Triplex With Detached
For Sale
$449,000
1801 CHURCH Street, Lebanon, PA 17046
Multi-Family, LEBANON, PA
Property Size4,156 SF
Lot Size0.43 Acres
Price / SF$108.04
Days on Market33
Property Features for 1801 CHURCH Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
2
Parking features
Driveway, Garage - Detached, Off Street
Subdivision
WEST LEBANON TWP
Elementary school
SOUTHWEST
Middle school
LEBANON
High school
LEBANON
Elementary school district
LEBANON
Middle school district
LEBANON
High school district
LEBANON
Standard status
Active
Size
4,156 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Annual Amount
6774
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1903
Number of units
4
Building materials
Vinyl Siding, Stick Built
Listing Agency:
Keller Williams Keystone Realty · Keller Williams Realty
(717) 755-5599
Listed By:
Elisabeth P. Hamberger · License #AB068074
(717) 577-0814
Added: Aug 6
Changed: Sep 5
Last Checked: Sep 7 at 11:06PM
MLS# PALN2027778
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.
This triplex combines two apartments in the primary residence with a separate manufactured home. The main house contains one three-bedroom, one-bath unit on each of its two levels, while the 2022 manufactured home adds three bedrooms and two full baths. The property contains 4,156 square feet on a 0.43-acre corner lot and includes a detached garage, driveway, and off-street parking.
Built in 1903, the primary structure features vinyl siding, stick-built construction, and hot-water heating. Separate gas and electric utilities serve each residential unit. The property is located at 1801 Church Street in Lebanon, PA 17046, in a residential setting just outside of town. A basement is also included.
Built in 1903, the primary structure features vinyl siding, stick-built construction, and hot-water heating. Separate gas and electric utilities serve each residential unit. The property is located at 1801 Church Street in Lebanon, PA 17046, in a residential setting just outside of town. A basement is also included.
Key Highlights
- Three residential units: two three‑bedroom apartments plus a 2022 manufactured home
- 4,156 square feet on a 0.43‑acre corner lot
- 2022 manufactured home with 3 bedrooms and 2 full baths
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
$37,136
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
8.27%
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%
$742,720
$742.7K
Cap Rate 7%
$530,514
$530.5K
Cap Rate 9%
$412,622
$412.6K
Market Conditions
NOI Build-Up for 4,156 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
$57.4K $13.80/SF
− Vacancy
−$4.3K −$1.04/SF
EGI
$53.1K $12.77/SF
− OpEx
−$15.9K −$3.83/SF
NOI
$37.1K $8.94/SF
Area
Lebanon County, PA
Vacancy
7.50%
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%
$742,720
Cap Rate 7%
$530,514
Cap Rate 9%
$412,622
Alternative Uses
Best Use
Multifamily LT 5
$530.5K
$464.2K – $618.9K
NOI $37,136 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$493.0K
$431.4K – $575.2K
NOI $34,512 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$975.5K
$853.6K – $1.14M
NOI $68,285 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 17046, PA
31,272
Population
13,570
Households
2.3
Avg Household Size
39
Median Age
12%
College-Educated
84%
High-School Grad
38.9 sq mi
ZIP Area
804
Density / Sq Mi
$59,633
Median Household Income
$37,261
Median Earnings
$1,036
Median Rent
$180,500
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?
Triplex - Three residential units include two apartments and a newer manufactured home, with separately metered gas and electric service.
Where is this triplex located?
The property is located at 1801 CHURCH Street Lebanon, PA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three residential units: two three‑bedroom apartments plus a 2022 manufactured home; 4,156 square feet on a 0.43‑acre corner lot; 2022 manufactured home with 3 bedrooms and 2 full baths
