Side-by-Side Brick
For Sale
$275,000
Pending
311 & 315 FLEMING AVENUE, Hanover, PA 17331
Two residential units offer separate utilities and basement bonus space.
Property Size1,856 SF
Days on Market11
Property Features for 311 & 315 FLEMING AVENUE
General Information
Standard status
Pending
Size
1,856 SF
Property subtype
Duplex
Building Details
Year Built
1960
Listing Agency:
Samson Properties
(717) 465-7076
Listed By:
Neil J. Reichart · License #RS331270
(717) 465-7076
Source:
Cummingsrealtors
Added: Aug 22
Changed: Aug 31
Last Checked: Aug 31 at 3:43PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This brick duplex includes two attached ranch-style residences with matching layouts. Each unit provides two bedrooms, one bathroom, and a full basement with an additional bonus room. Utility systems are separately metered, and tenants are responsible for their own utility costs.
Built in 1960, the property is located at 311 & 315 Fleming Ave in Hanover, Pennsylvania. Shopping, schools, and restaurants are situated nearby, providing convenient access to everyday services and local amenities.
Built in 1960, the property is located at 311 & 315 Fleming Ave in Hanover, Pennsylvania. Shopping, schools, and restaurants are situated nearby, providing convenient access to everyday services and local amenities.
Key Highlights
- Two side‑by‑side residential units
- Each unit has 2 bedrooms and 1 bath
- Full basement with a bonus room in each unit
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
$18,416
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
6.70%
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%
$368,320
$368.3K
Cap Rate 7%
$263,086
$263.1K
Cap Rate 9%
$204,622
$204.6K
Market Conditions
NOI Build-Up for 1,856 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
$27.8K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.3K $14.17/SF
− OpEx
−$7.9K −$4.25/SF
NOI
$18.4K $9.92/SF
Area
York County, PA
Vacancy
5.50%
Lease Rate
$15.00 /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%
$368,320
Cap Rate 7%
$263,086
Cap Rate 9%
$204,622
Alternative Uses
Best Use
Multifamily LT 5
$263.1K
$230.2K – $306.9K
NOI $18,416 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$244.4K
$213.8K – $285.1K
NOI $17,107 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$537.4K
$470.2K – $626.9K
NOI $37,616 @ 7.0% cap · market cap 13.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 17331, PA
55,458
Population
23,528
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
90%
High-School Grad
74.4 sq mi
ZIP Area
745
Density / Sq Mi
$76,661
Median Household Income
$45,168
Median Earnings
$1,127
Median Rent
$228,700
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 residential units offer separate utilities and basement bonus space.
Where is this duplex located?
The property is located at 311 & 315 FLEMING AVENUE Hanover, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two side‑by‑side residential units; Each unit has 2 bedrooms and 1 bath; Full basement with a bonus room in each unit
