Two-Unit Duplex with Off-Street
New
For Sale
$245,000
226 S 9TH Street, Lebanon, PA 17042
Multi-Family, LEBANON, PA
Property Size2,220 SF
Lot Size0.15 Acres
Price / SF$110.36
Days on Market2
Property Features for 226 S 9TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Parking features
Parking Lot, Off Street
Elementary school district
LEBANON
Middle school district
LEBANON
High school district
LEBANON
Standard status
Active
Size
2,220 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
1712
Utilities
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1880
Number of units
2
Building materials
Stick Built
Architectural style
Other
Listing Agency:
Suburban Realty
(717) 867-4487
Listed By:
Aaron Donnachie · License #RS335953
(717) 383-6670
Added: Aug 21
Last Checked: Aug 22 at 2:06AM
MLS# PALN2028122
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This stick-built duplex at 226 S 9th Street contains two two-bedroom apartments within 2,220 square feet. The property was built in 1880 and occupies 0.15 acres. Each unit is occupied on a month-to-month basis, with rents reported current. Heating is listed as hot water, and cooling is provided by window units.
The property includes off-street parking and a parking lot at the rear. A sewer line was recently installed, and the rear portion of the roof was replaced within the last 5 years. Located in Lebanon, PA 17042, the building offers an established two-unit residential configuration with separate apartments and on-site parking.
The property includes off-street parking and a parking lot at the rear. A sewer line was recently installed, and the rear portion of the roof was replaced within the last 5 years. Located in Lebanon, PA 17042, the building offers an established two-unit residential configuration with separate apartments and on-site parking.
Key Highlights
- Two two‑bedroom apartments in a single duplex
- 2,220 square feet on a 0.15‑acre lot
- Both units are occupied with month‑to‑month tenancy
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
1,602
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 - Separate two-bedroom apartments and rear parking support a straightforward residential income configuration.
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 two‑bedroom apartments in a single duplex; 2,220 square feet on a 0.15‑acre lot; Both units are occupied with month‑to‑month tenancy
