Two-Unit Duplex with Updated
For Sale
$229,000
9 Adams St, Hanover Township, PA 18706
Hanover Green duplex with separate two-bedroom and one-bedroom residences, modernized flooring, kitchens, windows, and roofing.
Property Size1,794 SF
Price / SF$127.65
Days on Market78
Property Features for 9 Adams St
General Information
Standard status
Active
Size
1,794 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Button Real Estate
(570) 715-7700
Listed By:
Pat Guesto
Source:
Nepahousehunt
Added: Jun 14
Changed: Aug 29
Last Checked: Aug 29 at 4:53PM
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 Button Real Estate
Investment Insights
Based on property information with market context.
This two-unit duplex in Hanover Green contains 1,794 square feet of residential space. The first-floor residence has two bedrooms, while the second-floor unit offers one bedroom. Both apartments include semi-modern kitchens, with LVP flooring and newer carpet incorporated into the interiors. Newer windows and a newer roof provide additional property updates.
Located at 9 Adams St in Hanover Township, the property is configured as a residential income asset with two separate units and long-term tenants in place.
Located at 9 Adams St in Hanover Township, the property is configured as a residential income asset with two separate units and long-term tenants in place.
Key Highlights
- Two‑unit duplex with 1,794 square feet of property size
- First‑floor two‑bedroom unit and second‑floor one‑bedroom unit
- Semi‑modern kitchens in both residences
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
$14,478
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
6.32%
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%
$289,560
$289.6K
Cap Rate 7%
$206,829
$206.8K
Cap Rate 9%
$160,867
$160.9K
Market Conditions
NOI Build-Up for 1,794 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
$22.6K $12.60/SF
− Vacancy
−$1.9K −$1.07/SF
EGI
$20.7K $11.53/SF
− OpEx
−$6.2K −$3.46/SF
NOI
$14.5K $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%
$289,560
Cap Rate 7%
$206,829
Cap Rate 9%
$160,867
Alternative Uses
Best Use
Multifamily LT 5
$206.8K
$181.0K – $241.3K
NOI $14,478 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$191.8K
$167.9K – $223.8K
NOI $13,428 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$568.3K
$497.3K – $663.1K
NOI $39,784 @ 7.0% cap · market cap 17.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
102
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 - Hanover Green duplex with separate two-bedroom and one-bedroom residences, modernized flooring, kitchens, windows, and roofing.
Where is this duplex located?
The property is located at 9 Adams St Hanover Township, PA.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,794 square feet of property size; First‑floor two‑bedroom unit and second‑floor one‑bedroom unit; Semi‑modern kitchens in both residences
