Duplex with Separate
123 E WATER Street Middletown, PA 17057
For Sale
$186,900
MULTI_FAMILY - Colonial - MIDDLETOWN, PA
Property Size1,460 SF
Lot Size0.08 Acres
Price / SF$128.01
Days on Market97
Property Features for 123 E WATER Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Interior features
Attic, Bathroom - Tub Shower, Entry Level Bedroom, Floor Plan - Traditional, Wood Floors
Appliances
Refrigerator, Stove
Standard status
Active
Size
1,460 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2789
Utilities
Heating system
Radiant
Building Details
Year built
1900
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 740-2221
Listed By:
Heather Mellinger · License #RS315276
(717) 371-7616
Added: Apr 23
Changed: Jul 28
Last Checked: Jul 28 at 7:06PM
MLS# PADA2059144
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 colonial-style duplex offers two separate living units in a straightforward, tenant-ready layout, with an attic area that can be finished for additional space. The home includes a new roof that has already been started/installed, and the windows in the first- and second-floor living areas have been replaced. Each unit is set up with its own separate electric service that includes heat, and both apartments benefit from natural gas hot water. The property also provides outdoor space for residents to sit outside and enjoy the yard area.
The property is located at 123 E WATER Street in Middletown, Pennsylvania (Dauphin County). Additional specifics on frontage, access, or nearby commercial anchors are not provided in the available information.
For buyers or operators, the duplex configuration supports renting the units as-is, with room to personalize improvements based on your preference for interior updates. The seller notes that, as currently set up, the second-floor apartment was receiving $800 per month and the first-floor apartment was receiving $840 per month last year. With separate utilities and independent heating via each unit’s electric service, this layout can be a practical fit for owners seeking a two-tenant setup with clear separation between the apartments.
The property is located at 123 E WATER Street in Middletown, Pennsylvania (Dauphin County). Additional specifics on frontage, access, or nearby commercial anchors are not provided in the available information.
For buyers or operators, the duplex configuration supports renting the units as-is, with room to personalize improvements based on your preference for interior updates. The seller notes that, as currently set up, the second-floor apartment was receiving $800 per month and the first-floor apartment was receiving $840 per month last year. With separate utilities and independent heating via each unit’s electric service, this layout can be a practical fit for owners seeking a two-tenant setup with clear separation between the apartments.
Key Highlights
- New roof already installed.
- Separate electric meters for each unit (includes heat).
- Potential to add a second bedroom to the upstairs apartment by renovating the attic.
Financial Insights For Multifamily LT 5
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 | $20.1k | $13.80 |
| − Vacancy | −$1.5k | −$1.05 |
| EGI | $18.6k | $12.75 |
| − OpEx | −$5.6k | −$3.83 |
| NOI | $13.0k | $8.93 |
1,460 SF · lease $13.80/SF/yr · vacancy 7.60% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$186.2K
$162.9K – $217.2K
NOI $13,032 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$165.9K
$145.2K – $193.6K
NOI $11,613 @ 7.0% cap · market cap 6.21%
Theoretical Best
Specialty Retail
$2.69M
$2.35M – $3.14M
NOI $188,231 @ 7.0% cap · market cap 100.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit colonial duplex with separately metered electric and natural gas hot water, plus outdoor space for both apartments.
Where is this duplex located?
The property is located at 123 E WATER Street Middletown, PA.
What is the asking price?
The asking price for this property is $186,900.
What are key features of this property?
This property features: New roof already installed.; Separate electric meters for each unit (includes heat).; Potential to add a second bedroom to the upstairs apartment by renovating the attic.
