Fully Occupied Three-Unit
For Sale
$389,000
146 Pleasant Street, Hanover, PA 17331
Fully occupied residential property with varied unit layouts and dedicated off-street parking.
Property Size3,288 SF
Price / SF$118.31
Days on Market356
Property Features for 146 Pleasant Street
General Information
Standard status
Active
Size
3,288 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Occupancy
100%
Units
Unit Mix
2 x 3BR, 1 x 2BR
Multifamily Units
3
Parking per Unit
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,562
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1900
Listing Agency:
Sites Realty, Inc.
(717) 870-3608
Listed By:
Bradley N Shafer · License #RS336366
(717) 870-3608
Source:
Compass
Added: Sep 10, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:04AM
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 Sites Realty, Inc.
Investment Insights
Based on property information with market context.
This 3,288-square-foot triplex contains three residential units: two three-bedroom apartments and one two-bedroom apartment. The property was built in 1900 and includes functional interiors with natural light. Each unit has one dedicated off-street parking space, while the property is zoned RESIDENTIAL.
The building is located at 146 Pleasant Street in Hanover, Pennsylvania, within walking distance of downtown. Shops, dining, and public transportation are also identified nearby. All three units are currently occupied, providing an established residential rental configuration for an owner seeking a multifamily property with existing tenancy.
The building is located at 146 Pleasant Street in Hanover, Pennsylvania, within walking distance of downtown. Shops, dining, and public transportation are also identified nearby. All three units are currently occupied, providing an established residential rental configuration for an owner seeking a multifamily property with existing tenancy.
Key Highlights
- Three‑unit triplex with two 3‑bedroom units and one 2‑bedroom unit
- 3,288 SF property built in 1900
- All three units are currently occupied
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
$32,625
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
8.39%
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%
$652,500
$652.5K
Cap Rate 7%
$466,071
$466.1K
Cap Rate 9%
$362,500
$362.5K
Market Conditions
NOI Build-Up for 3,288 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
$49.3K $15.00/SF
− Vacancy
−$2.7K −$0.83/SF
EGI
$46.6K $14.17/SF
− OpEx
−$14.0K −$4.25/SF
NOI
$32.6K $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%
$652,500
Cap Rate 7%
$466,071
Cap Rate 9%
$362,500
Alternative Uses
Best Use
Multifamily LT 5
$466.1K
$407.8K – $543.8K
NOI $32,625 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$432.9K
$378.8K – $505.1K
NOI $30,305 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$952.0K
$833.0K – $1.11M
NOI $66,639 @ 7.0% cap · market cap 17.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,215
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?
Triplex - Fully occupied residential property with varied unit layouts and dedicated off-street parking.
Where is this triplex located?
The property is located at 146 Pleasant Street Hanover, PA.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Three‑unit triplex with two 3‑bedroom units and one 2‑bedroom unit; 3,288 SF property built in 1900; All three units are currently occupied
