6-Unit Apartment
For Sale
$579,000
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 Market64
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
(570) 951-4299
Listed By:
Robert Merante
Source:
Luxehomesnepa
Added: Jun 28
Changed: Aug 29
Last Checked: Aug 29 at 11:48PM
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 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 = 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
$41,915
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
7.24%
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%
$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
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
$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 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%
$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 9.58%
Second Best
Apartment 5plus
$598.8K
$523.9K – $698.6K
NOI $41,915 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,186 @ 7.0% cap · market cap 21.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $579,000.
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
