Detached Three-Unit
For Sale
$425,000
234 S 22ND ST, Lebanon, PA 17042
Multifamily property with varied unit layouts and an oversized garage.
Property Size4,000 SF
Price / SF$106.25
Days on Market10
Property Features for 234 S 22ND ST
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 3BR, 2 x 2BR/1.5BA
Multifamily Units
3
Building Details
Buildings
1
Listing Agency:
Reich Realty
Listed By:
Thomas Deck
(717) 273-8861
Source:
Imanirealtors
Added: Sep 6
Changed: Sep 8
Last Checked: Sep 14 at 11:58AM
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 Reich Realty
Investment Insights
Based on property information with market context.
This detached multifamily property contains three residential units within approximately 4,000 square feet. The first unit offers three bedrooms, a 20-by-30-foot addition, and an oversized garage accommodating more than two cars. The second and third units each provide two bedrooms and one and a half baths.
Located at 234 S 22ND ST in Lebanon, Pennsylvania, the property combines separate unit layouts with substantial on-site garage space. Its three-unit configuration provides a clear multifamily format in a detached building.
Located at 234 S 22ND ST in Lebanon, Pennsylvania, the property combines separate unit layouts with substantial on-site garage space. Its three-unit configuration provides a clear multifamily format in a detached building.
Key Highlights
- Three‑unit detached multifamily property
- Approximately 4,000 square feet
- Unit 1 includes 3 bedrooms and a 20 x 30 addition
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
$35,742
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
8.41%
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%
$714,840
$714.8K
Cap Rate 7%
$510,600
$510.6K
Cap Rate 9%
$397,133
$397.1K
Market Conditions
NOI Build-Up for 4,000 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
$55.2K $13.80/SF
− Vacancy
−$4.1K −$1.04/SF
EGI
$51.1K $12.77/SF
− OpEx
−$15.3K −$3.83/SF
NOI
$35.7K $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%
$714,840
Cap Rate 7%
$510,600
Cap Rate 9%
$397,133
Alternative Uses
Best Use
Multifamily LT 5
$510.6K
$446.8K – $595.7K
NOI $35,742 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$474.5K
$415.2K – $553.6K
NOI $33,216 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$938.9K
$821.5K – $1.10M
NOI $65,722 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 17042, PA
40,618
Population
17,067
Households
2.4
Avg Household Size
43
Median Age
28%
College-Educated
88%
High-School Grad
67.7 sq mi
ZIP Area
600
Density / Sq Mi
$76,399
Median Household Income
$45,429
Median Earnings
$1,096
Median Rent
$222,200
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?
Triplex - Multifamily property with varied unit layouts and an oversized garage.
Where is this triplex located?
The property is located at 234 S 22ND ST Lebanon, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three‑unit detached multifamily property; Approximately 4,000 square feet; Unit 1 includes 3 bedrooms and a 20 x 30 addition
