Side-by-Side Duplex with
For Sale
$275,000
532- 532 1/2 BROADWAY, Hanover, PA 17331
Two attached residences feature three-bedroom layouts, forced-air heating, and convenient access to shopping and major routes.
Property Size2,392 SF
Price / SF$114.97
Days on Market134
Property Features for 532- 532 1/2 BROADWAY
General Information
Standard status
Active
Size
2,392 SF
Total Parking Spaces
3
Property subtype
Duplex
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Gross Income
$28,800
Amenities
Forced Air
Slate
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams Keystone Realty
(717) 968-8236
Listed By:
Amber Crawford · License #RS344001
(717) 968-8236
Source:
Kw
Added: Apr 21
Changed: Aug 31
Last Checked: Aug 31 at 12:52AM
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 Keystone Realty
Investment Insights
Based on property information with market context.
This duplex at 532–532 1/2 Broadway includes two adjoining three-bedroom residences totaling 2,392 square feet. The property was built in 1900 and features forced-air heating, slate exterior elements, and three garage spaces serving the building.
The Hanover, PA property is positioned near shopping and major routes. Its two-unit layout and existing garage capacity provide a straightforward configuration for residential occupancy or rental use, subject to applicable requirements.
The Hanover, PA property is positioned near shopping and major routes. Its two-unit layout and existing garage capacity provide a straightforward configuration for residential occupancy or rental use, subject to applicable requirements.
Key Highlights
- Two side‑by‑side units, each with 3 bedrooms
- 2,392 square feet across the duplex
- 3 garage spaces included
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
$23,735
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
8.63%
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%
$474,700
$474.7K
Cap Rate 7%
$339,071
$339.1K
Cap Rate 9%
$263,722
$263.7K
Market Conditions
NOI Build-Up for 2,392 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
$35.9K $15.00/SF
− Vacancy
−$2.0K −$0.83/SF
EGI
$33.9K $14.17/SF
− OpEx
−$10.2K −$4.25/SF
NOI
$23.7K $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%
$474,700
Cap Rate 7%
$339,071
Cap Rate 9%
$263,722
Alternative Uses
Best Use
Multifamily LT 5
$339.1K
$296.7K – $395.6K
NOI $23,735 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$315.0K
$275.6K – $367.5K
NOI $22,047 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$692.6K
$606.0K – $808.0K
NOI $48,480 @ 7.0% cap · market cap 17.63%
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
1,250
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?
Duplex - Two attached residences feature three-bedroom layouts, forced-air heating, and convenient access to shopping and major routes.
Where is this duplex located?
The property is located at 532- 532 1/2 BROADWAY Hanover, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two side‑by‑side units, each with 3 bedrooms; 2,392 square feet across the duplex; 3 garage spaces included
