5-Unit Brick Apartment
For Sale
$515,000
400 N 9TH STREET, Lebanon, PA 17046
Fully occupied brick property with separate electric service for each apartment and public water and sewer.
Property Size3,919 SF
Price / SF$131.41
Days on Market8
Property Features for 400 N 9TH STREET
General Information
Standard status
Active
Size
3,919 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1945
Buildings
1
Construction
brick
Listing Agency:
Real of Pennsylvania
(717) 454-2303
Listed By:
Michael Orta · License #RS343958
(717) 454-2303
Source:
Cummingsrealtors
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 11 at 6:17AM
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.
This 3,919-square-foot brick apartment building, constructed in 1945, contains five one-bedroom, one-bath apartments. The property is fully occupied and provides a consistent residential configuration across all units. Each apartment has separate electric service, electric baseboard heat, and its own electric water heater.
Public water and sewer serve the building. The roof has received updates during the current ownership period, adding to the documented improvements. Located at 400 N 9th Street in Lebanon, Pennsylvania, the property combines a five-unit layout with established building systems and an existing occupied resident base.
Public water and sewer serve the building. The roof has received updates during the current ownership period, adding to the documented improvements. Located at 400 N 9th Street in Lebanon, Pennsylvania, the property combines a five-unit layout with established building systems and an existing occupied resident base.
Key Highlights
- Five 1‑bedroom, 1‑bath apartments in a 5‑unit building
- 3,919 square feet on a 1945‑built property
- Fully occupied multifamily asset
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
$32,544
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
6.32%
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%
$650,880
$650.9K
Cap Rate 7%
$464,914
$464.9K
Cap Rate 9%
$361,600
$361.6K
Market Conditions
NOI Build-Up for 3,919 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
$63.5K $16.20/SF
− Vacancy
−$4.3K −$1.10/SF
EGI
$59.2K $15.10/SF
− OpEx
−$26.6K −$6.79/SF
NOI
$32.5K $8.30/SF
Area
Lebanon County, PA
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$650,880
Cap Rate 7%
$464,914
Cap Rate 9%
$361,600
Alternative Uses
Best Use
Apartment 5plus
$464.9K
$406.8K – $542.4K
NOI $32,544 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$919.9K
$804.9K – $1.07M
NOI $64,391 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 17046, PA
31,272
Population
13,570
Households
2.3
Avg Household Size
39
Median Age
12%
College-Educated
84%
High-School Grad
38.9 sq mi
ZIP Area
804
Density / Sq Mi
$59,633
Median Household Income
$37,261
Median Earnings
$1,036
Median Rent
$180,500
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?
Apartment building - Fully occupied brick property with separate electric service for each apartment and public water and sewer.
Where is this apartment building located?
The property is located at 400 N 9TH STREET Lebanon, PA.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Five 1‑bedroom, 1‑bath apartments in a 5‑unit building; 3,919 square feet on a 1945‑built property; Fully occupied multifamily asset
