Side-by-Side Duplex with Fenced
For Sale
$240,000
Pending
640 3rd St, Hanover, PA 17331
Separately metered units provide distinct living spaces, private outdoor areas, and rear parking for each residence.
Property Size2,176 SF
Days on Market72
Property Features for 640 3rd St
General Information
Standard status
Pending
Size
2,176 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,040
Amenities
fenced yard
enclosed rear porch
laundry hookups
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 451-6786
Listed By:
Cynthia Forry · License #AB069782
(717) 451-6786
Source:
Exprealty
Added: Jun 19
Changed: Aug 21
Last Checked: Aug 28 at 2:59PM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two separately metered residences with gas and electric service divided between the units. Both sides include two bedrooms, an enclosed rear porch, laundry hookups, attic access, and basement access. The right residence adds a walk-through room, a full bath, a main-level half bath, and current tenant occupancy. The left residence includes a walk-through full bathroom and a bonus room suitable for use as an office, closet, or additional sleeping area. Each unit has a fenced yard with its own outdoor area and rear off-street parking.
The property is located at 640 3rd St in Hanover, within Conewago Valley School District and minutes from Delone Catholic High School, Britton Coffee, and area amenities. The configuration supports separate occupancy while maintaining distinct utility metering and outdoor space.
The property is located at 640 3rd St in Hanover, within Conewago Valley School District and minutes from Delone Catholic High School, Britton Coffee, and area amenities. The configuration supports separate occupancy while maintaining distinct utility metering and outdoor space.
Key Highlights
- Side‑by‑side duplex with two bedrooms in each unit
- Each residence has a fenced yard and rear off‑street parking for approximately three vehicles
- Gas and electric utilities are separately metered between units
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
$21,591
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
9.00%
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%
$431,820
$431.8K
Cap Rate 7%
$308,443
$308.4K
Cap Rate 9%
$239,900
$239.9K
Market Conditions
NOI Build-Up for 2,176 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
$32.6K $15.00/SF
− Vacancy
−$1.8K −$0.83/SF
EGI
$30.8K $14.17/SF
− OpEx
−$9.3K −$4.25/SF
NOI
$21.6K $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%
$431,820
Cap Rate 7%
$308,443
Cap Rate 9%
$239,900
Alternative Uses
Best Use
Multifamily LT 5
$308.4K
$269.9K – $359.9K
NOI $21,591 @ 7.0% cap · market cap 9.00%
Second Best
Apartment 5plus
$286.5K
$250.7K – $334.3K
NOI $20,056 @ 7.0% cap · market cap 8.36%
Theoretical Best
Office A
$630.0K
$551.3K – $735.0K
NOI $44,102 @ 7.0% cap · market cap 18.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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 - Separately metered units provide distinct living spaces, private outdoor areas, and rear parking for each residence.
Where is this duplex located?
The property is located at 640 3rd St Hanover, PA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Side‑by‑side duplex with two bedrooms in each unit; Each residence has a fenced yard and rear off‑street parking for approximately three vehicles; Gas and electric utilities are separately metered between units
