Two-Unit Duplex with
For Sale
$265,000
Pending
648 Main Rd, Hanover Township, PA 18706
Separate utility services and off-street parking support straightforward unit operations.
Property Size2,200 SF
Days on Market85
Property Features for 648 Main Rd
General Information
Standard status
Pending
Size
2,200 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Listing Agency:
eXp Realty- Scranton/Wilkes-Barre
(570) 793-1232
Listed By:
Jason Giomboni Team
Source:
Nepahousehunt
Added: Jun 7
Changed: Aug 29
Last Checked: Aug 29 at 4:39PM
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 eXp Realty- Scranton/Wilkes-Barre
Investment Insights
Based on property information with market context.
This 2,200-square-foot duplex contains two residential units with functional layouts and separate utility services. Each unit has its own living space, while tenants are responsible for their individual utilities. The property also includes off-street parking and outdoor space on the lot.
Located at 648 Main Rd in Hanover Township, Pennsylvania, the property provides access to shopping, dining, schools, and major roadways. Its two-unit configuration and separately serviced residences offer a straightforward format for continued rental use.
Located at 648 Main Rd in Hanover Township, Pennsylvania, the property provides access to shopping, dining, schools, and major roadways. Its two-unit configuration and separately serviced residences offer a straightforward format for continued rental use.
Key Highlights
- 2,200‑square‑foot duplex with two residential units
- Separate utility services for each unit
- Tenants responsible for their own utilities
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
$17,755
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
6.70%
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%
$355,100
$355.1K
Cap Rate 7%
$253,643
$253.6K
Cap Rate 9%
$197,278
$197.3K
Market Conditions
NOI Build-Up for 2,200 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
$27.7K $12.60/SF
− Vacancy
−$2.4K −$1.07/SF
EGI
$25.4K $11.53/SF
− OpEx
−$7.6K −$3.46/SF
NOI
$17.8K $8.07/SF
Area
Luzerne County, PA
Vacancy
8.50%
Lease Rate
$12.60 /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%
$355,100
Cap Rate 7%
$253,643
Cap Rate 9%
$197,278
Alternative Uses
Best Use
Multifamily LT 5
$253.6K
$221.9K – $295.9K
NOI $17,755 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$235.2K
$205.8K – $274.5K
NOI $16,467 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$697.0K
$609.8K – $813.1K
NOI $48,787 @ 7.0% cap · market cap 18.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 18706, PA
16,338
Population
7,675
Households
2.1
Avg Household Size
43
Median Age
20%
College-Educated
91%
High-School Grad
26.3 sq mi
ZIP Area
621
Density / Sq Mi
$57,546
Median Household Income
$38,381
Median Earnings
$883
Median Rent
$121,900
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 - Separate utility services and off-street parking support straightforward unit operations.
Where is this duplex located?
The property is located at 648 Main Rd Hanover Township, PA.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 2,200‑square‑foot duplex with two residential units; Separate utility services for each unit; Tenants responsible for their own utilities
