Occupied Duplex with
For Sale
$215,000
23 West Simpson Street, Mechanicsburg, PA 17055
Two-unit residential property with gas heat, established occupants, and a detached storage building in Mechanicsburg.
Property Size1,468 SF
Price / SF$146.46
Days on Market150
Property Features for 23 West Simpson Street
General Information
Standard status
Active
Size
1,468 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,138
Amenities
Yes
1
No
No Pool
Above Grade
Building Details
Year Built
1900
Listing Agency:
RE/MAX Pathway
(717) 443-2383
Listed By:
Stephen M. Fleming · License #RS359984
(717) 443-2383
Source:
Compass
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 3:48PM
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 Pathway
Investment Insights
Based on property information with market context.
This two-unit residential property offers an occupied duplex configuration with efficient gas heat and a detached storage building. Both units are leased to long-term tenants with renewals extending through 2027, providing established occupancy for the current owner.
The property is located at 23 West Simpson Street in Mechanicsburg, within the Mechanicsburg Boro area. Zoned RESIDENTIAL, the building was constructed in 1900. The separate storage structure may provide an additional rental-income opportunity, subject to applicable terms and approvals.
The property is located at 23 West Simpson Street in Mechanicsburg, within the Mechanicsburg Boro area. Zoned RESIDENTIAL, the building was constructed in 1900. The separate storage structure may provide an additional rental-income opportunity, subject to applicable terms and approvals.
Key Highlights
- Two‑unit duplex with both units occupied
- Long‑term tenants renewed through 2027
- Detached storage building with potential for additional rental income
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
$13,967
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
6.50%
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%
$279,340
$279.3K
Cap Rate 7%
$199,529
$199.5K
Cap Rate 9%
$155,189
$155.2K
Market Conditions
NOI Build-Up for 1,468 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
$21.1K $14.40/SF
− Vacancy
−$1.2K −$0.81/SF
EGI
$20.0K $13.59/SF
− OpEx
−$6.0K −$4.08/SF
NOI
$14.0K $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%
$279,340
Cap Rate 7%
$199,529
Cap Rate 9%
$155,189
Alternative Uses
Best Use
Multifamily LT 5
$199.5K
$174.6K – $232.8K
NOI $13,967 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$177.1K
$155.0K – $206.7K
NOI $12,399 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$341.0K
$298.4K – $397.8K
NOI $23,870 @ 7.0% cap · market cap 11.10%
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
838
Businesses Nearby
Explore this area
Business Placement
Demographics for 17055, PA
40,353
Population
18,994
Households
2.1
Avg Household Size
42
Median Age
47%
College-Educated
97%
High-School Grad
39.2 sq mi
ZIP Area
1,029
Density / Sq Mi
$95,542
Median Household Income
$55,923
Median Earnings
$1,320
Median Rent
$266,400
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-unit residential property with gas heat, established occupants, and a detached storage building in Mechanicsburg.
Where is this duplex located?
The property is located at 23 West Simpson Street Mechanicsburg, PA.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two‑unit duplex with both units occupied; Long‑term tenants renewed through 2027; Detached storage building with potential for additional rental income
