Three-Unit Colonial
New
For Sale
$249,990
320 SPRING Avenue, Hanover, PA 17331
Multi-Family, HANOVER, PA
Property Size1,853 SF
Lot Size0.13 Acres
Price / SF$134.91
Days on Market1
Property Features for 320 SPRING Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
2
Parking features
Garage - Detached, Off Street, On Street
Elementary school
HANOVER
Middle school
HANOVER
High school
HANOVER
Elementary school district
HANOVER PUBLIC
Middle school district
HANOVER PUBLIC
High school district
HANOVER PUBLIC
Standard status
Active
Size
1,853 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
4052
Utilities
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1940
Number of units
3
Building materials
Aluminum Siding, Vinyl Siding
Architectural style
Colonial
Listing Agency:
Real of Pennsylvania
(717) 344-5577
Listed By:
Dominic Nicholas Mallozzi · License #RS380687
(855) 450-0442
Added: Sep 1
Last Checked: Sep 1 at 6:06PM
MLS# PAYK2111056
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.
Located at 320 Spring Avenue in Hanover, this Colonial-style triplex contains approximately 1,853 square feet across three distinct living spaces. The layout includes one one-bedroom, one-bathroom apartment on the first floor, a second one-bedroom, one-bathroom apartment upstairs, and a finished attic efficiency unit. The property sits on approximately 0.1286 acres and was built in 1940.
A full basement provides storage, while the detached garage adds a separate utility area. Parking is also available off street and on street. Construction includes aluminum and vinyl siding, with hot-water heating and window-unit cooling. The property’s three-unit configuration supports operation as a residential income property or an owner-occupant arrangement with additional units.
A full basement provides storage, while the detached garage adds a separate utility area. Parking is also available off street and on street. Construction includes aluminum and vinyl siding, with hot-water heating and window-unit cooling. The property’s three-unit configuration supports operation as a residential income property or an owner-occupant arrangement with additional units.
Key Highlights
- Three separate residential units, including two one‑bedroom apartments and a finished attic efficiency
- Approximately 1,853 square feet of living space on a 0.1286‑acre lot
- Full basement for additional storage
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 - Built in 1940, the property combines separate living spaces with a full basement and detached garage.
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, including two one‑bedroom apartments and a finished attic efficiency; Approximately 1,853 square feet of living space on a 0.1286‑acre lot; Full basement for additional storage
