Three-Unit Property with Detached
For Sale
$449,000
1801 CHURCH STREET, Lebanon, PA 17046
Three residential units include separate gas and electric utilities, with a detached garage on a corner lot.
Property Size4,156 SF
Price / SF$108.04
Days on Market10
Property Features for 1801 CHURCH STREET
General Information
Standard status
Active
Size
4,156 SF
Property subtype
Triplex
Units
Unit Mix
2 x 3BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1903
Listing Agency:
Keller Williams Keystone Realty
(717) 577-0814
Listed By:
Elisabeth P. Hamberger · License #5000790
(717) 577-0814
Source:
Cummingsrealtors
Added: Aug 2
Changed: Aug 11
Last Checked: Aug 11 at 6:46AM
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 Keller Williams Keystone Realty
Investment Insights
Based on property information with market context.
Located at 1801 Church Street in Lebanon, Pennsylvania, this triplex property contains three residential units across a main house and a detached manufactured home. The main residence is divided into two apartments, with one on each floor; both offer three bedrooms and one full bathroom. A 2022 manufactured home adds a third unit with three bedrooms and two full baths.
The property measures 4,156 square feet and was built in 1903. Separate gas and electric utilities serve each residential unit, supporting straightforward utility management. A detached garage adds storage and parking capacity and is identified as an additional rental opportunity. The property occupies a corner lot in a residential setting just outside of town.
The property measures 4,156 square feet and was built in 1903. Separate gas and electric utilities serve each residential unit, supporting straightforward utility management. A detached garage adds storage and parking capacity and is identified as an additional rental opportunity. The property occupies a corner lot in a residential setting just outside of town.
Key Highlights
- Three residential units across a two‑apartment main house and a manufactured home
- 2022 manufactured home with 3 bedrooms and 2 full baths
- Each main‑house apartment offers 3 bedrooms and 1 full bathroom
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
$37,136
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
8.27%
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%
$742,720
$742.7K
Cap Rate 7%
$530,514
$530.5K
Cap Rate 9%
$412,622
$412.6K
Market Conditions
NOI Build-Up for 4,156 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
$57.4K $13.80/SF
− Vacancy
−$4.3K −$1.04/SF
EGI
$53.1K $12.77/SF
− OpEx
−$15.9K −$3.83/SF
NOI
$37.1K $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%
$742,720
Cap Rate 7%
$530,514
Cap Rate 9%
$412,622
Alternative Uses
Best Use
Multifamily LT 5
$530.5K
$464.2K – $618.9K
NOI $37,136 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$493.0K
$431.4K – $575.2K
NOI $34,512 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$975.5K
$853.6K – $1.14M
NOI $68,285 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 17046, PA
31,272
Population
13,570
Households
2.3
Avg Household Size
39
Median Age
12%
College-Educated
84%
High-School Grad
38.9 sq mi
ZIP Area
804
Density / Sq Mi
$59,633
Median Household Income
$37,261
Median Earnings
$1,036
Median Rent
$180,500
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?
Triplex - Three residential units include separate gas and electric utilities, with a detached garage on a corner lot.
Where is this triplex located?
The property is located at 1801 CHURCH STREET Lebanon, PA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three residential units across a two‑apartment main house and a manufactured home; 2022 manufactured home with 3 bedrooms and 2 full baths; Each main‑house apartment offers 3 bedrooms and 1 full bathroom
