Two-Unit Duplex with
For Sale
$240,000
361-363 Black Rock Road, Hanover, PA 17331
Both residences have month-to-month tenants, with shared outdoor space and storage in a detached two-unit shed.
Property Size1,736 SF
Price / SF$138.25
Days on Market116
Property Features for 361-363 Black Rock Road
General Information
Standard status
Active
Size
1,736 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Occupancy
100%
Net Operating Income
$15,843
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,457
Amenities
parking area
backyard
shed
No
Accessible Switches/Outlets, Kitchen Mod
No Pool
Balcony, Patio(s), Porch(es)
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
RE/MAX Patriots
(717) 577-5660
Listed By:
Ruby A Darr · License #AB061591L
(717) 577-5660
Source:
Compass
Added: May 8
Changed: Aug 30
Last Checked: Aug 30 at 6:06PM
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 RE/MAX Patriots
Investment Insights
Based on property information with market context.
This residential duplex contains two occupied units totaling 1,736 square feet. Each residence includes a kitchen, while exterior features include a balcony, patios, and porches. A detached two-unit shed provides tenant storage, and the property also includes a spacious parking area and backyard.
Both units are leased to long-term, month-to-month tenants. The property is zoned RESIDENTIAL and was built in 1900. It is located on Black Rock Road in Hanover, within Penn Township and the Southwestern Schools district. Floor plans with room dimensions are available in the property photos.
Both units are leased to long-term, month-to-month tenants. The property is zoned RESIDENTIAL and was built in 1900. It is located on Black Rock Road in Hanover, within Penn Township and the Southwestern Schools district. Floor plans with room dimensions are available in the property photos.
Key Highlights
- Two‑unit duplex totaling 1,736 square feet
- Both units occupied by long‑term, month‑to‑month tenants
- Detached two‑unit shed for tenant 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
$17,225
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
7.18%
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%
$344,500
$344.5K
Cap Rate 7%
$246,071
$246.1K
Cap Rate 9%
$191,389
$191.4K
Market Conditions
NOI Build-Up for 1,736 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
$26.0K $15.00/SF
− Vacancy
−$1.4K −$0.83/SF
EGI
$24.6K $14.17/SF
− OpEx
−$7.4K −$4.25/SF
NOI
$17.2K $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%
$344,500
Cap Rate 7%
$246,071
Cap Rate 9%
$191,389
Alternative Uses
Best Use
Multifamily LT 5
$246.1K
$215.3K – $287.1K
NOI $17,225 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$228.6K
$200.0K – $266.7K
NOI $16,001 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$502.6K
$439.8K – $586.4K
NOI $35,184 @ 7.0% cap · market cap 14.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
154
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have month-to-month tenants, with shared outdoor space and storage in a detached two-unit shed.
Where is this duplex located?
The property is located at 361-363 Black Rock Road Hanover, PA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,736 square feet; Both units occupied by long‑term, month‑to‑month tenants; Detached two‑unit shed for tenant storage
