Particle-polymer nanocomposites often exhibit mechanical properties described poorly by micromechanical models that include only the particle and matrix phases. Existence of an interfacial region between the particle and matrix, or interphase, has been posited and indirectly demonstrated to account for this effect. Here, we present a straightforward analytical approach to estimate effective elastic properties of composites comprising particles encapsulated by an interphase of finite thickness and distinct elastic properties. This explicit solution can treat nanocomposites that comprise either physically isolated nanoparticles or agglomerates of such nanoparticles; the same framework can also treat physically isolated nanoparticle aggregates or agglomerates of such aggregates. We find that the predicted elastic moduli agree with experiments for three types of particle-polymer nanocomposites, and that the predicted interphase thickness and stiffness of carbon black-rubber nanocomposites are consistent with measured values. Finally, we discuss the relative influence of the particle-polymer interphase thickness and stiffness to identify maximum possible changes in the macroscale elastic properties of such materials.