Corner-Lot Triplex with
New
For Sale
$414,900
702 W Main Street, Palmyra, PA 17078
Fully occupied rental property with varied apartment layouts, detached garage, and off-street parking near Hershey.
Property Size2,472 SF
Price / SF$167.84
Days on Market2
Property Features for 702 W Main Street
General Information
Standard status
Active
Size
2,472 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty
Listed By:
Jonathan Wyse · License #3234900
(717) 507-2443
Source:
Yorkhomes
Added: Sep 14
Last Checked: Sep 14 at 2:18PM
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 2,472-square-foot triplex was built in 1900 and includes three separate apartments. The primary structure contains a two-bedroom, one-bath unit and a three-bedroom, one-bath unit. A third apartment is attached behind the main building and offers one-bedroom, one-bath accommodations with all living space on the first floor.
The property occupies a corner lot at 702 W Main Street in Palmyra, within the Palmyra Area School District. A detached two-car garage and three off-street parking spaces provide additional site improvements. The location offers access to nearby amenities and Hershey, Pennsylvania.
The property occupies a corner lot at 702 W Main Street in Palmyra, within the Palmyra Area School District. A detached two-car garage and three off-street parking spaces provide additional site improvements. The location offers access to nearby amenities and Hershey, Pennsylvania.
Key Highlights
- Three‑unit property with 2,472 SF of building area
- Unit mix includes 2‑bedroom, 1‑bath; 3‑bedroom, 1‑bath; and 1‑bedroom, 1‑bath apartments
- Third apartment provides all‑first‑floor living
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
$22,089
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
5.32%
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%
$441,780
$441.8K
Cap Rate 7%
$315,557
$315.6K
Cap Rate 9%
$245,433
$245.4K
Market Conditions
NOI Build-Up for 2,472 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
$34.1K $13.80/SF
− Vacancy
−$2.6K −$1.04/SF
EGI
$31.6K $12.77/SF
− OpEx
−$9.5K −$3.83/SF
NOI
$22.1K $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%
$441,780
Cap Rate 7%
$315,557
Cap Rate 9%
$245,433
Alternative Uses
Best Use
Multifamily LT 5
$315.6K
$276.1K – $368.2K
NOI $22,089 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$293.3K
$256.6K – $342.1K
NOI $20,528 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$580.2K
$507.7K – $676.9K
NOI $40,616 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 17078, PA
23,496
Population
9,602
Households
2.4
Avg Household Size
43
Median Age
35%
College-Educated
94%
High-School Grad
30.1 sq mi
ZIP Area
781
Density / Sq Mi
$84,533
Median Household Income
$47,141
Median Earnings
$1,252
Median Rent
$278,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied rental property with varied apartment layouts, detached garage, and off-street parking near Hershey.
Where is this triplex located?
The property is located at 702 W Main Street Palmyra, PA.
What is the asking price?
The asking price for this property is $414,900.
What are key features of this property?
This property features: Three‑unit property with 2,472 SF of building area; Unit mix includes 2‑bedroom, 1‑bath; 3‑bedroom, 1‑bath; and 1‑bedroom, 1‑bath apartments; Third apartment provides all‑first‑floor living
