Updated Four-Unit Apartment
New
For Sale
$425,000
1681 Bellmeade Drive, Altoona, PA 16602
Residential Income, Altoona, PA
Property Size5,040 SF
Lot Size0.75 Acres
Price / SF$84.33
Days on Market3
Property Features for 1681 Bellmeade Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 7, Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 6, Bedroom 8, Bathroom 3
Parking features
Off Street, Garage
Lot features
Level, Level
Elementary school district
Altoona
Middle school district
Altoona
High school district
Altoona
Directions
GPS
Subdivision
Logan Township
Standard status
Active
APN
14.00-22A2-052.00-000
Size
5,040 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3565
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Private, Well
Amenities
basement storage unit
Building Details
Year built
1963
Number of units
4
Listing Agency:
Perry Wellington Realty, LLC
(814) 695-5323
Listed By:
Kristy Black · License #RS329031
(814) 505-7989
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 11:06AM
MLS# 81018
Copyright © 2026 Allegheny Highland Association of Realtors. 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 four-unit apartment property in Altoona, Pennsylvania, contains 5,040 square feet on a 0.75-acre lot. Each residence includes two bedrooms and one bathroom, with a garage bay and basement storage unit assigned to each unit. The two first-floor apartments have been updated, while the second-floor apartments have been fully remodeled with modern kitchen countertops and refreshed finishes.
The property is located at 1681 Bellmeade Drive in Altoona, PA 16602. Off-street parking and garage parking are available. Natural gas hot-water heating serves the building, with public sewer and a private well. Tenants pay electric and trash expenses, while ownership covers gas and sewer.
The property is located at 1681 Bellmeade Drive in Altoona, PA 16602. Off-street parking and garage parking are available. Natural gas hot-water heating serves the building, with public sewer and a private well. Tenants pay electric and trash expenses, while ownership covers gas and sewer.
Key Highlights
- Four‑unit apartment building with 5,040 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Situated on a 0.75‑acre lot at 1681 Bellmeade Drive
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
$38,869
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
9.15%
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%
$777,380
$777.4K
Cap Rate 7%
$555,271
$555.3K
Cap Rate 9%
$431,878
$431.9K
Market Conditions
NOI Build-Up for 5,040 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
$74.4K $14.76/SF
− Vacancy
−$3.7K −$0.74/SF
EGI
$70.7K $14.02/SF
− OpEx
−$31.8K −$6.31/SF
NOI
$38.9K $7.71/SF
Area
Blair County, PA
Vacancy
5.00%
Lease Rate
$14.76 /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%
$777,380
Cap Rate 7%
$555,271
Cap Rate 9%
$431,878
Alternative Uses
Best Use
Multifamily LT 5
$600.1K
$525.1K – $700.1K
NOI $42,008 @ 7.0% cap · market cap 9.88%
Second Best
Apartment 5plus
$555.3K
$485.9K – $647.8K
NOI $38,869 @ 7.0% cap · market cap 9.15%
Theoretical Best
Warehouse
$6.12M
$5.36M – $7.14M
NOI $428,512 @ 7.0% cap · market cap 100.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 16602, PA
27,996
Population
13,171
Households
2.1
Avg Household Size
44
Median Age
21%
College-Educated
93%
High-School Grad
14.7 sq mi
ZIP Area
1,904
Density / Sq Mi
$53,097
Median Household Income
$37,336
Median Earnings
$842
Median Rent
$120,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer two bedrooms, one bathroom, garage access, and basement storage, with updated and remodeled interiors.
Where is this quadplex located?
The property is located at 1681 Bellmeade Drive Altoona, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit apartment building with 5,040 square feet; Each unit includes 2 bedrooms and 1 bathroom; Situated on a 0.75‑acre lot at 1681 Bellmeade Drive
