Four-Unit Quadplex with
For Sale
$429,900
501 BOUNDARY AVENUE, Hanover, PA 17331
Residential income property with separately metered utilities and central air in three units.
Property Size2,224 SF
Price / SF$193.30
Days on Market12
Property Features for 501 BOUNDARY AVENUE
General Information
Standard status
Active
Size
2,224 SF
Property subtype
Quadruplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
central air
Building Details
Year Built
1950
Listing Agency:
Samson Properties
(717) 465-7076
Listed By:
Neil J. Reichart · License #RS331270
(717) 465-7076
Source:
Cummingsrealtors
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 30 at 5:37PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This four-unit quadplex contains a mix of two- and three-bedroom apartments, each with one bathroom. The first-floor apartment offers two bedrooms, while the second-floor unit includes three bedrooms. A separate apartment above the garage adds two bedrooms and one bathroom. The property totals 2,224 square feet and was built in 1950.
Each apartment has central air conditioning, and the garage has electric service and may also be rented separately. Utilities are separately metered and paid by the tenants. The property is located on Boundary Avenue in Hanover, Pennsylvania, near downtown, shopping, and restaurants.
Each apartment has central air conditioning, and the garage has electric service and may also be rented separately. Utilities are separately metered and paid by the tenants. The property is located on Boundary Avenue in Hanover, Pennsylvania, near downtown, shopping, and restaurants.
Key Highlights
- Four‑unit quadplex with 2,224 square feet
- Unit mix includes two‑bedroom and three‑bedroom apartments
- Each apartment includes 1 bathroom
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
$22,068
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
5.13%
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%
$441,360
$441.4K
Cap Rate 7%
$315,257
$315.3K
Cap Rate 9%
$245,200
$245.2K
Market Conditions
NOI Build-Up for 2,224 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
$33.4K $15.00/SF
− Vacancy
−$1.8K −$0.83/SF
EGI
$31.5K $14.17/SF
− OpEx
−$9.5K −$4.25/SF
NOI
$22.1K $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%
$441,360
Cap Rate 7%
$315,257
Cap Rate 9%
$245,200
Alternative Uses
Best Use
Multifamily LT 5
$315.3K
$275.9K – $367.8K
NOI $22,068 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$292.8K
$256.2K – $341.6K
NOI $20,498 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$643.9K
$563.4K – $751.3K
NOI $45,075 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
581
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential income property with separately metered utilities and central air in three units.
Where is this quadplex located?
The property is located at 501 BOUNDARY AVENUE Hanover, PA.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Four‑unit quadplex with 2,224 square feet; Unit mix includes two‑bedroom and three‑bedroom apartments; Each apartment includes 1 bathroom
