Two-Unit Duplex With Off-Street
New
For Sale
$245,000
226 S 9TH STREET, Lebanon, PA 17042
Income-producing duplex with separate apartments, off-street parking, and updated gas heating systems.
Property Size2,220 SF
Price / SF$110.36
Days on Market4
Property Features for 226 S 9TH STREET
General Information
Standard status
Active
Size
2,220 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Building Details
Year Built
1880
Listing Agency:
Suburban Realty
(717) 383-6670
Listed By:
Aaron Donnachie · License #RS335953
(717) 383-6670
Source:
Cummingsrealtors
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 4:10AM
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 Suburban Realty
Investment Insights
Based on property information with market context.
This two-unit duplex contains two apartments, each configured with two bedrooms, within a 2,220-square-foot property built in 1880. The building includes off-street parking behind the property, along with two updated gas furnaces serving the apartments. A sewer line has also been replaced, and the rear portion of the roof was replaced within the last 5 years.
Located at 226 S 9TH STREET in Lebanon, PA, the property is occupied by two tenants on month-to-month arrangements. Both tenants are current on rent, providing an existing residential income setup for the next owner.
Located at 226 S 9TH STREET in Lebanon, PA, the property is occupied by two tenants on month-to-month arrangements. Both tenants are current on rent, providing an existing residential income setup for the next owner.
Key Highlights
- Two apartments, each with two bedrooms
- 2,220‑square‑foot duplex built in 1880
- Off‑street parking located behind the property
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
$19,837
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
8.10%
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%
$396,740
$396.7K
Cap Rate 7%
$283,386
$283.4K
Cap Rate 9%
$220,411
$220.4K
Market Conditions
NOI Build-Up for 2,220 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
$30.6K $13.80/SF
− Vacancy
−$2.3K −$1.04/SF
EGI
$28.3K $12.77/SF
− OpEx
−$8.5K −$3.83/SF
NOI
$19.8K $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%
$396,740
Cap Rate 7%
$283,386
Cap Rate 9%
$220,411
Alternative Uses
Best Use
Multifamily LT 5
$283.4K
$248.0K – $330.6K
NOI $19,837 @ 7.0% cap · market cap 8.10%
Second Best
Apartment 5plus
$263.4K
$230.4K – $307.3K
NOI $18,435 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$521.1K
$455.9K – $607.9K
NOI $36,475 @ 7.0% cap · market cap 14.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,654
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 - Income-producing duplex with separate apartments, off-street parking, and updated gas heating systems.
Where is this duplex located?
The property is located at 226 S 9TH STREET Lebanon, PA.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two apartments, each with two bedrooms; 2,220‑square‑foot duplex built in 1880; Off‑street parking located behind the property
