3-Unit Brick
For Sale
$314,900
36 N RAILROAD Street, Annville, PA 17003
Multi-Family, ANNVILLE, PA
Property Size2,627 SF
Lot Size0.18 Acres
Price / SF$119.87
Days on Market139
Property Features for 36 N RAILROAD Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
4
Parking features
Garage - Detached
Elementary school district
ANNVILLE-CLEONA
Middle school district
ANNVILLE-CLEONA
High school district
ANNVILLE-CLEONA
Standard status
Active
Size
2,627 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
4327
Utilities
Heating system
Forced Air
Building Details
Year built
1920
Number of units
3
Building materials
Brick
Architectural style
Other
Listing Agency:
NextHome Capital Realty
(717) 409-6500
Listed By:
Thomas Ryan Bechtold · License #rs345409
(717) 383-3755
Added: May 8
Changed: Aug 19
Last Checked: Sep 23 at 5:06PM
MLS# PALN2025878
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.
This brick triplex contains three occupied units within a 2,627-square-foot property built in 1920. Forced-air heating serves the building, and a detached garage provides on-site parking with the possibility of separate rental use.
The property occupies 0.18 acres at 36 N Railroad Street in Annville, Pennsylvania, within Lebanon County. Its existing three-unit configuration and current occupancy provide a straightforward multifamily format, while the garage adds a separate improvement to the site.
The property occupies 0.18 acres at 36 N Railroad Street in Annville, Pennsylvania, within Lebanon County. Its existing three-unit configuration and current occupancy provide a straightforward multifamily format, while the garage adds a separate improvement to the site.
Key Highlights
- Three occupied units in a triplex configuration
- 2,627 square feet of property size
- Brick construction dating to 1920
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
$23,474
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
7.45%
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%
$469,480
$469.5K
Cap Rate 7%
$335,343
$335.3K
Cap Rate 9%
$260,822
$260.8K
Market Conditions
NOI Build-Up for 2,627 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
$36.3K $13.80/SF
− Vacancy
−$2.7K −$1.04/SF
EGI
$33.5K $12.77/SF
− OpEx
−$10.1K −$3.83/SF
NOI
$23.5K $8.94/SF
Area
Lebanon County, PA
Vacancy
7.50%
Lease Rate
$13.80 /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%
$469,480
Cap Rate 7%
$335,343
Cap Rate 9%
$260,822
Alternative Uses
Best Use
Multifamily LT 5
$335.3K
$293.4K – $391.2K
NOI $23,474 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$311.6K
$272.7K – $363.6K
NOI $21,815 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$616.6K
$539.5K – $719.4K
NOI $43,163 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
Explore this area
Business Placement
Demographics for 17003, PA
12,329
Population
4,507
Households
2.7
Avg Household Size
40
Median Age
33%
College-Educated
93%
High-School Grad
42.7 sq mi
ZIP Area
289
Density / Sq Mi
$87,350
Median Household Income
$36,394
Median Earnings
$1,088
Median Rent
$242,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Occupied multifamily property with a detached garage and forced-air heating.
Where is this triplex located?
The property is located at 36 N RAILROAD Street Annville, PA.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: Three occupied units in a triplex configuration; 2,627 square feet of property size; Brick construction dating to 1920
