Two-Unit Duplex with
For Sale
$219,500
402 BROADWAY, Hanover, PA 17331
Separate utilities and rear parking support flexible duplex operations.
Property Size1,964 SF
Price / SF$111.76
Days on Market52
Property Features for 402 BROADWAY
General Information
Standard status
Active
Size
1,964 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
rear parking
laundry closet
washer/dryer hookup
Listing Agency:
Coldwell Banker Realty
(717) 476-1671
Listed By:
Stacey R White
(717) 476-1671
Source:
Towncentermd
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 25 at 10:00AM
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.
Located at 402 Broadway in Hanover, Pennsylvania, this 1,964-square-foot duplex contains two separate residential units. The first-floor residence has three bedrooms, one full bathroom, a living room, kitchen, and laundry closet beside the kitchen. A tenant currently occupies this unit. The second-floor residence includes two bedrooms, one full bathroom, a living room, and an updated kitchen; it is vacant and available for occupancy.
Each unit has separate utilities, and the tenant pays all utilities. Washer and dryer hookups are provided. Property improvements include new windows and a newer 90% efficient furnace, while rear parking adds on-site convenience.
Each unit has separate utilities, and the tenant pays all utilities. Washer and dryer hookups are provided. Property improvements include new windows and a newer 90% efficient furnace, while rear parking adds on-site convenience.
Key Highlights
- Two‑unit duplex totaling 1,964 square feet
- First‑floor 3‑bedroom, 1‑bath unit is tenant‑occupied
- Vacant second‑floor unit offers 2 bedrooms, 1 full bath, and an updated kitchen
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
$19,488
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
8.88%
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%
$389,760
$389.8K
Cap Rate 7%
$278,400
$278.4K
Cap Rate 9%
$216,533
$216.5K
Market Conditions
NOI Build-Up for 1,964 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
$29.5K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$27.8K $14.17/SF
− OpEx
−$8.4K −$4.25/SF
NOI
$19.5K $9.92/SF
Area
York County, PA
Vacancy
5.50%
Lease Rate
$15.00 /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%
$389,760
Cap Rate 7%
$278,400
Cap Rate 9%
$216,533
Alternative Uses
Best Use
Multifamily LT 5
$278.4K
$243.6K – $324.8K
NOI $19,488 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$258.6K
$226.3K – $301.7K
NOI $18,102 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$568.6K
$497.6K – $663.4K
NOI $39,805 @ 7.0% cap · market cap 18.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,515
Businesses Nearby
Explore this area
Business Placement
Demographics for 17331, PA
55,458
Population
23,528
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
90%
High-School Grad
74.4 sq mi
ZIP Area
745
Density / Sq Mi
$76,661
Median Household Income
$45,168
Median Earnings
$1,127
Median Rent
$228,700
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 - Separate utilities and rear parking support flexible duplex operations.
Where is this duplex located?
The property is located at 402 BROADWAY Hanover, PA.
What is the asking price?
The asking price for this property is $219,500.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,964 square feet; First‑floor 3‑bedroom, 1‑bath unit is tenant‑occupied; Vacant second‑floor unit offers 2 bedrooms, 1 full bath, and an updated kitchen
