Two-Unit Colonial
For Sale
$275,000
1228 BROADWAY, Hanover, PA 17331
Multi-Family, HANOVER, PA
Property Size2,674 SF
Lot Size0.31 Acres
Price / SF$102.84
Days on Market92
Property Features for 1228 BROADWAY
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Basement
Parking features
Off Street
Interior features
Bathroom - Tub Shower, Breakfast Area, Carpet, Ceiling Fan(s), Combination Kitchen/Dining, Dining Area, Efficiency, Entry Level Bedroom, Kitchen - Eat-In, Kitchen - Table Space, Pantry, Wood Floors
Appliances
Oven/Range - Electric, Refrigerator, WaterHeater
Subdivision
NONE AVAILABLE
Middle school
HANOVER
High school
HANOVER
Elementary school district
HANOVER PUBLIC
Middle school district
HANOVER PUBLIC
High school district
HANOVER PUBLIC
Standard status
Active
Size
2,674 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
3545
Utilities
Heating system
Baseboard, Hot Water(Heating)
Amenities
off-street parking
laundry hookups
Building Details
Year built
1900
Number of units
2
Building materials
Block, Brick
Architectural style
Colonial
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 235-9050
Listed By:
Selina A Robinson · License #RS280700
(717) 676-0507
Added: May 30
Changed: Aug 26
Last Checked: Aug 29 at 11:06AM
MLS# PAYK2103864
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.
Located at 1228 Broadway in Hanover, this Colonial duplex contains 2,674 square feet across two residential units on a 0.31-acre lot. The brick and concrete block exterior complements a practical configuration for separate occupancy.
The main-level apartment includes 1 bedroom, a living room, full bathroom, eat-in kitchen, and walk-in pantry. A second residence spans the upper two floors and offers 3 bedrooms, a living room, mudroom entry, full bathroom, kitchen and dining area, plus a small office or pantry. Both units provide closet storage, while the basement includes additional storage and laundry hookups. Baseboard and hot-water heating are installed, with off-street parking on site. Shopping, restaurants, everyday amenities, and commuter routes are nearby.
The main-level apartment includes 1 bedroom, a living room, full bathroom, eat-in kitchen, and walk-in pantry. A second residence spans the upper two floors and offers 3 bedrooms, a living room, mudroom entry, full bathroom, kitchen and dining area, plus a small office or pantry. Both units provide closet storage, while the basement includes additional storage and laundry hookups. Baseboard and hot-water heating are installed, with off-street parking on site. Shopping, restaurants, everyday amenities, and commuter routes are nearby.
Key Highlights
- 2,674 square feet on a 0.31‑acre lot
- Two residential units with 1‑bedroom and 3‑bedroom layouts
- Brick and concrete block construction dating to 1900
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
$24,646
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
8.96%
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%
$492,920
$492.9K
Cap Rate 7%
$352,086
$352.1K
Cap Rate 9%
$273,844
$273.8K
Market Conditions
NOI Build-Up for 2,674 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
$47.2K $17.64/SF
− Vacancy
−$2.4K −$0.88/SF
EGI
$44.8K $16.76/SF
− OpEx
−$20.2K −$7.54/SF
NOI
$24.6K $9.22/SF
Area
York County, PA
Vacancy
5.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$492,920
Cap Rate 7%
$352,086
Cap Rate 9%
$273,844
Alternative Uses
Best Use
Multifamily LT 5
$379.0K
$331.7K – $442.2K
NOI $26,533 @ 7.0% cap · market cap 9.65%
Second Best
Apartment 5plus
$352.1K
$308.1K – $410.8K
NOI $24,646 @ 7.0% cap · market cap 8.96%
Theoretical Best
Office A
$774.2K
$677.4K – $903.3K
NOI $54,195 @ 7.0% cap · market cap 19.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
Explore this area
Business Placement
Demographics for 17331, PA
55,458
Population
23,528
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
90%
High-School Grad
74.4 sq mi
ZIP Area
745
Density / Sq Mi
$76,661
Median Household Income
$45,168
Median Earnings
$1,127
Median Rent
$228,700
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 - Brick and block construction with separate residential layouts, basement storage, laundry hookups, and ample off-street parking.
Where is this duplex located?
The property is located at 1228 BROADWAY Hanover, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2,674 square feet on a 0.31‑acre lot; Two residential units with 1‑bedroom and 3‑bedroom layouts; Brick and concrete block construction dating to 1900
