Remodeled Duplex with
New
For Sale
$299,000
215-217 Cleveland Avenue, Waynesboro, PA 17268
Two residential units offer equipped kitchens, laundry hookups, central A/C, and shared outdoor space.
Property Size2,408 SF
Price / SF$124.17
Days on Market3
Property Features for 215-217 Cleveland Avenue
General Information
Standard status
Active
Size
2,408 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/1BA
Multifamily Units
2
Parking per Unit
2
Amenities
Equipped Kitchen
Central A/C
Shared Backyard
Garage
Wrap-around Front Porch
Laundry Hookups
Building Details
Year Built
1900
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Antietam Realty
Listed By:
Jo Anna Schneider · License #144927
(717) 765-8011
Source:
Yorkhomes
Added: Sep 15
Last Checked: Sep 16 at 1:44PM
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 Antietam Realty
Investment Insights
Based on property information with market context.
This remodeled duplex was built in 1900 and includes two residential sides with matching layouts. Each unit offers an equipped kitchen, main-floor laundry hookups, a living room, a main-floor bedroom, three second-floor bedrooms, and a full bathroom. Central A/C with heat pump service is provided, and the property includes a shared backyard, wrap-around front porch, and one garage with additional storage.
Each side has two parking spaces, while leases are already in place. The property is located at 215-217 Cleveland Avenue in Waynesboro, PA 17268. Showings require 24 hours’ notice and are limited to qualified buyers.
Each side has two parking spaces, while leases are already in place. The property is located at 215-217 Cleveland Avenue in Waynesboro, PA 17268. Showings require 24 hours’ notice and are limited to qualified buyers.
Key Highlights
- Remodeled duplex with 2 residential sides
- Each side includes an equipped kitchen and main‑floor laundry hookups
- Each unit has 1 main‑floor bedroom and 3 second‑floor bedrooms
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
$23,949
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
8.01%
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%
$478,980
$479.0K
Cap Rate 7%
$342,129
$342.1K
Cap Rate 9%
$266,100
$266.1K
Market Conditions
NOI Build-Up for 2,408 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
$37.0K $15.36/SF
− Vacancy
−$2.8K −$1.15/SF
EGI
$34.2K $14.21/SF
− OpEx
−$10.3K −$4.26/SF
NOI
$23.9K $9.95/SF
Area
Franklin County, PA
Vacancy
7.50%
Lease Rate
$15.36 /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%
$478,980
Cap Rate 7%
$342,129
Cap Rate 9%
$266,100
Alternative Uses
Best Use
Multifamily LT 5
$342.1K
$299.4K – $399.2K
NOI $23,949 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$308.9K
$270.3K – $360.4K
NOI $21,626 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$583.9K
$510.9K – $681.2K
NOI $40,871 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Explore this area
Business Placement
Demographics for 17268, PA
29,587
Population
12,693
Households
2.3
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
77.8 sq mi
ZIP Area
380
Density / Sq Mi
$69,715
Median Household Income
$44,106
Median Earnings
$1,081
Median Rent
$225,900
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 residential units offer equipped kitchens, laundry hookups, central A/C, and shared outdoor space.
Where is this duplex located?
The property is located at 215-217 Cleveland Avenue Waynesboro, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Remodeled duplex with 2 residential sides; Each side includes an equipped kitchen and main‑floor laundry hookups; Each unit has 1 main‑floor bedroom and 3 second‑floor bedrooms
