Up-Down Duplex Near
New
For Sale
$154,900
106 MIDDLE SPRING Avenue, Shippensburg, PA 17257
MULTI_FAMILY - SHIPPENSBURG, PA
Property Size968 SF
Lot Size0.21 Acres
Price / SF$160.02
Days on Market2
Property Features for 106 MIDDLE SPRING Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
12
Parking features
Parking Lot, Off Street, Driveway
High school
SHIPPENSBURG AREA
Elementary school district
SHIPPENSBURG AREA
Middle school district
SHIPPENSBURG AREA
High school district
SHIPPENSBURG AREA
Standard status
Active
Size
968 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
1655
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1900
Number of units
2
Listing Agency:
Jalex Real Estate Services LLC
(717) 477-9326
Listed By:
Steve L Coover · License #RM422598
(717) 477-9326
Added: Aug 14
Last Checked: Aug 15 at 10:06AM
MLS# PACB2057538
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 two-story duplex at 106 Middle Spring Avenue contains two currently configured one-bedroom apartments, with the main-level unit having previously served as a two-bedroom apartment. The 968-square-foot property was built in 1900 and includes basement space, electric baseboard heat, a driveway, and off-street parking accessed around the corner from Hot Point Avenue. The parcel measures 0.21 acres.
The property sits across from Shippensburg University’s west entrance and is within a five-minute walk of Old Main. Shippensburg town center is approximately one-quarter mile away. Both apartments are occupied under month-to-month leases, and current rental licensing is in place. Tenants pay their own electric service, while the owner pays water, sewer, and trash.
The property sits across from Shippensburg University’s west entrance and is within a five-minute walk of Old Main. Shippensburg town center is approximately one-quarter mile away. Both apartments are occupied under month-to-month leases, and current rental licensing is in place. Tenants pay their own electric service, while the owner pays water, sewer, and trash.
Key Highlights
- Up‑down duplex with two currently configured 1‑bedroom apartments
- 968 square feet on a 0.21‑acre parcel
- Across from Shippensburg University’s west entrance and less than a 5‑minute walk to Old Main
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
$9,210
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
5.95%
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%
$184,200
$184.2K
Cap Rate 7%
$131,571
$131.6K
Cap Rate 9%
$102,333
$102.3K
Market Conditions
NOI Build-Up for 968 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
$13.9K $14.40/SF
− Vacancy
−$782 −$0.81/SF
EGI
$13.2K $13.59/SF
− OpEx
−$3.9K −$4.08/SF
NOI
$9.2K $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%
$184,200
Cap Rate 7%
$131,571
Cap Rate 9%
$102,333
Alternative Uses
Best Use
Multifamily LT 5
$131.6K
$115.1K – $153.5K
NOI $9,210 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$116.8K
$102.2K – $136.3K
NOI $8,176 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$224.9K
$196.8K – $262.3K
NOI $15,740 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two rental apartments with off-street parking near Shippensburg University and the town center.
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 $154,900.
What are key features of this property?
This property features: Up‑down duplex with two currently configured 1‑bedroom apartments; 968 square feet on a 0.21‑acre parcel; Across from Shippensburg University’s west entrance and less than a 5‑minute walk to Old Main
