Duplex with Separate Electric
For Sale
$250,000
512 Spruce Street, Lebanon, PA 17046
Two residential units offer a one-bedroom and three-bedroom layout with distinct heating systems and current rental occupancy.
Property Size2,184 SF
Price / SF$114.47
Days on Market223
Property Features for 512 Spruce Street
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Units
Unit Mix
1 x 1BR, 1 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,959
Amenities
No
2+ Access Exits
No Pool
Above Grade, Below Grade
Building Details
Year Built
1940
Listing Agency:
Keller Williams Elite
(717) 598-3327
Listed By:
Joseph Fisher · License #RS352328
(717) 598-3327
Source:
Compass
Added: Jan 19
Changed: Aug 30
Last Checked: Aug 30 at 6:04PM
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 Keller Williams Elite
Investment Insights
Based on property information with market context.
This residential duplex contains 2,184 square feet across two separate units. The first-floor residence has one bedroom and forced-air oil heat, while the second unit provides three bedrooms with electric baseboard heat. Each unit is served by its own electric meter, supporting separate utility measurement. Both residences are currently rented.
Built in 1940, the property is zoned RESIDENTIAL and includes above-grade and below-grade areas. The building is located at 512 Spruce Street in Lebanon, Pennsylvania, within the Lebanon School District. The property also features two or more access exits and no pool.
Built in 1940, the property is zoned RESIDENTIAL and includes above-grade and below-grade areas. The building is located at 512 Spruce Street in Lebanon, Pennsylvania, within the Lebanon School District. The property also features two or more access exits and no pool.
Key Highlights
- 2,184‑square‑foot duplex with two residential units
- Unit mix includes one 1‑bedroom residence and one 3‑bedroom residence
- Separate electric meters serve the two units
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
$19,515
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
7.81%
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%
$390,300
$390.3K
Cap Rate 7%
$278,786
$278.8K
Cap Rate 9%
$216,833
$216.8K
Market Conditions
NOI Build-Up for 2,184 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
$30.1K $13.80/SF
− Vacancy
−$2.3K −$1.04/SF
EGI
$27.9K $12.77/SF
− OpEx
−$8.4K −$3.83/SF
NOI
$19.5K $8.94/SF
Area
Lebanon County, PA
Vacancy
7.50%
Lease Rate
$13.80 /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%
$390,300
Cap Rate 7%
$278,786
Cap Rate 9%
$216,833
Alternative Uses
Best Use
Multifamily LT 5
$278.8K
$243.9K – $325.3K
NOI $19,515 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$259.1K
$226.7K – $302.3K
NOI $18,136 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$512.6K
$448.6K – $598.1K
NOI $35,884 @ 7.0% cap · market cap 14.35%
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
735
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer a one-bedroom and three-bedroom layout with distinct heating systems and current rental occupancy.
Where is this duplex located?
The property is located at 512 Spruce Street Lebanon, PA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,184‑square‑foot duplex with two residential units; Unit mix includes one 1‑bedroom residence and one 3‑bedroom residence; Separate electric meters serve the two units
