Triplex Income
233 East King Street Shippensburg, PA 17257
233 East King Street, Shippensburg, PA, 17257
$220,000
For Sale
$220,000
Triplex on East King Street with two occupied 1BR/1BA units and a detached 3BR/1BA cottage.
Property Size2,262 SF
Price / SF$97.26
Days on Market155
Property Features for 233 East King Street
General Information
- Standard status
- Active
- Size
- 2,262 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1840
Listing agency
Keller Williams of Central PA
(717) 557-4598
Listed by
Sheena J Lansanah · License #RS345439
(717) 557-4598
Source
Compass
Added: Feb 17 Updated: Jul 22 at 6:23PM Checked: Jul 22 at 6:23PM
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 Keller Williams of Central PA
Investment Insights
Based on property information with market context.
This triplex income property includes two 1BR/1BA units and a detached 3BR/1BA cottage. Units 2 and 3 are occupied, while Unit 1 is available as a value-add renovation opportunity.
The property is located on East King Street in Shippensburg, Pennsylvania, within the Shippensburg Area school district.
With three separate residential units on one site, the layout provides straightforward rental configuration for an investor looking for a flexible, multi-unit holding.
The property is located on East King Street in Shippensburg, Pennsylvania, within the Shippensburg Area school district.
With three separate residential units on one site, the layout provides straightforward rental configuration for an investor looking for a flexible, multi-unit holding.
Key Highlights
- Triplex on East King Street in Shippensburg, PA (Cumberland County) with two 1BR/1BA units and a detached 3BR/1BA cottage
- Units 2 and 3 are occupied, providing immediate rental income
- Unit 1 is available as a value‑add renovation opportunity
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.9k | $16.32 |
| − Vacancy | −$2.2k | −$0.96 |
| EGI | $34.7k | $15.36 |
| − OpEx | −$15.6k | −$6.91 |
| NOI | $19.1k | $8.45 |
2,262 SF · lease $16.32/SF/yr · vacancy 5.90% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$307.5K
$269.0K – $358.7K
NOI $21,522 @ 7.0% cap · market cap 9.78%
Second Best
Apartment 5plus
$272.9K
$238.8K – $318.4K
NOI $19,106 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$525.4K
$459.8K – $613.0K
NOI $36,781 @ 7.0% cap · market cap 16.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Triplex - Triplex on East King Street with two occupied 1BR/1BA units and a detached 3BR/1BA cottage.
Where is this triplex located?
The property is located at 233 East King Street Shippensburg, PA.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Triplex on East King Street in Shippensburg, PA (Cumberland County) with two 1BR/1BA units and a detached 3BR/1BA cottage; Units 2 and 3 are occupied, providing immediate rental income; Unit 1 is available as a value‑add renovation opportunity
