Two-Unit Duplex with Full
For Sale
$175,000
1232 WILLOW STREET, Lebanon, PA 17046
Semi-detached rental property includes off-street parking and additional lower-level space.
Property Size1,252 SF
Price / SF$139.78
Days on Market11
Property Features for 1232 WILLOW STREET
General Information
Standard status
Active
Size
1,252 SF
Property subtype
Duplex
Building Details
Year Built
1950
Listing Agency:
Peak Asset Realty
(717) 587-2424
Listed By:
Sheldon Zimmerman · License #RS300848
(717) 587-2424
Source:
Cummingsrealtors
Added: Aug 12
Changed: Aug 22
Last Checked: Aug 22 at 4:45AM
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 Peak Asset Realty
Investment Insights
Based on property information with market context.
This two-unit duplex is configured as a semi-detached residential property at 1232 Willow Street in Lebanon, Pennsylvania. Built in 1950, the property contains 1,252 square feet and includes a full basement that provides additional storage space or an area for future renovation. The compact 0.06-acre lot is designed for manageable upkeep, while the traditional residential character complements the existing duplex configuration.
Off-street parking accommodates two vehicles, with additional on-street parking available. The property is located in Lebanon, PA 17046, providing a residential setting for the two-unit layout. Its basement, parking, lot size, and established construction are the primary physical features supporting continued residential use and future improvement planning.
Off-street parking accommodates two vehicles, with additional on-street parking available. The property is located in Lebanon, PA 17046, providing a residential setting for the two-unit layout. Its basement, parking, lot size, and established construction are the primary physical features supporting continued residential use and future improvement planning.
Key Highlights
- Two‑unit semi‑detached duplex
- Full basement for storage or future renovation
- 1,252 square feet on a 0.06‑acre lot
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
$11,187
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
6.39%
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%
$223,740
$223.7K
Cap Rate 7%
$159,814
$159.8K
Cap Rate 9%
$124,300
$124.3K
Market Conditions
NOI Build-Up for 1,252 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
$17.3K $13.80/SF
− Vacancy
−$1.3K −$1.04/SF
EGI
$16.0K $12.77/SF
− OpEx
−$4.8K −$3.83/SF
NOI
$11.2K $8.94/SF
Area
Lebanon County, PA
Vacancy
7.50%
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%
$223,740
Cap Rate 7%
$159,814
Cap Rate 9%
$124,300
Alternative Uses
Best Use
Multifamily LT 5
$159.8K
$139.8K – $186.5K
NOI $11,187 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$148.5K
$130.0K – $173.3K
NOI $10,397 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$293.9K
$257.1K – $342.9K
NOI $20,571 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Explore this area
Business Placement
Demographics for 17046, PA
31,272
Population
13,570
Households
2.3
Avg Household Size
39
Median Age
12%
College-Educated
84%
High-School Grad
38.9 sq mi
ZIP Area
804
Density / Sq Mi
$59,633
Median Household Income
$37,261
Median Earnings
$1,036
Median Rent
$180,500
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 - Semi-detached rental property includes off-street parking and additional lower-level space.
Where is this duplex located?
The property is located at 1232 WILLOW STREET Lebanon, PA.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two‑unit semi‑detached duplex; Full basement for storage or future renovation; 1,252 square feet on a 0.06‑acre lot
