Three-Unit Colonial
For Sale
$237,000
320 SPRING Avenue, Hanover, PA 17331
Multi-Family, HANOVER, PA
Property Size1,853 SF
Lot Size0.13 Acres
Price / SF$127.90
Days on Market47
Property Features for 320 SPRING Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
2
Parking features
Off Street, On Street, Garage - Detached
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
Changed: Sep 25
Last Checked: Oct 17 at 2:06AM
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.
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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 / Yr
$18,386
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
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
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 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 7.76%
Second Best
Apartment 5plus
$244.0K
$213.5K – $284.7K
NOI $17,079 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$536.5K
$469.5K – $625.9K
NOI $37,556 @ 7.0% cap · market cap 15.85%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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 $237,000.
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
