Renovated
For Sale
$450,000
222 State Street, Enola, PA 17025
Fully occupied residential income property with updated systems and flexible month-to-month tenancy.
Property Size1,598 SF
Price / SF$281.60
Days on Market155
Property Features for 222 State Street
General Information
Standard status
Active
Size
1,598 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA, 1 x 1BR/1BA + bonus room/office
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,758
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1950
Year Renovated
2021
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX 1st Advantage
(717) 514-4663
Listed By:
TROY BURKHOLDER · License #RS316462
(717) 514-4663
Source:
Compass
Added: Mar 29
Changed: Aug 29
Last Checked: Aug 29 at 6:46PM
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 RE/MAX 1st Advantage
Investment Insights
Based on property information with market context.
This residential triplex contains three separate units: a two-bedroom, one-bath residence; a one-bedroom, one-bath unit with laundry hookups; and another one-bedroom, one-bath unit with a bonus room or office and laundry hookups. Units 2 and 3 feature renovated kitchens and bathrooms. The property measures 1,598 square feet and was built in 1950.
Major work completed in 2021 included a rubber roof, siding, replacement windows and doors, electrical improvements, and new water supply lines. Each unit has a Lennox gas furnace with central air, and newer water heaters serve the building. All three units are occupied under month-to-month leases at 222 State Street in Enola, within the East Pennsboro Area School District. The property is zoned RESIDENTIAL.
Major work completed in 2021 included a rubber roof, siding, replacement windows and doors, electrical improvements, and new water supply lines. Each unit has a Lennox gas furnace with central air, and newer water heaters serve the building. All three units are occupied under month-to-month leases at 222 State Street in Enola, within the East Pennsboro Area School District. The property is zoned RESIDENTIAL.
Key Highlights
- Three‑unit residential property with 1,598 square feet
- Unit mix includes 2‑bedroom and 1‑bedroom layouts
- Unit 3 includes a bonus room or office; Units 2 and 3 have laundry hookups
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
$15,204
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
3.38%
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%
$304,080
$304.1K
Cap Rate 7%
$217,200
$217.2K
Cap Rate 9%
$168,933
$168.9K
Market Conditions
NOI Build-Up for 1,598 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
$23.0K $14.40/SF
− Vacancy
−$1.3K −$0.81/SF
EGI
$21.7K $13.59/SF
− OpEx
−$6.5K −$4.08/SF
NOI
$15.2K $9.51/SF
Area
Cumberland County, PA
Vacancy
5.61%
Lease Rate
$14.40 /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%
$304,080
Cap Rate 7%
$217,200
Cap Rate 9%
$168,933
Alternative Uses
Best Use
Multifamily LT 5
$217.2K
$190.1K – $253.4K
NOI $15,204 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$192.8K
$168.7K – $225.0K
NOI $13,497 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$371.2K
$324.8K – $433.1K
NOI $25,984 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 17025, PA
17,664
Population
7,661
Households
2.3
Avg Household Size
42
Median Age
37%
College-Educated
94%
High-School Grad
15.0 sq mi
ZIP Area
1,178
Density / Sq Mi
$89,750
Median Household Income
$53,654
Median Earnings
$1,155
Median Rent
$242,000
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 - Fully occupied residential income property with updated systems and flexible month-to-month tenancy.
Where is this triplex located?
The property is located at 222 State Street Enola, PA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit residential property with 1,598 square feet; Unit mix includes 2‑bedroom and 1‑bedroom layouts; Unit 3 includes a bonus room or office; Units 2 and 3 have laundry hookups
