Colonial Multifamily
For Sale
$186,900
123 E WATER STREET, Middletown, PA 17057
R-3 zoning, on-street parking, and a Colonial exterior define this residential income property.
Property Size1,460 SF
Price / SF$128.01
Days on Market101
Property Features for 123 E WATER STREET
General Information
Standard status
Active
Size
1,460 SF
Property subtype
Residential Income
Zoning
R-3
Taxes and HOA fees
Annual Taxes
$2,789
Amenities
Electric, Radiant
Partial
Cooktop, Gas Water Heater, Refrigerator
On Street
Colonial
Building Details
Building Size
1,460 SF
Year Built
1900
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 371-7616
Listed By:
Heather Mellinger · License #RS315276
(717) 371-7616
Source:
Evrealestate
Added: May 1
Changed: Aug 8
Last Checked: Aug 9 at 6:54AM
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 Iron Valley Real Estate of Lancaster
Investment Insights
Based on property information with market context.
This multifamily property at 123 E Water Street in Middletown, Pennsylvania, dates to 1900 and presents a Colonial exterior. Interior features include electric and radiant systems, along with a gas water heater, refrigerator, and gas cooktop. The property is designated R-3 and includes on-street parking.
Access is provided from E Main via Spruce Street and E Water Street, with the property positioned on the right side of E Water Street. The recorded property size is 1,460, and the location is within Dauphin County.
Access is provided from E Main via Spruce Street and E Water Street, with the property positioned on the right side of E Water Street. The recorded property size is 1,460, and the location is within Dauphin County.
Key Highlights
- R‑3 zoning
- 1,460 property size
- Built in 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
$11,613
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
6.21%
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%
$232,260
$232.3K
Cap Rate 7%
$165,900
$165.9K
Cap Rate 9%
$129,033
$129.0K
Market Conditions
NOI Build-Up for 1,460 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
$23.0K $15.72/SF
− Vacancy
−$1.8K −$1.26/SF
EGI
$21.1K $14.46/SF
− OpEx
−$9.5K −$6.51/SF
NOI
$11.6K $7.95/SF
Area
Dauphin County, PA
Vacancy
8.00%
Lease Rate
$15.72 /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%
$232,260
Cap Rate 7%
$165,900
Cap Rate 9%
$129,033
Alternative Uses
Best Use
Apartment 5plus
$165.9K
$145.2K – $193.6K
NOI $11,613 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
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
Current Use
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 17057, PA
23,112
Population
10,513
Households
2.2
Avg Household Size
39
Median Age
27%
College-Educated
94%
High-School Grad
31.1 sq mi
ZIP Area
743
Density / Sq Mi
$70,536
Median Household Income
$42,948
Median Earnings
$1,122
Median Rent
$187,300
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?
Multifamily property - R-3 zoning, on-street parking, and a Colonial exterior define this residential income property.
Where is this multifamily property 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: R‑3 zoning; 1,460 property size; Built in 1900
