Three-Unit Multifamily
For Sale
$449,000
1801 Church St, Lebanon, PA 17046
Two apartments in the main residence are complemented by a 2022 manufactured home and detached garage.
Property Size4,156 SF
Price / SF$108.04
Days on Market18
Property Features for 1801 Church St
General Information
Standard status
Active
Size
4,156 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,774
Listing Agency:
Keller Williams Keystone Realty
(717) 577-0814
Listed By:
Elisabeth P. Hamberger · License #AB068074
(717) 577-0814
Source:
Exprealty
Added: Aug 4
Changed: Aug 21
Last Checked: Aug 21 at 10:11AM
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.
This multifamily property at 1801 Church St in Lebanon, PA includes three residential units across a main residence and a manufactured home. The primary structure contains two separate apartments, with one on each floor. Each apartment has three bedrooms and one full bathroom. A 2022 manufactured home adds a third residence with three bedrooms and two full bathrooms.
The property occupies a corner lot in a residential setting just outside of town. Separate gas and electric utilities serve each unit, supporting straightforward utility management. A detached garage provides additional storage and parking space, along with potential rental use.
The property occupies a corner lot in a residential setting just outside of town. Separate gas and electric utilities serve each unit, supporting straightforward utility management. A detached garage provides additional storage and parking space, along with potential rental use.
Key Highlights
- Three residential rental units across two structures
- Main residence divided into two apartments, one per floor
- Each main‑house apartment includes 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
Location Intelligence
Trade Area within ½ mile
454
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?
Multifamily property - Two apartments in the main residence are complemented by a 2022 manufactured home and detached garage.
Where is this multifamily property located?
The property is located at 1801 Church St 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 rental units across two structures; Main residence divided into two apartments, one per floor; Each main‑house apartment includes 3 bedrooms and 1 full bathroom
