Two-Unit Duplex
For Sale
$229,900
636 THIRD STREET, Hanover, PA 17331
Stacked residential layout with separately metered utilities paid by the tenants.
Property Size1,248 SF
Price / SF$184.21
Days on Market10
Property Features for 636 THIRD STREET
General Information
Standard status
Active
Size
1,248 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1925
Listing Agency:
Samson Properties
(717) 465-7076
Listed By:
Neil J. Reichart · License #RS331270
(717) 465-7076
Source:
Cummingsrealtors
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 7:10PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This duplex contains two residential units arranged on separate levels within a 1,248-square-foot property built in 1925. Each apartment includes two bedrooms and one bathroom, creating matching floor plans across the building. Utilities are separately metered, and tenants are responsible for payment.
The property is located at 636 Third Street in Hanover, Pennsylvania, with access to the surrounding community and its everyday services.
The property is located at 636 Third Street in Hanover, Pennsylvania, with access to the surrounding community and its everyday services.
Key Highlights
- Two residential units arranged in an up‑and‑down configuration
- Each unit includes 2 bedrooms and 1 bathroom
- 1,248 square feet of property size
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
$12,383
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
5.39%
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%
$247,660
$247.7K
Cap Rate 7%
$176,900
$176.9K
Cap Rate 9%
$137,589
$137.6K
Market Conditions
NOI Build-Up for 1,248 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
$18.7K $15.00/SF
− Vacancy
−$1.0K −$0.83/SF
EGI
$17.7K $14.17/SF
− OpEx
−$5.3K −$4.25/SF
NOI
$12.4K $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%
$247,660
Cap Rate 7%
$176,900
Cap Rate 9%
$137,589
Alternative Uses
Best Use
Multifamily LT 5
$176.9K
$154.8K – $206.4K
NOI $12,383 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$164.3K
$143.8K – $191.7K
NOI $11,503 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$361.3K
$316.2K – $421.6K
NOI $25,294 @ 7.0% cap · market cap 11.00%
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
323
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 - Stacked residential layout with separately metered utilities paid by the tenants.
Where is this duplex located?
The property is located at 636 THIRD STREET Hanover, PA.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two residential units arranged in an up‑and‑down configuration; Each unit includes 2 bedrooms and 1 bathroom; 1,248 square feet of property size
