own electric and heating expenses. Existing property management is available to continue after a sale. The property is located near Routes 422 and 72, providing access to area shopping, employment centers, and commuter routes.
Key Highlights
- 9‑unit apartment building with an all 1‑bed/1‑bath unit mix
- 3,900+/- sq ft building on a 0.07‑acre corner lot
- Brick construction with 1910 original build year
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,386
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.52%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$647,720
$647.7K
Cap Rate 7%
$462,657
$462.7K
Cap Rate 9%
$359,844
$359.8K
Market Conditions
NOI Build-Up for 3,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$63.2K $16.20/SF
− Vacancy
−$4.3K −$1.10/SF
EGI
$58.9K $15.10/SF
− OpEx
−$26.5K −$6.79/SF
NOI
$32.4K $8.30/SF
Area
Lebanon County, PA
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$647,720
Cap Rate 7%
$462,657
Cap Rate 9%
$359,844
Alternative Uses
Best Use
Apartment 5plus
$462.7K
$404.8K – $539.8K
NOI $32,386 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$915.4K
$801.0K – $1.07M
NOI $64,079 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,614
Businesses Nearby
Explore this area
Business Placement
Demographics for 17042, PA
40,618
Population
17,067
Households
2.4
Avg Household Size
43
Median Age
28%
College-Educated
88%
High-School Grad
67.7 sq mi
ZIP Area
600
Density / Sq Mi
$76,399
Median Household Income
$45,429
Median Earnings
$1,096
Median Rent
$222,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Tenant-occupied apartment property with public utilities, oil heat, and on-street parking.
Where is this apartment building located?
The property is located at 1001 CHESTNUT Street Lebanon, PA.
What is the asking price?
The asking price for this property is $919,000.
What are key features of this property?
This property features: 9‑unit apartment building with an all 1‑bed/1‑bath unit mix; 3,900+/- sq ft building on a 0.07‑acre corner lot; Brick construction with 1910 original build year
