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    The Largest CRE Database in the US with Over 1 Million Listings

    225 Locust St Hanover, PA 17331

    Sponsored
    For Sale
    $299,900

    MULTI_FAMILY - Other - HANOVER, PA

    Property size:
    2,688 SF
    Lot size:
    0.19 Acres
    Days on Market:
    2
    Last Refresh:
    Jan 23 at 3:06 am

    Property Features for 225 Locust St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Dining Room, Basement
    Parking
    6
    Parking features
    Off Street, Garage - Detached, Driveway, On Street
    Interior features
    Built-Ins, Butlers Pantry, Carpet, Formal/Separate Dining Room, Attic, Combination Dining/Living, Window Treatments
    Appliances
    Dryer - Electric, Dishwasher, Dryer - Front Loading, Range Hood, Refrigerator, Oven/Range - Gas, Washer - Front Loading, Freezer
    Size
    2,688 SF
    Lot size
    0.19 Acres

    Utilities

    Heating system
    Baseboard, Forced Air, Natural Gas, Heat Pump (Heating), Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Number of units
    2
    Building materials
    Stick Built
    Architectural style
    Other

    We can help!

    Listing Contact
    Randy Hilker
    Randy Hilker

    Berkshire Hathaway HomeServices Homesale Realty (717) 632-5111 [email protected]

    Listing agent Randy Hilker (717) 632-5111 License #AB050731L

    Listing date Jan 22, 2026

    MLS# PAYK2095078 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Maintenance-Free Duplex in Hanover Area

    Located in Hanover, this maintenance-free, side-by-side duplex features separate utilities. The property includes an architectural shingle roof and replacement windows. On and off-street parking is available, with rear alley access leading to a 2-car detached garage and a blacktop area providing 2-car parking for each unit. Both units have a front porch, side porch, balcony, and rear and side yards. Unit 225, previously owner-occupied, includes a living room, dining room, kitchen, main level laundry, basement, 3 bedrooms, bath, attic, and a stair lift to the 2nd floor. This unit is equipped with maple kitchen cabinets, natural gas heat, a Rheem heat pump with central air on the 1st floor, and a Generac generator for emergency power. The 1st-floor pantry features built-in cabinets with pull-out shelving. A 10' x 14' outbuilding with electric is used as a shop. Unit 227 includes a living room, kitchen, and pantry on the main level, along with a bath, 3 bedrooms on the 2nd level, a full attic, and a basement area. An 8' x 10' shed is also present. The property spans 2688 square feet on a 0.19-acre lot. Unit 227 is currently managed by a rental property management company, which is open to continued management or managing Unit 225 if the new owner is interested. The current lease agreement for 227 Locust St. is from 11-1-2025 until 10-31-2026, with a monthly rent of $1,245.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    York
    State
    Pennsylvania
    Longitude
    -76.97757
    Latitude
    39.80075

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    FAQs

    What type of property is this?
    Duplex - Side-by-side duplex with separate utilities, parking, and updated features.
    Where is this duplex located?
    The property is located at 225 Locust St Hanover, PA.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: - Two-unit property with separate utilities, offering immediate rental income potential from Unit 227 (currently leased until 10/31/2026 at $1,245/month) and the opportunity to lease Unit 225 (projected rent $1,250/month).; - Unit 225 is equipped with desirable upgrades including **maple kitchen cabinets, natural gas heat, Rheem heat pump with central air on the first floor, and a Generac generator.**; - Includes a detached 2-car garage and ample parking: 2-car blacktop parking in the rear for each unit, plus on and off-street parking.
    (717) 632-5111
    Request Owner's contact information
    225 Locust St Hanover, PA 17331
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    Hanover, PA 17331
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    225 Locust St Hanover, PA 17331
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    We can help!
    Listing Contact
    Randy Hilker
    Randy Hilker
    Real Estate License ID: AB050731L
    (717) 632-5111
    Learn more
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