Waterfront Multifamily with
For Sale
$2,500,000
10463 Jonestown Rd, Annville, PA 17003
Waterfront residential income property with multiple buildings, apartments, and an on-site Air B & B log house.
Property Size17,500 SF
Price / SF$142.86
Days on Market105
Property Features for 10463 Jonestown Rd
General Information
Standard status
Active
Size
17,500 SF
Additional Details
Multifamily Units
17
Amenities
coin operated laundry
workout room
beach access
camping pad
look-out house
private fire pit
parking
outdoor wood furnace
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
TrueVision, REALTORS
Listed By:
DONALD R WALKER Jr. · License #RS323307
(717) 925-9095
Source:
Kandorre
Added: May 26
Changed: Aug 23
Last Checked: Sep 7 at 12:42PM
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 TrueVision, REALTORS
Investment Insights
Based on property information with market context.
This waterfront property on the Swatara Creek includes four buildings totaling 17 apartments, plus an Air B & B log house and a separate elevated lookout house. Amenities on site include a coin-operated laundry and a workout room. Heating is provided by a large outdoor wood furnace serving three buildings with separately controlled zones, along with hot water for tenants during winter via the furnace and electric hot water during summer months.
The Air B & B log house overlooks the creek and is described as not being in a flood zone. The property also features beach access for boating, a camping pad on the creek with water and electric, and private creek access. Additional site features include plenty of parking and storage, as well as an outdoor fire pit area associated with the lookout house.
The main building is a Victorian-style structure known as the “Swatara Creek Inn,” converted into apartments with additional buildings added over time. The lookout house is newly built and over 40 feet high, with electricity, wide steps, and a deck.
The Air B & B log house overlooks the creek and is described as not being in a flood zone. The property also features beach access for boating, a camping pad on the creek with water and electric, and private creek access. Additional site features include plenty of parking and storage, as well as an outdoor fire pit area associated with the lookout house.
The main building is a Victorian-style structure known as the “Swatara Creek Inn,” converted into apartments with additional buildings added over time. The lookout house is newly built and over 40 feet high, with electricity, wide steps, and a deck.
Key Highlights
- Waterfront property on Swatara Creek with 4 buildings and 17 apartments plus an on‑site Air B&B log house
- Air B&B log house overlooks the creek and is stated to be not in a flood zone; rents vary by tourism season and are always full
- Large outdoor wood furnace heats 3 buildings with separately controlled zones; also heats hot water for tenants in winter
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
$145,322
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
5.81%
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%
$2,906,440
$2.9M
Cap Rate 7%
$2,076,029
$2.1M
Cap Rate 9%
$1,614,689
$1.6M
Market Conditions
NOI Build-Up for 17,500 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
$283.5K $16.20/SF
− Vacancy
−$19.3K −$1.10/SF
EGI
$264.2K $15.10/SF
− OpEx
−$118.9K −$6.79/SF
NOI
$145.3K $8.30/SF
Area
Lebanon County, PA
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,906,440
Cap Rate 7%
$2,076,029
Cap Rate 9%
$1,614,689
Alternative Uses
Best Use
Apartment 5plus
$2.08M
$1.82M – $2.42M
NOI $145,322 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.11M
$3.59M – $4.79M
NOI $287,532 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
Explore this area
Business Placement
Demographics for 17003, PA
12,329
Population
4,507
Households
2.7
Avg Household Size
40
Median Age
33%
College-Educated
93%
High-School Grad
42.7 sq mi
ZIP Area
289
Density / Sq Mi
$87,350
Median Household Income
$36,394
Median Earnings
$1,088
Median Rent
$242,200
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?
Apartment building - Waterfront residential income property with multiple buildings, apartments, and an on-site Air B & B log house.
Where is this apartment building located?
The property is located at 10463 Jonestown Rd Annville, PA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Waterfront property on Swatara Creek with 4 buildings and 17 apartments plus an on‑site Air B&B log house; Air B&B log house overlooks the creek and is stated to be not in a flood zone; rents vary by tourism season and are always full; Large outdoor wood furnace heats 3 buildings with separately controlled zones; also heats hot water for tenants in winter
