Brick Duplex with
For Sale
$179,999
123 E WATER Street, Middletown, PA 17057
MULTI_FAMILY - Colonial - MIDDLETOWN, PA
Property Size1,460 SF
Lot Size0.08 Acres
Price / SF$123.29
Days on Market122
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
Subdivision
NONE AVAILABLE
High school
MIDDLETOWN AREA HIGH SCHOOL
Elementary school district
MIDDLETOWN AREA
Middle school district
MIDDLETOWN AREA
High school district
MIDDLETOWN AREA
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: Aug 19
Last Checked: Aug 22 at 9:06AM
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 1,460-square-foot duplex was built in 1900 and features a brick Colonial design with two residential units. The property includes an attic, basement, wood floors, traditional floor plans, and tub-and-shower bathroom fixtures. Each unit has separate electric service, including electric heat, while domestic hot water is provided by natural gas. Refrigerators and stoves are included. A newer roof and replaced windows in the first- and second-floor living areas provide established improvements, while the attic offers additional existing space for future planning. Each residence also has outdoor seating space, and parking is available on the street.
The property sits on 0.08 acres at 123 E WATER Street in Middletown, Pennsylvania, within Dauphin County. Its compact residential configuration and separate utility setup support continued two-unit use, subject to the applicable requirements.
The property sits on 0.08 acres at 123 E WATER Street in Middletown, Pennsylvania, within Dauphin County. Its compact residential configuration and separate utility setup support continued two-unit use, subject to the applicable requirements.
Key Highlights
- 1,460‑square‑foot duplex on a 0.08‑acre lot
- Built in 1900 with brick Colonial construction
- Separate electric service for each unit, including heat
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
$13,032
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
7.24%
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%
$260,640
$260.6K
Cap Rate 7%
$186,171
$186.2K
Cap Rate 9%
$144,800
$144.8K
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
$20.1K $13.80/SF
− Vacancy
−$1.5K −$1.05/SF
EGI
$18.6K $12.75/SF
− OpEx
−$5.6K −$3.83/SF
NOI
$13.0K $8.93/SF
Area
Dauphin County, PA
Vacancy
7.60%
Lease Rate
$13.80 /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%
$260,640
Cap Rate 7%
$186,171
Cap Rate 9%
$144,800
Alternative Uses
Best Use
Multifamily LT 5
$186.2K
$162.9K – $217.2K
NOI $13,032 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$165.9K
$145.2K – $193.6K
NOI $11,613 @ 7.0% cap · market cap 6.45%
Theoretical Best
Specialty Retail
$2.69M
$2.35M – $3.14M
NOI $188,231 @ 7.0% cap · market cap 104.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
554
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?
Duplex - Two-unit property with separate electric service, individual outdoor areas, and a traditional Colonial layout.
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 $179,999.
What are key features of this property?
This property features: 1,460‑square‑foot duplex on a 0.08‑acre lot; Built in 1900 with brick Colonial construction; Separate electric service for each unit, including heat
