Two-Unit Apartment
For Sale
$159,900
1229-1231 WALNUT Street, Ashland, PA 17921
MULTI_FAMILY - Other - ASHLAND, PA
Property Size2,440 SF
Lot Size0.06 Acres
Price / SF$65.53
Days on Market57
Property Features for 1229-1231 WALNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
NORTH SCHUYLKILL
Middle school district
NORTH SCHUYLKILL
High school district
NORTH SCHUYLKILL
Standard status
Active
Size
2,440 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3224
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1900
Number of units
2
Building materials
Aluminum Siding
Architectural style
Other
Listing Agency:
Ramus Realty Group
(570) 622-6006
Listed By:
William Primeau · License #RS337743
(570) 728-0186
Added: Jun 17
Changed: Jul 2
Last Checked: Aug 12 at 8:06AM
MLS# PASK2027374
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering is a two-unit apartment building in Ashland, PA, with two separate parcels included in the sale. The property consists of units at 1229 and 1231 Walnut Street. Unit 1229 is currently vacant, while unit 1231 is occupied and pays $1,100 per month.
The tenant responsibility structure includes payment of electric and water, along with electric heat. The landlord covers trash, sewer, and taxes, which can simplify operating expenses for an owner. The sale includes both parcels, supporting a straightforward acquisition of the full building configuration.
For buyers seeking a small residential income asset, this property provides an immediate occupancy profile with one unit already paying rent and one unit available. The existing utility and expense allocation is also clearly defined, with tenants handling electric and water and the owner taking responsibility for trash, sewer, and taxes. This can make budgeting more predictable for an investor or owner-operator evaluating a two-unit residential building.
The tenant responsibility structure includes payment of electric and water, along with electric heat. The landlord covers trash, sewer, and taxes, which can simplify operating expenses for an owner. The sale includes both parcels, supporting a straightforward acquisition of the full building configuration.
For buyers seeking a small residential income asset, this property provides an immediate occupancy profile with one unit already paying rent and one unit available. The existing utility and expense allocation is also clearly defined, with tenants handling electric and water and the owner taking responsibility for trash, sewer, and taxes. This can make budgeting more predictable for an investor or owner-operator evaluating a two-unit residential building.
Key Highlights
- Two‑unit apartment building in Ashland, PA, built in 1900
- Includes 2 parcels
- 1231 unit rents for $1,100 per month (1229 currently vacant)
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
$13,350
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
8.35%
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%
$267,000
$267.0K
Cap Rate 7%
$190,714
$190.7K
Cap Rate 9%
$148,333
$148.3K
Market Conditions
NOI Build-Up for 2,440 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
$25.8K $10.56/SF
− Vacancy
−$1.5K −$0.61/SF
EGI
$24.3K $9.95/SF
− OpEx
−$10.9K −$4.48/SF
NOI
$13.3K $5.47/SF
Area
Schuylkill County, PA
Vacancy
5.80%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$267,000
Cap Rate 7%
$190,714
Cap Rate 9%
$148,333
Alternative Uses
Best Use
Apartment 5plus
$190.7K
$166.9K – $222.5K
NOI $13,350 @ 7.0% cap · market cap 8.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$366.0K
$320.3K – $427.0K
NOI $25,620 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 17921, PA
7,038
Population
2,980
Households
2.4
Avg Household Size
44
Median Age
12%
College-Educated
87%
High-School Grad
35.0 sq mi
ZIP Area
201
Density / Sq Mi
$71,600
Median Household Income
$44,985
Median Earnings
$751
Median Rent
$136,400
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?
Multifamily property - Two-unit apartment building with one vacant unit and one tenant-paid electric heat setup.
Where is this multifamily property located?
The property is located at 1229-1231 WALNUT Street Ashland, PA.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Two‑unit apartment building in Ashland, PA, built in 1900; Includes 2 parcels; 1231 unit rents for $1,100 per month (1229 currently vacant)
