Two-Unit Duplex with
New
For Sale
$305,950
25 W PENN Avenue, Cleona, PA 17042
Multi-Family, CLEONA, PA
Property Size2,645 SF
Lot Size0.16 Acres
Price / SF$115.67
Days on Market2
Property Features for 25 W PENN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Dining Room
Parking
2
Parking features
Garage - Detached, Off Street
Interior features
Attic, Bathroom - Tub Shower, Carpet, Ceiling Fan(s), Floor Plan - Traditional, Formal/Separate Dining Room, Kitchen - Eat-In, Pantry, Walk-in Closet(s)
Subdivision
NONE AVAILABLE
Elementary school district
ANNVILLE-CLEONA
Middle school district
ANNVILLE-CLEONA
High school district
ANNVILLE-CLEONA
Standard status
Active
Size
2,645 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
3414
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1900
Number of units
2
Building materials
Aluminum Siding, Brick, Stick Built
Architectural style
Other
Listing Agency:
Iron Valley Real Estate
(717) 769-2986
Listed By:
Kimberly Gassert · License #RS287087
(717) 926-3827
Added: Sep 2
Last Checked: Sep 3 at 7:06AM
MLS# PALN2028368
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 duplex contains two residences, each arranged with two bedrooms, an eat-in kitchen, a formal dining room, and separate access to the basement and attic. The lower levels include washer and dryer connections, while the property is heated by gas forced-air systems. Central air conditioning serves the front residence.
The building includes 2,645 square feet on a 0.16-acre lot at 25 W Penn Avenue in Cleona, Pennsylvania. It sits within the Annville-Cleona School District. Two detached garage spaces accompany the property; one is available for separate use or assignment with the front residence, while the other is currently leased. The front residence is vacant, and the rear residence is occupied.
The building includes 2,645 square feet on a 0.16-acre lot at 25 W Penn Avenue in Cleona, Pennsylvania. It sits within the Annville-Cleona School District. Two detached garage spaces accompany the property; one is available for separate use or assignment with the front residence, while the other is currently leased. The front residence is vacant, and the rear residence is occupied.
Key Highlights
- Two‑unit duplex with 2 bedrooms in each unit
- 2,645 square feet on a 0.16‑acre lot
- Separate basement and attic access for both units
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
$23,634
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
7.72%
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%
$472,680
$472.7K
Cap Rate 7%
$337,629
$337.6K
Cap Rate 9%
$262,600
$262.6K
Market Conditions
NOI Build-Up for 2,645 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
$36.5K $13.80/SF
− Vacancy
−$2.7K −$1.04/SF
EGI
$33.8K $12.77/SF
− OpEx
−$10.1K −$3.83/SF
NOI
$23.6K $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%
$472,680
Cap Rate 7%
$337,629
Cap Rate 9%
$262,600
Alternative Uses
Best Use
Multifamily LT 5
$337.6K
$295.4K – $393.9K
NOI $23,634 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$313.8K
$274.6K – $366.1K
NOI $21,964 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$620.8K
$543.2K – $724.3K
NOI $43,458 @ 7.0% cap · market cap 14.20%
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
210
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 - Each residence includes separate storage access, basement laundry connections, and traditional living spaces.
Where is this duplex located?
The property is located at 25 W PENN Avenue Cleona, PA.
What is the asking price?
The asking price for this property is $305,950.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms in each unit; 2,645 square feet on a 0.16‑acre lot; Separate basement and attic access for both units
