Vacant Duplex with Two-Bedroom
For Sale
$319,000
123 W MAIN Street, Hershey, PA 17033
Multi-Family, HERSHEY, PA
Property Size1,594 SF
Lot Size0.16 Acres
Price / SF$200.13
Days on Market81
Property Features for 123 W MAIN Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
3
Parking features
On Street, Off Street, Driveway
High school
LOWER DAUPHIN
Elementary school district
LOWER DAUPHIN
Middle school district
LOWER DAUPHIN
High school district
LOWER DAUPHIN
Standard status
Active
Size
1,594 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2559
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Ductless
Building Details
Year built
1920
Number of units
2
Building materials
Vinyl Siding
Architectural style
Victorian
Listing Agency:
Kingsway Realty - Ephrata
(717) 733-4777
Listed By:
Curvin Horning · License #RS298095
(717) 606-2226
Added: Jun 18
Changed: Sep 5
Last Checked: Sep 6 at 8:06AM
MLS# PADA2061152
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.
Built in 1920, this 1,594-square-foot Victorian duplex contains two vacant residences, each with two bedrooms and one bathroom. The property includes two kitchens, a basement, vinyl siding, electric baseboard heat, and ductless cooling. Driveway and off-street parking supplement available on-street parking.
Set on 0.16 acres in Hershey, the property is classified for residential use and may support continued rental operation or conversion to a single-family home. Its setting provides access to downtown Hershey, shopping, dining, and major commuter routes.
With both units unoccupied, the next owner can determine the preferred renovation and occupancy plan. The two-unit configuration offers a defined residential layout within an established property.
Set on 0.16 acres in Hershey, the property is classified for residential use and may support continued rental operation or conversion to a single-family home. Its setting provides access to downtown Hershey, shopping, dining, and major commuter routes.
With both units unoccupied, the next owner can determine the preferred renovation and occupancy plan. The two-unit configuration offers a defined residential layout within an established property.
Key Highlights
- Two‑unit duplex with two 2‑bedroom, 1‑bath residences
- 1,594 square feet on a 0.16‑acre lot
- Both units are vacant
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
$14,228
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
4.46%
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%
$284,560
$284.6K
Cap Rate 7%
$203,257
$203.3K
Cap Rate 9%
$158,089
$158.1K
Market Conditions
NOI Build-Up for 1,594 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
$22.0K $13.80/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$20.3K $12.75/SF
− OpEx
−$6.1K −$3.83/SF
NOI
$14.2K $8.93/SF
Area
Dauphin County, PA
Vacancy
7.60%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$284,560
Cap Rate 7%
$203,257
Cap Rate 9%
$158,089
Alternative Uses
Best Use
Multifamily LT 5
$203.3K
$177.9K – $237.1K
NOI $14,228 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$181.1K
$158.5K – $211.3K
NOI $12,679 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$2.94M
$2.57M – $3.43M
NOI $205,506 @ 7.0% cap · market cap 64.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Explore this area
Business Placement
Demographics for 17033, PA
16,414
Population
6,733
Households
2.4
Avg Household Size
40
Median Age
46%
College-Educated
90%
High-School Grad
27.4 sq mi
ZIP Area
599
Density / Sq Mi
$75,093
Median Household Income
$49,389
Median Earnings
$1,311
Median Rent
$340,900
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?
Duplex - Two vacant residences include separate kitchens, full baths, and on- and off-street parking access.
Where is this duplex located?
The property is located at 123 W MAIN Street Hershey, PA.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Two‑unit duplex with two 2‑bedroom, 1‑bath residences; 1,594 square feet on a 0.16‑acre lot; Both units are vacant
