Brick Duplex with Rental
New
For Sale
$244,900
548 BAER Avenue, Hanover, PA 17331
Multi-Family, HANOVER, PA
Property Size1,878 SF
Lot Size0.06 Acres
Price / SF$130.40
Days on Market1
Property Features for 548 BAER Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street, Off Street
Elementary school
BARESVILLE
Middle school
EMORY H MARKLE
High school
SOUTH WESTERN
Elementary school district
SOUTH WESTERN
Middle school district
SOUTH WESTERN
High school district
SOUTH WESTERN
Standard status
Active
Size
1,878 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
4163
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1900
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(717) 553-2500
Listed By:
Mike Lapp · License #rs369099
(717) 682-5972
Added: Sep 4
Last Checked: Sep 4 at 12:06PM
MLS# PAYK2111092
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,878-square-foot brick duplex, built in 1900, includes two separate residential units within a Colonial-style building. The second-floor apartment is occupied, while the first-floor residence has two bedrooms and one bathroom and has been recently upgraded. The vacant unit is positioned for new tenancy, and the current second-floor occupants would like to remain. Each apartment includes separate storage, with basement access serving the first-floor unit and attic access provided for the second floor.
Set on a 0.0585-acre parcel in Hanover, the property offers both on-street and off-street parking. A newer roof and hot water heating are among the existing property features. The duplex configuration provides an income-producing residential asset with an owner-occupant option supported by a separate second unit.
Set on a 0.0585-acre parcel in Hanover, the property offers both on-street and off-street parking. A newer roof and hot water heating are among the existing property features. The duplex configuration provides an income-producing residential asset with an owner-occupant option supported by a separate second unit.
Key Highlights
- 1,878‑square‑foot brick duplex on a 0.0585‑acre parcel
- Second‑floor unit is occupied; residents would like to remain
- Recently upgraded first‑floor unit has 2 bedrooms and 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
$18,634
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
7.61%
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%
$372,680
$372.7K
Cap Rate 7%
$266,200
$266.2K
Cap Rate 9%
$207,044
$207.0K
Market Conditions
NOI Build-Up for 1,878 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
$28.2K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.6K $14.17/SF
− OpEx
−$8.0K −$4.25/SF
NOI
$18.6K $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%
$372,680
Cap Rate 7%
$266,200
Cap Rate 9%
$207,044
Alternative Uses
Best Use
Multifamily LT 5
$266.2K
$232.9K – $310.6K
NOI $18,634 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$247.3K
$216.4K – $288.5K
NOI $17,309 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$543.7K
$475.8K – $634.4K
NOI $38,062 @ 7.0% cap · market cap 15.54%
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
515
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit Colonial property with one occupied residence and a recently upgraded apartment available for lease.
Where is this duplex located?
The property is located at 548 BAER Avenue Hanover, PA.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: 1,878‑square‑foot brick duplex on a 0.0585‑acre parcel; Second‑floor unit is occupied; residents would like to remain; Recently upgraded first‑floor unit has 2 bedrooms and 1 bathroom
