Brick Quadplex With
For Sale
$440,000
132 S HANOVER Street, Carlisle, PA 17013
Multi-Family, CARLISLE, PA
Property Size2,800 SF
Lot Size0.11 Acres
Price / SF$157.14
Days on Market93
Property Features for 132 S HANOVER Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking
11
Parking features
Parking Lot, Off Street
High school
CARLISLE AREA
Elementary school district
CARLISLE AREA
Middle school district
CARLISLE AREA
High school district
CARLISLE AREA
Standard status
Active
Size
2,800 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
5569
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1776
Number of units
4
Building materials
Brick, Stone
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 245-2100
Listed By:
HEATHER ANN NEIDLINGER · License #AB066821
(717) 226-2875
Added: Jun 11
Changed: Sep 6
Last Checked: Sep 11 at 10:06PM
MLS# PACB2055116
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,800-square-foot quadplex contains four occupied apartments in a brick and stone building. The unit mix includes two one-bedroom, one-bath apartments and two two-bedroom, one-bath apartments. Baseboard and electric heating serve the property, which was built in 1776.
The 0.11-acre parcel includes 11 off-street parking spaces, with several spaces leased separately and three currently vacant. The property is located at 132 S HANOVER Street in Carlisle, Pennsylvania, near shopping, dining, entertainment, and commuter routes.
The combination of four residential units, additional parking, and durable masonry construction provides a straightforward multifamily configuration with supplemental parking income potential.
The 0.11-acre parcel includes 11 off-street parking spaces, with several spaces leased separately and three currently vacant. The property is located at 132 S HANOVER Street in Carlisle, Pennsylvania, near shopping, dining, entertainment, and commuter routes.
The combination of four residential units, additional parking, and durable masonry construction provides a straightforward multifamily configuration with supplemental parking income potential.
Key Highlights
- Four occupied residential units with a 1‑bedroom, 1‑bath and 2‑bedroom, 1‑bath unit mix
- 2,800 square feet of building area on a 0.11‑acre lot
- 11 off‑street parking spaces, including three currently vacant spaces
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
$26,641
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
6.05%
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%
$532,820
$532.8K
Cap Rate 7%
$380,586
$380.6K
Cap Rate 9%
$296,011
$296.0K
Market Conditions
NOI Build-Up for 2,800 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
$40.3K $14.40/SF
− Vacancy
−$2.3K −$0.81/SF
EGI
$38.1K $13.59/SF
− OpEx
−$11.4K −$4.08/SF
NOI
$26.6K $9.51/SF
Area
Cumberland County, PA
Vacancy
5.61%
Lease Rate
$14.40 /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%
$532,820
Cap Rate 7%
$380,586
Cap Rate 9%
$296,011
Alternative Uses
Best Use
Multifamily LT 5
$380.6K
$333.0K – $444.0K
NOI $26,641 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$337.9K
$295.6K – $394.2K
NOI $23,650 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$650.4K
$569.1K – $758.8K
NOI $45,529 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,482
Businesses Nearby
Explore this area
Business Placement
Demographics for 17013, PA
36,578
Population
16,065
Households
2.3
Avg Household Size
39
Median Age
34%
College-Educated
93%
High-School Grad
39.2 sq mi
ZIP Area
933
Density / Sq Mi
$68,150
Median Household Income
$36,336
Median Earnings
$1,018
Median Rent
$221,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four occupied apartments with off-street parking and electric baseboard heat.
Where is this quadplex located?
The property is located at 132 S HANOVER Street Carlisle, PA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Four occupied residential units with a 1‑bedroom, 1‑bath and 2‑bedroom, 1‑bath unit mix; 2,800 square feet of building area on a 0.11‑acre lot; 11 off‑street parking spaces, including three currently vacant spaces
