Updated Side-by-Side
New
For Sale
$445,000
206 RIDERS WAY, Lebanon, PA 17042
Two separate residences offer mini-split heating and cooling, individual yards, and off-street parking.
Property Size2,440 SF
Price / SF$182.38
Days on Market6
Property Features for 206 RIDERS WAY
General Information
Standard status
Active
Size
2,440 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 4BR/1BA
Multifamily Units
2
Amenities
mini split systems
off-street parking
yards
Building Details
Year Built
1920
Listing Agency:
Prime Home Real Estate, LLC
(717) 606-7767
Listed By:
Marcus Sensenig · License #RS325520
(717) 606-7767
Source:
Cummingsrealtors
Added: Aug 17
Changed: Aug 22
Last Checked: Aug 22 at 4:11AM
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 Prime Home Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1920, this 2,440-square-foot duplex is configured as two side-by-side residences. The units provide distinct layouts, with one offering three bedrooms and 1.5 baths and the other featuring four bedrooms and one bath. Each side includes a mini-split system for heating and air conditioning, along with its own yard and off-street parking.
Recent property improvements include a newer roof, updated electrical service, and newer plumbing. The duplex is located at 206 Riders Way in Lebanon, Pennsylvania, south of Lebanon City. Both residences are leased, with tenants responsible for utilities.
Recent property improvements include a newer roof, updated electrical service, and newer plumbing. The duplex is located at 206 Riders Way in Lebanon, Pennsylvania, south of Lebanon City. Both residences are leased, with tenants responsible for utilities.
Key Highlights
- 2,440 SF side‑by‑side duplex built in 1920
- Unit mix includes 3 bedrooms and 1.5 baths on one side, plus 4 bedrooms and 1 bath on the other
- Mini‑split heating and A/C systems in both units
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
$21,803
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
4.90%
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%
$436,060
$436.1K
Cap Rate 7%
$311,471
$311.5K
Cap Rate 9%
$242,256
$242.3K
Market Conditions
NOI Build-Up for 2,440 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
$33.7K $13.80/SF
− Vacancy
−$2.5K −$1.04/SF
EGI
$31.1K $12.77/SF
− OpEx
−$9.3K −$3.83/SF
NOI
$21.8K $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%
$436,060
Cap Rate 7%
$311,471
Cap Rate 9%
$242,256
Alternative Uses
Best Use
Multifamily LT 5
$311.5K
$272.5K – $363.4K
NOI $21,803 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$289.5K
$253.3K – $337.7K
NOI $20,262 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$572.7K
$501.1K – $668.2K
NOI $40,090 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 17042, PA
40,618
Population
17,067
Households
2.4
Avg Household Size
43
Median Age
28%
College-Educated
88%
High-School Grad
67.7 sq mi
ZIP Area
600
Density / Sq Mi
$76,399
Median Household Income
$45,429
Median Earnings
$1,096
Median Rent
$222,200
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 - Two separate residences offer mini-split heating and cooling, individual yards, and off-street parking.
Where is this duplex located?
The property is located at 206 RIDERS WAY Lebanon, PA.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 2,440 SF side‑by‑side duplex built in 1920; Unit mix includes 3 bedrooms and 1.5 baths on one side, plus 4 bedrooms and 1 bath on the other; Mini‑split heating and A/C systems in both units
