Brick Quadplex with Rear
New
For Sale
$299,000
605 N 9TH STREET, Lebanon, PA 17046
Four-story brick rental property with updated interiors, separate natural gas heat, and basement improvements.
Property Size2,260 SF
Price / SF$132.30
Days on Market5
Property Features for 605 N 9TH STREET
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Building Details
Year Built
1910
Stories
4
Construction
brick
Listing Agency:
For Sale By Owner Plus, REALTORS - Hershey
(717) 534-2400
Listed By:
PAUL RABON
(717) 439-3959
Source:
Cummingsrealtors
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 22 at 4:27PM
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 For Sale By Owner Plus, REALTORS - Hershey
Investment Insights
Based on property information with market context.
This four-story brick quadplex contains four apartments within a 2,260-square-foot rental property built in 1910. Three apartments feature vinyl plank flooring, while the fourth has hardwood floors; apartment paint has been maintained. The layout supports either owner occupancy with three rented units or leasing the full property.
Recent improvements include a roof installed in 2016, a water heater added in 2025, and replacement of the basement’s iron sewer lateral. The basement floor has also been resurfaced. Each apartment has its own natural gas heat line, and off-street parking is available at the rear. The property is located in downtown Lebanon, Pennsylvania.
Recent improvements include a roof installed in 2016, a water heater added in 2025, and replacement of the basement’s iron sewer lateral. The basement floor has also been resurfaced. Each apartment has its own natural gas heat line, and off-street parking is available at the rear. The property is located in downtown Lebanon, Pennsylvania.
Key Highlights
- Four‑story brick quadplex with four apartments
- 2,260 SF property built in 1910
- New roof installed in 2016
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
$20,194
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
6.75%
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%
$403,880
$403.9K
Cap Rate 7%
$288,486
$288.5K
Cap Rate 9%
$224,378
$224.4K
Market Conditions
NOI Build-Up for 2,260 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
$31.2K $13.80/SF
− Vacancy
−$2.3K −$1.04/SF
EGI
$28.8K $12.77/SF
− OpEx
−$8.7K −$3.83/SF
NOI
$20.2K $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%
$403,880
Cap Rate 7%
$288,486
Cap Rate 9%
$224,378
Alternative Uses
Best Use
Multifamily LT 5
$288.5K
$252.4K – $336.6K
NOI $20,194 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$268.1K
$234.6K – $312.8K
NOI $18,767 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$530.5K
$464.2K – $618.9K
NOI $37,133 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
689
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-story brick rental property with updated interiors, separate natural gas heat, and basement improvements.
Where is this quadplex located?
The property is located at 605 N 9TH STREET Lebanon, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Four‑story brick quadplex with four apartments; 2,260 SF property built in 1910; New roof installed in 2016
