Palmyra Triplex: Investment
For Sale
$440,000
521 East Main Street, Palmyra, PA 17078
Well-maintained triplex in Palmyra with strong rental potential.
Property Size2,922 SF
Price / SF$150.58
Days on Market210
Property Features for 521 East Main Street
General Information
Standard status
Active
Size
2,922 SF
Total Parking Spaces
8
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL MULTI FAMILY
Net Operating Income
$31,565
Taxes and HOA fees
Annual Taxes
$5,292
Amenities
No
Dishwasher, Oven/Range - Electric, Refrigerator, Washer, Dryer
Bathroom - Tub Shower, Carpet, Ceiling Fan(s)
Smoke Detector, Carbon Monoxide Detector(s)
No Pool
Building Details
Year Built
1930
Listing Agency:
Iron Valley Real Estate
Listed By:
Amanda Krall · License #RS329101
(717) 514-4772
Source:
Compass
Added: Feb 4
Changed: Sep 2
Last Checked: Jul 27 at 10:59AM
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
Investment Insights
Based on property information with market context.
This well-maintained triplex presents an excellent investment opportunity in Palmyra, situated within a highly desirable school district. The property comprises three spacious units, each with separate utilities, offering strong rental potential. Unit 523 E Main St features two floors of living space, including 2 bedrooms and 1 full bath on the second level. The main level consists of a living room, dining room, kitchen, half bath, and laundry area, enhanced by luxury vinyl plank flooring throughout the main level and carpet upstairs. This unit has two-zone gas hot water heat. Unit 521 A, located on the main level, is a one-bedroom unit with a living room, kitchen, full bath, and in-unit laundry. It is equipped with gas hot water heat. Unit 521 B, an upper multi-level unit, offers 3 bedrooms and 1 full bath. The second level includes a living room, kitchen, one bedroom, bath, and laundry, while the third floor provides two additional bedrooms. This unit features gas heat and central air, with the furnace and a 100-amp subpanel located on the third level. The shared unfinished basement houses gas furnaces for unit 523 and unit 521 A, water heaters for all three units, and three separate 100-amp electric panels. Additional amenities include off-street parking for all units in the rear and an owner-maintained yard. The property size is 2922 square feet. This triplex is located in Palmyra Boro and is within the Palmyra Area School District. It is suitable for both investors and owner-occupants.
Key Highlights
- Excellent investment opportunity with strong rental potential due to three separate units.
- Located in a highly desirable Palmyra school district.
- Separate utilities for each unit (gas and electric), simplifying tenant management.
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
$26,110
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
5.93%
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%
$522,200
$522.2K
Cap Rate 7%
$373,000
$373.0K
Cap Rate 9%
$290,111
$290.1K
Market Conditions
NOI Build-Up for 2,922 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
$40.3K $13.80/SF
− Vacancy
−$3.0K −$1.04/SF
EGI
$37.3K $12.77/SF
− OpEx
−$11.2K −$3.83/SF
NOI
$26.1K $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%
$522,200
Cap Rate 7%
$373,000
Cap Rate 9%
$290,111
Alternative Uses
Best Use
Multifamily LT 5
$373.0K
$326.4K – $435.2K
NOI $26,110 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$346.6K
$303.3K – $404.4K
NOI $24,265 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$685.9K
$600.1K – $800.2K
NOI $48,010 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 17078, PA
23,496
Population
9,602
Households
2.4
Avg Household Size
43
Median Age
35%
College-Educated
94%
High-School Grad
30.1 sq mi
ZIP Area
781
Density / Sq Mi
$84,533
Median Household Income
$47,141
Median Earnings
$1,252
Median Rent
$278,300
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?
Triplex - Well-maintained triplex in Palmyra with strong rental potential.
Where is this triplex located?
The property is located at 521 East Main Street Palmyra, PA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Excellent investment opportunity with strong rental potential due to three separate units.; Located in a highly desirable Palmyra school district.; Separate utilities for each unit (gas and electric), simplifying tenant management.
