Duplex with Off-Street
New
For Sale
$259,900
14 and 14 1/2 RIDGE Avenue, Hanover, PA 17331
Multi-Family, HANOVER, PA
Property Size1,865 SF
Lot Size0.12 Acres
Price / SF$139.36
Days on Market1
Property Features for 14 and 14 1/2 RIDGE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement, Family Room, Dining Room
Parking
6
Parking features
Driveway, Off Street
Interior features
Bathroom - Tub Shower, Ceiling Fan(s), Dining Area, Family Room Off Kitchen, Kitchen - Eat-In, Kitchen - Efficiency, Walk-in Closet(s)
Appliances
WaterHeater, Washer, Dryer, Refrigerator, Stove, Microwave
Elementary school
WASHINGTON
Middle school
HANOVER
High school
HANOVER
Elementary school district
HANOVER PUBLIC
Middle school district
HANOVER PUBLIC
High school district
HANOVER PUBLIC
Standard status
Active
Size
1,865 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
3232
Utilities
Cooling system
Window Unit(s)
Building Details
Year built
1910
Number of units
2
Building materials
Frame
Architectural style
Other
Listing Agency:
RE/MAX Quality Service, Inc. · RE/MAX International
(717) 632-5111
Listed By:
Ellen J Brown · License #RS198499L
(717) 476-2943
Added: Aug 22
Last Checked: Aug 22 at 6:06PM
MLS# PAYK2110416
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 duplex in Hanover, Pennsylvania, offers 1,865 square feet on a 0.1155-acre lot. The 1910 frame property includes a family room, dining room, basement, eat-in kitchen, efficiency kitchen, walk-in closet, and bathroom with tub and shower. Window unit cooling is installed, and the property includes a water heater, washer, dryer, refrigerator, stove, and microwave.
Parking is available through the driveway and additional off-street spaces. Located at 14 and 14 1/2 Ridge Avenue, the property provides a residential income configuration with functional interior spaces and established improvements.
Parking is available through the driveway and additional off-street spaces. Located at 14 and 14 1/2 Ridge Avenue, the property provides a residential income configuration with functional interior spaces and established improvements.
Key Highlights
- Duplex property with 1,865 square feet of building area
- Situated on a 0.1155‑acre lot in Hanover, PA
- Constructed in 1910 with frame construction
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
$18,505
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
7.12%
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%
$370,100
$370.1K
Cap Rate 7%
$264,357
$264.4K
Cap Rate 9%
$205,611
$205.6K
Market Conditions
NOI Build-Up for 1,865 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
$28.0K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.4K $14.17/SF
− OpEx
−$7.9K −$4.25/SF
NOI
$18.5K $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%
$370,100
Cap Rate 7%
$264,357
Cap Rate 9%
$205,611
Alternative Uses
Best Use
Multifamily LT 5
$264.4K
$231.3K – $308.4K
NOI $18,505 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$245.6K
$214.9K – $286.5K
NOI $17,190 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$540.0K
$472.5K – $630.0K
NOI $37,799 @ 7.0% cap · market cap 14.54%
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
754
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 - Residential income property with separate living areas, practical kitchen features, and driveway parking in Hanover.
Where is this duplex located?
The property is located at 14 and 14 1/2 RIDGE Avenue Hanover, PA.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Duplex property with 1,865 square feet of building area; Situated on a 0.1155‑acre lot in Hanover, PA; Constructed in 1910 with frame construction
