Triplex with Detached
New
For Sale
$249,990
320 SPRING AVENUE, Hanover, PA 17331
Three-unit property with a finished attic apartment, full basement, and separate garage for parking or storage.
Property Size1,853 SF
Price / SF$134.91
Days on Market4
Property Features for 320 SPRING AVENUE
General Information
Standard status
Active
Size
1,853 SF
Property subtype
Triplex
Units
Unit Mix
2 x 1BR/1BA, 1 x efficiency
Multifamily Units
3
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Real of Pennsylvania
(717) 344-5577
Listed By:
Dominic Nicholas Mallozzi · License #RS380687
(484) 649-8882
Source:
Cummingsrealtors
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 3 at 2:19AM
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 Real of Pennsylvania
Investment Insights
Based on property information with market context.
Located at 320 Spring Avenue in Hanover, PA, this triplex contains approximately 1,853 square feet of living space and was built in 1940. The layout includes two one-bedroom, one-bathroom apartments arranged on the first and second floors, plus a finished attic efficiency apartment. A full basement provides storage, while the detached garage adds on-site parking or additional storage capacity.
The property is positioned near Hanover’s downtown businesses, dining, shopping, healthcare, and recreation. The Eisenhower Drive retail corridor provides access to everyday services, while UPMC Hanover and local employers contribute to the area’s employment base. Codorus State Park and Lake Marburg offer nearby outdoor recreation, and Gettysburg, York, and Westminster, Maryland, provide additional shopping, dining, employment, and entertainment options.
The property is positioned near Hanover’s downtown businesses, dining, shopping, healthcare, and recreation. The Eisenhower Drive retail corridor provides access to everyday services, while UPMC Hanover and local employers contribute to the area’s employment base. Codorus State Park and Lake Marburg offer nearby outdoor recreation, and Gettysburg, York, and Westminster, Maryland, provide additional shopping, dining, employment, and entertainment options.
Key Highlights
- Three separate residential units in a triplex configuration
- Approximately 1,853 square feet of living space
- Unit mix includes two 1‑bedroom, 1‑bathroom apartments and a finished attic efficiency apartment
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
$18,386
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
7.35%
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%
$367,720
$367.7K
Cap Rate 7%
$262,657
$262.7K
Cap Rate 9%
$204,289
$204.3K
Market Conditions
NOI Build-Up for 1,853 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%
$367,720
Cap Rate 7%
$262,657
Cap Rate 9%
$204,289
Alternative Uses
Best Use
Multifamily LT 5
$262.7K
$229.8K – $306.4K
NOI $18,386 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$244.0K
$213.5K – $284.7K
NOI $17,079 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$536.5K
$469.5K – $625.9K
NOI $37,556 @ 7.0% cap · market cap 15.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,143
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?
Triplex - Three-unit property with a finished attic apartment, full basement, and separate garage for parking or storage.
Where is this triplex located?
The property is located at 320 SPRING AVENUE Hanover, PA.
What is the asking price?
The asking price for this property is $249,990.
What are key features of this property?
This property features: Three separate residential units in a triplex configuration; Approximately 1,853 square feet of living space; Unit mix includes two 1‑bedroom, 1‑bathroom apartments and a finished attic efficiency apartment
