5-Unit Apartment Building with
For Sale
$559,500
426 North 9th Street, Lebanon, PA 17046
Residential income property with storage units and updates completed within the past two years.
Property Size4,380 SF
Price / SF$127.74
Days on Market246
Property Features for 426 North 9th Street
General Information
Standard status
Active
Size
4,380 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RHD
Taxes and HOA fees
Annual Taxes
$6,747
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1945
Listing Agency:
Hostetter Realty
Listed By:
Jacob D. Fisher · License #RS325195
(717) 587-2481
Source:
Compass
Added: Dec 30, 2025
Changed: Aug 31
Last Checked: Aug 29 at 6:36PM
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 Hostetter Realty
Investment Insights
Based on property information with market context.
This 4,380-square-foot apartment property, built in 1945, contains five residential units and six storage units. The unit mix includes three two-bedroom, one-bath apartments and two one-bedroom, one-bath apartments. Updates have been completed within the past two years, and the property is identified as RHD zoning.
Located at 426 North 9th Street in Lebanon, Pennsylvania, the building is within Lebanon City and served by the Lebanon School District. Professional management is currently in place and willing to continue, providing operational continuity for the next owner.
Located at 426 North 9th Street in Lebanon, Pennsylvania, the building is within Lebanon City and served by the Lebanon School District. Professional management is currently in place and willing to continue, providing operational continuity for the next owner.
Key Highlights
- Five apartment units with a mix of three 2‑bedroom/1‑bath and two 1‑bedroom/1‑bath units
- Six storage units provide additional on‑site space
- 4,380 square feet on the property
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
$36,372
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
6.50%
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%
$727,440
$727.4K
Cap Rate 7%
$519,600
$519.6K
Cap Rate 9%
$404,133
$404.1K
Market Conditions
NOI Build-Up for 4,380 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
$71.0K $16.20/SF
− Vacancy
−$4.8K −$1.10/SF
EGI
$66.1K $15.10/SF
− OpEx
−$29.8K −$6.79/SF
NOI
$36.4K $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%
$727,440
Cap Rate 7%
$519,600
Cap Rate 9%
$404,133
Alternative Uses
Best Use
Apartment 5plus
$519.6K
$454.7K – $606.2K
NOI $36,372 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$899.6K – $1.20M
NOI $71,965 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,325
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 - Residential income property with storage units and updates completed within the past two years.
Where is this apartment building located?
The property is located at 426 North 9th Street Lebanon, PA.
What is the asking price?
The asking price for this property is $559,500.
What are key features of this property?
This property features: Five apartment units with a mix of three 2‑bedroom/1‑bath and two 1‑bedroom/1‑bath units; Six storage units provide additional on‑site space; 4,380 square feet on the property
