Two-Unit Duplex
For Sale
$259,900
14 and 14 1/2 RIDGE AVENUE, Hanover, PA 17331
Two-unit residential configuration with established building character and separate living accommodations.
Property Size1,865 SF
Price / SF$139.36
Days on Market20
Property Features for 14 and 14 1/2 RIDGE AVENUE
General Information
Standard status
Active
Size
1,865 SF
Property subtype
Duplex
Building Details
Year Built
1910
Listing Agency:
RE/MAX Quality Service, Inc.
(717) 476-2943
Listed By:
Ellen J Brown · License #RS198499L
(717) 476-2943
Source:
Cummingsrealtors
Added: Aug 13
Changed: Aug 31
Last Checked: Aug 30 at 4:59PM
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 RE/MAX Quality Service, Inc.
Investment Insights
Based on property information with market context.
This duplex property contains 1,865 square feet across its two-unit configuration, providing separate residential accommodations within one building. Constructed in 1910, the property offers an established residential structure suited to buyers seeking a small multifamily asset.
The property is located at 14 and 14 1/2 Ridge Avenue in Hanover, Pennsylvania 17331.
The property is located at 14 and 14 1/2 Ridge Avenue in Hanover, Pennsylvania 17331.
Key Highlights
- Duplex with two residential units
- 1,865 square feet of building area
- Constructed in 1910
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential configuration with established building character and separate living accommodations.
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 with two residential units; 1,865 square feet of building area; Constructed in 1910
