9-Unit Apartment Building on Corner
For Sale
$919,000
1001 Chestnut St, Lebanon, PA 17042
Brick 9-unit building with 1-bed/1-bath units, corner-lot setting, and tenants responsible for electric and heat.
Property Size3,900 SF
Price / SF$235.64
Days on Market19
Property Features for 1001 Chestnut St
General Information
Standard status
Active
Size
3,900 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
9 x 1BR/1BA
Multifamily Units
9
Building Details
Buildings
1
Construction
brick
Listing Agency:
Hostetter Realty
(717) 587-2481
Listed By:
Jacob D. Fisher · License #RS325195
(717) 587-2481
Source:
Exprealty
Added: Jul 13
Changed: Jul 31
Last Checked: Jul 31 at 7:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hostetter Realty
Investment Insights
Based on property information with market context.
Ridgeview Apartments is a 9-unit, all 1-bed/1-bath brick apartment building totaling 3,900+/- sq ft, positioned on a corner lot. The property offers on-street parking and has tenants in place.
Tenants are responsible for their own electric and heat, helping keep operating costs predictable for ownership. The building is served by public water and sewer, and utilizes oil heat. Several units have been updated with remodels completed in 2023 and 2025.
Conveniently located near Rt 422 & Rt 72, the property provides straightforward access to shopping, employment, and commuter routes. Current property management is in place and is open to continuing with a new owner, supporting an investor-friendly, low-hassle transition.
Tenants are responsible for their own electric and heat, helping keep operating costs predictable for ownership. The building is served by public water and sewer, and utilizes oil heat. Several units have been updated with remodels completed in 2023 and 2025.
Conveniently located near Rt 422 & Rt 72, the property provides straightforward access to shopping, employment, and commuter routes. Current property management is in place and is open to continuing with a new owner, supporting an investor-friendly, low-hassle transition.
Key Highlights
- 9 units with all 1‑bed/1‑bath layouts
- Brick apartment building totaling 3,900+/- sq ft
- Corner lot with on‑street parking
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.2k | $16.20 |
| − Vacancy | −$4.3k | −$1.10 |
| EGI | $58.9k | $15.10 |
| − OpEx | −$26.5k | −$6.79 |
| NOI | $32.4k | $8.30 |
3,900 SF · lease $16.20/SF/yr · vacancy 6.80% · expense 45.00%
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
Current Use
Lease Details
9
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
321
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 - Brick 9-unit building with 1-bed/1-bath units, corner-lot setting, and tenants responsible for electric and heat.
Where is this apartment building located?
The property is located at 1001 Chestnut St 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 units with all 1‑bed/1‑bath layouts; Brick apartment building totaling 3,900+/- sq ft; Corner lot with on‑street parking
