Two-Unit Up-and-Down
For Sale
$189,900
106 Middle Spring Avenue, Shippensburg, PA 17257
Residential income property with separate electric metering, updated roof and windows, and off-street parking near campus amenities.
Property Size1,400 SF
Price / SF$135.64
Days on Market171
Property Features for 106 Middle Spring Avenue
General Information
Standard status
Active
Size
1,400 SF
Total Parking Spaces
6
Property subtype
Multi-Family / Fee Simple
Zoning
RES
Taxes and HOA fees
Annual Taxes
$1,656
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1940
Listing Agency:
Jalex Real Estate Services LLC
(717) 477-9326
Listed By:
Steve L Coover · License #RM422598
(717) 477-9326
Source:
Compass
Added: Mar 15
Changed: Aug 30
Last Checked: Aug 30 at 4:08PM
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 Jalex Real Estate Services LLC
Investment Insights
Based on property information with market context.
This 1,400-square-foot duplex was built in 1940 and is arranged as an up-and-down residential income property. The lower unit offers one or two bedrooms and one full bath, while the upper unit includes one bedroom and one full bath. The roof and windows have been replaced, and electric service is metered separately for each unit.
The property is located across from Shippensburg University and within easy walking distance of Rob Sports Complex. Off-street parking for up to 6 cars is accessed by an alley off Hot Point Road. Both units are occupied under month-to-month leases. The owner pays water, sewer, and trash, and the property is zoned RES.
The property is located across from Shippensburg University and within easy walking distance of Rob Sports Complex. Off-street parking for up to 6 cars is accessed by an alley off Hot Point Road. Both units are occupied under month-to-month leases. The owner pays water, sewer, and trash, and the property is zoned RES.
Key Highlights
- Two‑unit up‑and‑down duplex with 1,400 SF of building area
- Unit A offers 1 or 2 bedrooms and 1 full bath
- Unit 2 includes 1 bedroom and 1 full bath
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
$13,320
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
7.01%
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%
$266,400
$266.4K
Cap Rate 7%
$190,286
$190.3K
Cap Rate 9%
$148,000
$148.0K
Market Conditions
NOI Build-Up for 1,400 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
$20.2K $14.40/SF
− Vacancy
−$1.1K −$0.81/SF
EGI
$19.0K $13.59/SF
− OpEx
−$5.7K −$4.08/SF
NOI
$13.3K $9.51/SF
Area
Cumberland County, PA
Vacancy
5.61%
Lease Rate
$14.40 /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%
$266,400
Cap Rate 7%
$190,286
Cap Rate 9%
$148,000
Alternative Uses
Best Use
Multifamily LT 5
$190.3K
$166.5K – $222.0K
NOI $13,320 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$168.9K
$147.8K – $197.1K
NOI $11,825 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$325.2K
$284.6K – $379.4K
NOI $22,765 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
Explore this area
Business Placement
Demographics for 17257, PA
28,673
Population
11,528
Households
2.5
Avg Household Size
34
Median Age
23%
College-Educated
88%
High-School Grad
115.2 sq mi
ZIP Area
249
Density / Sq Mi
$71,504
Median Household Income
$37,061
Median Earnings
$1,058
Median Rent
$219,200
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?
Duplex - Residential income property with separate electric metering, updated roof and windows, and off-street parking near campus amenities.
Where is this duplex located?
The property is located at 106 Middle Spring Avenue Shippensburg, PA.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑unit up‑and‑down duplex with 1,400 SF of building area; Unit A offers 1 or 2 bedrooms and 1 full bath; Unit 2 includes 1 bedroom and 1 full bath
