Triplex With Storage
New
For Sale
$375,000
693 N STATE ROUTE 934, Annville, PA 17003
Three rented two-bedroom units with individual electric metering, shared laundry equipment, and additional storage structures.
Property Size2,688 SF
Price / SF$139.51
Days on Market4
Property Features for 693 N STATE ROUTE 934
General Information
Standard status
Active
Size
2,688 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Amenities
coin-op washer and dryer
storage sheds
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(717) 579-8528
Listed By:
Sally Copeland
(717) 579-8528
Source:
Cummingsrealtors
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 3:55AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 2,688-square-foot triplex, built in 1920, contains three two-bedroom units that are currently rented. The property includes three oil furnaces, three electric hot water heaters, three refrigerators, and three stoves. A coin-operated washer and dryer serve the building, while two storage sheds provide additional space that can be rented separately.
Utility responsibilities are divided between the occupants and landlord: tenants pay heat, hot water, and electric, while the landlord pays water and trash. The property has four electric meters. Recent improvements include a new oil furnace in unit #3 installed in December 2023, along with new LVP flooring and a refrigerator in unit #1 completed in August 2022.
Utility responsibilities are divided between the occupants and landlord: tenants pay heat, hot water, and electric, while the landlord pays water and trash. The property has four electric meters. Recent improvements include a new oil furnace in unit #3 installed in December 2023, along with new LVP flooring and a refrigerator in unit #1 completed in August 2022.
Key Highlights
- Three 2‑bedroom units; all three are currently rented
- 2,688 square feet on a 1920‑built property
- 4 electric meters, 3 oil furnaces, and 3 electric hot water heaters
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
$24,019
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
6.41%
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%
$480,380
$480.4K
Cap Rate 7%
$343,129
$343.1K
Cap Rate 9%
$266,878
$266.9K
Market Conditions
NOI Build-Up for 2,688 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
$37.1K $13.80/SF
− Vacancy
−$2.8K −$1.04/SF
EGI
$34.3K $12.77/SF
− OpEx
−$10.3K −$3.83/SF
NOI
$24.0K $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%
$480,380
Cap Rate 7%
$343,129
Cap Rate 9%
$266,878
Alternative Uses
Best Use
Multifamily LT 5
$343.1K
$300.2K – $400.3K
NOI $24,019 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$318.9K
$279.0K – $372.0K
NOI $22,321 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$630.9K
$552.1K – $736.1K
NOI $44,165 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 17003, PA
12,329
Population
4,507
Households
2.7
Avg Household Size
40
Median Age
33%
College-Educated
93%
High-School Grad
42.7 sq mi
ZIP Area
289
Density / Sq Mi
$87,350
Median Household Income
$36,394
Median Earnings
$1,088
Median Rent
$242,200
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?
Triplex - Three rented two-bedroom units with individual electric metering, shared laundry equipment, and additional storage structures.
Where is this triplex located?
The property is located at 693 N STATE ROUTE 934 Annville, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three 2‑bedroom units; all three are currently rented; 2,688 square feet on a 1920‑built property; 4 electric meters, 3 oil furnaces, and 3 electric hot water heaters
