Duplex Property with Heated
For Sale
$359,900
408 PENN ST S, Shippensburg, PA 17257
Detached ranch home includes upgraded interiors, basement, pool, and wraparound deck.
Property Size1,968 SF
Price / SF$182.88
Days on Market43
Property Features for 408 PENN ST S
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$10,200
Multifamily Units
2
Amenities
family room
hardwood floors
full basement
granite counters
pool
wrap around deck
heated garage
Building Details
Buildings
2
Construction
ranch
Listing Agency:
Iron Valley Real Estate of Chambersburg
(717) 860-6772
Listed By:
Joshua B Nelson · License #RS324166
(717) 860-6772
Source:
Careyrealtygroup
Added: Jul 18
Changed: Aug 28
Last Checked: Aug 28 at 8:40PM
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 Iron Valley Real Estate of Chambersburg
Investment Insights
Based on property information with market context.
This duplex property includes a detached, four-bedroom ranch home and a separate accessory residence. The ranch offers a large family room, hardwood flooring, granite countertops, and a full basement. A heated 40x24 garage adds substantial enclosed space for storage, hobbies, or other supported uses. Outdoor features include a swimming pool and wraparound deck.
The property occupies just under an acre at 408 Penn St S in Shippensburg, Pennsylvania. Its setting is described as private while remaining convenient to surrounding amenities. The two-residence configuration provides a primary home together with a separate accessory dwelling, creating flexibility for residential use and occupancy arrangements.
The property occupies just under an acre at 408 Penn St S in Shippensburg, Pennsylvania. Its setting is described as private while remaining convenient to surrounding amenities. The two-residence configuration provides a primary home together with a separate accessory dwelling, creating flexibility for residential use and occupancy arrangements.
Key Highlights
- Two‑residence property with a detached four‑bedroom ranch home and accessory residence
- Heated 40x24 garage
- Full basement, large family room, hardwood floors, and granite countertops
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
$18,725
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
5.20%
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%
$374,500
$374.5K
Cap Rate 7%
$267,500
$267.5K
Cap Rate 9%
$208,056
$208.1K
Market Conditions
NOI Build-Up for 1,968 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
$28.3K $14.40/SF
− Vacancy
−$1.6K −$0.81/SF
EGI
$26.7K $13.59/SF
− OpEx
−$8.0K −$4.08/SF
NOI
$18.7K $9.51/SF
Area
Cumberland County, PA
Vacancy
5.61%
Lease Rate
$14.40 /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%
$374,500
Cap Rate 7%
$267,500
Cap Rate 9%
$208,056
Alternative Uses
Best Use
Multifamily LT 5
$267.5K
$234.1K – $312.1K
NOI $18,725 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$237.5K
$207.8K – $277.1K
NOI $16,623 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$457.2K
$400.0K – $533.4K
NOI $32,001 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Explore this area
Business Placement
Demographics for 17257, PA
28,673
Population
11,528
Households
2.5
Avg Household Size
34
Median Age
23%
College-Educated
88%
High-School Grad
115.2 sq mi
ZIP Area
249
Density / Sq Mi
$71,504
Median Household Income
$37,061
Median Earnings
$1,058
Median Rent
$219,200
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?
Duplex - Detached ranch home includes upgraded interiors, basement, pool, and wraparound deck.
Where is this duplex located?
The property is located at 408 PENN ST S Shippensburg, PA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Two‑residence property with a detached four‑bedroom ranch home and accessory residence; Heated 40x24 garage; Full basement, large family room, hardwood floors, and granite countertops
