Side-by-Side
New
For Sale
$240,000
640 3RD Street, Hanover, PA 17331
MULTI_FAMILY - Other - HANOVER, PA
Property Size2,176 SF
Lot Size0.26 Acres
Price / SF$110.29
Days on Market5
Property Features for 640 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
3
Parking features
Off Street, On Street, Alley
High school
NEW OXFORD
Elementary school district
CONEWAGO VALLEY
Middle school district
CONEWAGO VALLEY
High school district
CONEWAGO VALLEY
Standard status
Active
Size
2,176 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Annual Amount
3040
Utilities
Heating system
Forced Air
Building Details
Year built
1910
Number of units
2
Building materials
Asbestos
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(717) 633-7300
Listed By:
Cynthia Forry · License #AB069782
(717) 451-6786
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 12:06PM
MLS# PAAD2024012
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.
Located at 640 3RD Street in Hanover, Pennsylvania, this side-by-side duplex contains 2,176 square feet on a 0.2645-acre lot. Built in 1910, the property includes basement space, enclosed rear porches, attic access, and laundry hookups for both residences. Forced-air heating serves the building, while gas and electric utilities are separately metered between the units.
The right residence includes two bedrooms, a flexible walk-through room, one full bath, a main-level half bath, and current tenant occupancy. The left residence offers two bedrooms, a walk-through full bathroom, and a bonus room suitable for office, closet, or additional sleeping space. Each side has a fenced outdoor area and access to rear off-street parking, with additional on-street and alley parking available.
The property is within the Conewago Valley School District and is located near Delone Catholic High School, Britton Coffee, and area amenities.
The right residence includes two bedrooms, a flexible walk-through room, one full bath, a main-level half bath, and current tenant occupancy. The left residence offers two bedrooms, a walk-through full bathroom, and a bonus room suitable for office, closet, or additional sleeping space. Each side has a fenced outdoor area and access to rear off-street parking, with additional on-street and alley parking available.
The property is within the Conewago Valley School District and is located near Delone Catholic High School, Britton Coffee, and area amenities.
Key Highlights
- 2,176‑square‑foot duplex on a 0.2645‑acre lot
- Two side‑by‑side residences with separate fenced outdoor areas
- Right unit is tenant occupied and includes two bedrooms, 1.5 baths, and a flexible walk‑through room
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
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,638
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 residences feature separate outdoor areas, rear parking, and independently metered gas and electric service.
Where is this duplex located?
The property is located at 640 3RD Street 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: 2,176‑square‑foot duplex on a 0.2645‑acre lot; Two side‑by‑side residences with separate fenced outdoor areas; Right unit is tenant occupied and includes two bedrooms, 1.5 baths, and a flexible walk‑through room
