Remodeled Brick
For Sale
$309,900
928 Lehman Street, Lebanon, PA 17046
Two-unit brick duplex with updated kitchens and baths, private patio, balcony, and mini-split heating and cooling.
Property Size2,470 SF
Price / SF$125.47
Days on Market512
Property Features for 928 Lehman Street
General Information
Standard status
Active
Size
2,470 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,285
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1910
Listing Agency:
Core Partners Realty
Listed By:
John MacDonald · License #RS342306
(717) 495-2443
Source:
Compass
Added: Apr 11, 2025
Changed: Aug 8
Last Checked: Jul 21 at 12:08AM
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 Core Partners Realty
Investment Insights
Based on property information with market context.
This remodeled brick duplex offers two separate units with contemporary interiors. The first-floor unit features a modern 2-bedroom layout with an updated kitchen and bathroom, along with convenient access to the basement and a private rear patio. The second-floor unit provides a spacious 4-bedroom configuration, a well-equipped kitchen, and a balcony for outdoor space.
Both units are equipped with contemporary mini-split systems for heating and cooling. The property is currently generating $36,000 in rental income annually and is offered for sale.
Located at 928 Lehman Street in Lebanon, Pennsylvania, this duplex is configured for straightforward two-family occupancy with dedicated outdoor features on both levels.
Both units are equipped with contemporary mini-split systems for heating and cooling. The property is currently generating $36,000 in rental income annually and is offered for sale.
Located at 928 Lehman Street in Lebanon, Pennsylvania, this duplex is configured for straightforward two-family occupancy with dedicated outdoor features on both levels.
Key Highlights
- Two‑unit brick duplex built in 1910 in Lebanon City (13201), within the Lebanon School District
- First‑floor unit: 2 bedrooms with updated kitchen and bathroom, plus private rear patio
- Second‑floor unit: 4 bedrooms with a well‑equipped kitchen and a balcony
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
$22,071
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
7.12%
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%
$441,420
$441.4K
Cap Rate 7%
$315,300
$315.3K
Cap Rate 9%
$245,233
$245.2K
Market Conditions
NOI Build-Up for 2,470 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
$34.1K $13.80/SF
− Vacancy
−$2.6K −$1.04/SF
EGI
$31.5K $12.77/SF
− OpEx
−$9.5K −$3.83/SF
NOI
$22.1K $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%
$441,420
Cap Rate 7%
$315,300
Cap Rate 9%
$245,233
Alternative Uses
Best Use
Multifamily LT 5
$315.3K
$275.9K – $367.9K
NOI $22,071 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$293.0K
$256.4K – $341.9K
NOI $20,511 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$579.8K
$507.3K – $676.4K
NOI $40,583 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,325
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 - Two-unit brick duplex with updated kitchens and baths, private patio, balcony, and mini-split heating and cooling.
Where is this duplex located?
The property is located at 928 Lehman Street Lebanon, PA.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Two‑unit brick duplex built in 1910 in Lebanon City (13201), within the Lebanon School District; First‑floor unit: 2 bedrooms with updated kitchen and bathroom, plus private rear patio; Second‑floor unit: 4 bedrooms with a well‑equipped kitchen and a balcony
