Rehabilitated Duplex with
New
For Sale
$255,000
129 POPLAR STREET, Middletown, PA 17057
Updated two-unit property with a leased-land arrangement, refreshed interiors, and a garage offering additional rental space.
Property Size1,742 SF
Price / SF$146.38
Days on Market3
Property Features for 129 POPLAR STREET
General Information
Standard status
Active
Size
1,742 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty
(717) 534-2442
Listed By:
LISA L GERLACH · License #AB067131
(717) 623-5472
Source:
Cummingsrealtors
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 16 at 2:12PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This duplex contains two residential units within a 1,742-square-foot property originally built in 1900. The building has undergone substantial rehabilitation, including renovated kitchens and bathrooms, new appliances, vinyl plank flooring, carpeting, fresh paint, and electrical updates. A garage provides additional space that can support rental use.
One unit is occupied, while the three-bedroom unit is vacant and available for a new tenant or owner occupancy. The property is in Middletown Borough at 129 Poplar Street, Middletown, PA 17057, and the land is leased.
One unit is occupied, while the three-bedroom unit is vacant and available for a new tenant or owner occupancy. The property is in Middletown Borough at 129 Poplar Street, Middletown, PA 17057, and the land is leased.
Key Highlights
- Two‑unit duplex with 1,742 square feet of property size
- Built in 1900 and substantially rehabilitated
- Three‑bedroom unit is vacant and ready for occupancy
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
$15,549
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
6.10%
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%
$310,980
$311.0K
Cap Rate 7%
$222,129
$222.1K
Cap Rate 9%
$172,767
$172.8K
Market Conditions
NOI Build-Up for 1,742 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
$24.0K $13.80/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$22.2K $12.75/SF
− OpEx
−$6.7K −$3.83/SF
NOI
$15.5K $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%
$310,980
Cap Rate 7%
$222,129
Cap Rate 9%
$172,767
Alternative Uses
Best Use
Multifamily LT 5
$222.1K
$194.4K – $259.2K
NOI $15,549 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$197.9K
$173.2K – $230.9K
NOI $13,856 @ 7.0% cap · market cap 5.43%
Theoretical Best
Specialty Retail
$3.21M
$2.81M – $3.74M
NOI $224,587 @ 7.0% cap · market cap 88.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
563
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit property with a leased-land arrangement, refreshed interiors, and a garage offering additional rental space.
Where is this duplex located?
The property is located at 129 POPLAR STREET Middletown, PA.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,742 square feet of property size; Built in 1900 and substantially rehabilitated; Three‑bedroom unit is vacant and ready for occupancy
