2-Unit Duplex with
New
For Sale
$319,000
123 W MAIN ST, Hershey, PA 17033
Vacant residential property with separate kitchens, on-site parking options, and flexibility for rental or single-family use.
Property Size1,594 SF
Lot Size0.16 Acres
Price / SF$200.13
Days on Market7
Property Features for 123 W MAIN ST
General Information
Standard status
Active
Size
1,594 SF
Lot size
0.16 Acres
Property subtype
Multi-family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Listing Agency:
Kingsway Realty - Ephrata
(717) 606-2226
Listed By:
Curvin Horning · License #RS298095
(717) 606-2226
Source:
360
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 31 at 4:58PM
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 Kingsway Realty - Ephrata
Investment Insights
Based on property information with market context.
This 1,594-square-foot duplex contains two residential units, each arranged with 2 bedrooms, 1 bath, and its own kitchen. The property has four total bedrooms, and both units are currently vacant. Residential zoning or classification supports continued rental use or possible conversion to a single-family home.
The property occupies a .16-acre lot at 123 W MAIN ST in Hershey, Pennsylvania. Parking is available both on the street and off street. Its setting is near downtown Hershey, shopping, dining, and major commuter routes.
The property occupies a .16-acre lot at 123 W MAIN ST in Hershey, Pennsylvania. Parking is available both on the street and off street. Its setting is near downtown Hershey, shopping, dining, and major commuter routes.
Key Highlights
- Two‑unit duplex with two 2‑bedroom, 1‑bath residences
- 1,594 square feet on a .16‑acre lot
- Four total bedrooms and two kitchens
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
$14,228
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
4.46%
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%
$284,560
$284.6K
Cap Rate 7%
$203,257
$203.3K
Cap Rate 9%
$158,089
$158.1K
Market Conditions
NOI Build-Up for 1,594 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
$22.0K $13.80/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$20.3K $12.75/SF
− OpEx
−$6.1K −$3.83/SF
NOI
$14.2K $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%
$284,560
Cap Rate 7%
$203,257
Cap Rate 9%
$158,089
Alternative Uses
Best Use
Multifamily LT 5
$203.3K
$177.9K – $237.1K
NOI $14,228 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$181.1K
$158.5K – $211.3K
NOI $12,679 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$2.94M
$2.57M – $3.43M
NOI $205,506 @ 7.0% cap · market cap 64.42%
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
87
Businesses Nearby
Explore this area
Business Placement
Demographics for 17033, PA
16,414
Population
6,733
Households
2.4
Avg Household Size
40
Median Age
46%
College-Educated
90%
High-School Grad
27.4 sq mi
ZIP Area
599
Density / Sq Mi
$75,093
Median Household Income
$49,389
Median Earnings
$1,311
Median Rent
$340,900
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 - Vacant residential property with separate kitchens, on-site parking options, and flexibility for rental or single-family use.
Where is this duplex located?
The property is located at 123 W MAIN ST Hershey, PA.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Two‑unit duplex with two 2‑bedroom, 1‑bath residences; 1,594 square feet on a .16‑acre lot; Four total bedrooms and two kitchens
