6-Unit Apartment
For Sale
$497,000
262 Lee Park Avenue, Hanover Township, PA 18706
Mixed-use property with full occupancy, separate utilities, and flexible month-to-month leasing.
Property Size5,600 SF
Days on Market110
Property Features for 262 Lee Park Avenue
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,612
Building Details
Building Size
5,600 SF
Listing Agency:
RPA Real Estate
Listed By:
Robert Merante
(570) 951-4299
Source:
Luxehomesnepa
Added: Jun 28
Changed: Oct 8
Last Checked: Oct 13 at 12:15AM
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 RPA Real Estate
Investment Insights
Based on property information with market context.
Located at 262 Lee Park Avenue in Hanover Township, PA 18706, this six-unit apartment building also carries a mixed-use designation in the property information. All units are occupied, with zero vacancy reported. Utilities are completely separated, providing distinct utility arrangements throughout the property. The current leases are month to month, offering a flexible leasing structure. The roof is only a few years old. This configuration combines six residential units with mixed-use characteristics in a single property.
Key Highlights
- Six‑unit apartment building with mixed‑use characteristics
- Zero vacancy reported across all six units
- Completely separated utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,915
Cap Rate
8.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$838,300
$838.3K
Cap Rate 7%
$598,786
$598.8K
Cap Rate 9%
$465,722
$465.7K
Market Conditions
NOI Build-Up for 5,600 SF
Gross rent
$82.7K $14.76/SF
− Vacancy
−$6.4K −$1.15/SF
EGI
$76.2K $13.61/SF
− OpEx
−$34.3K −$6.12/SF
NOI
$41.9K $7.48/SF
Area
Luzerne County, PA
Vacancy
7.80%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$838,300
Cap Rate 7%
$598,786
Cap Rate 9%
$465,722
Alternative Uses
Best Use
Mixed Use
$792.0K
$693.0K – $924.0K
NOI $55,440 @ 7.0% cap · market cap 11.15%
Second Best
Apartment 5plus
$598.8K
$523.9K – $698.6K
NOI $41,915 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,186 @ 7.0% cap · market cap 24.99%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 18706, PA
16,338
Population
7,675
Households
2.1
Avg Household Size
43
Median Age
20%
College-Educated
91%
High-School Grad
26.3 sq mi
ZIP Area
621
Density / Sq Mi
$57,546
Median Household Income
$38,381
Median Earnings
$883
Median Rent
$121,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use property with full occupancy, separate utilities, and flexible month-to-month leasing.
Where is this apartment building located?
The property is located at 262 Lee Park Avenue Hanover Township, PA.
What is the asking price?
The asking price for this property is $497,000.
What are key features of this property?
This property features: Six‑unit apartment building with mixed‑use characteristics; Zero vacancy reported across all six units; Completely separated utilities
