123 E WATER Street, Middletown, PA 17057
MULTI_FAMILY - Colonial - MIDDLETOWN, PA
- Added:
- Apr 23, 2026
- Days on Market:
- 75
- Last Refresh:
- Jul 6 at 10:06 pm
Property Features for 123 E WATER Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- 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 agent Heather Mellinger License #RS315276 (717) 371-7616
Listing office Iron Valley Real Estate of Lancaster 1834 Oregon Pike unit: 11, Lancaster, PA (717) 740-2221
Listing date Apr 23, 2026
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.
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.
- First and second‑floor windows have been replaced.
- Each unit has its own outdoor space.
- Property has natural gas hot water.
Overview
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.
Local 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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Middletown
- County
- Dauphin
- State
- Pennsylvania
- Longitude
- -76.72857
- Latitude
- 40.19961
