48-Unit Apartment Complex in
For Sale
$3,350,000
1005-1015 Willowbrook Dr, Greensburg, PA 15601
48-unit apartment complex in a quiet neighborhood in Greensburg.
Property Size35,680 SF
Days on Market106
Property Features for 1005-1015 Willowbrook Dr
General Information
Standard status
Active
Size
35,680 SF
Property subtype
Multifamily
Building Details
Building Size
35,680 SF
Year Built
1967
Listing Agency:
SVN | Three Rivers Commercial Advisors
(724) 272-4225
Listed By:
Bryan Donaldson · License #PA #RS273805
(724) 272-4225
Source:
Svn
Added: May 14
Changed: Aug 24
Last Checked: Aug 26 at 6:47AM
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 SVN | Three Rivers Commercial Advisors
Investment Insights
Based on property information with market context.
This property features a 48-unit apartment complex constructed in 1967, situated in Greensburg, Pennsylvania. The complex comprises four residential buildings. The unit mix includes 44 one-bedroom units and 4 efficiency units. The property is located in a quiet neighborhood with convenient access to amenities such as the Westmoreland Mall, Live! Casino Pittsburgh, restaurants, shops, and grocery stores. This property presents a value-add opportunity.
Key Highlights
- 48‑unit apartment complex offers significant investment potential.
- Convenient location provides easy access to Westmoreland Mall, Live! Casino Pittsburgh, restaurants, shops, and grocery stores.**
- Consists of (44) one‑bedroom units and (4) efficiency units.
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
$282,736
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
8.44%
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%
$5,654,720
$5.7M
Cap Rate 7%
$4,039,086
$4.0M
Cap Rate 9%
$3,141,511
$3.1M
Market Conditions
NOI Build-Up for 35,680 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
$548.0K $15.36/SF
− Vacancy
−$34.0K −$0.95/SF
EGI
$514.1K $14.41/SF
− OpEx
−$231.3K −$6.48/SF
NOI
$282.7K $7.92/SF
Area
Westmoreland County, PA
Vacancy
6.20%
Lease Rate
$15.36 /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%
$5,654,720
Cap Rate 7%
$4,039,086
Cap Rate 9%
$3,141,511
Alternative Uses
Best Use
Apartment 5plus
$4.04M
$3.53M – $4.71M
NOI $282,736 @ 7.0% cap · market cap 8.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.09M
$7.95M – $10.60M
NOI $636,177 @ 7.0% cap · market cap 18.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
467
Businesses Nearby
Explore this area
Business Placement
Demographics for 15601, PA
57,141
Population
25,978
Households
2.2
Avg Household Size
47
Median Age
40%
College-Educated
96%
High-School Grad
80.6 sq mi
ZIP Area
709
Density / Sq Mi
$75,369
Median Household Income
$41,485
Median Earnings
$868
Median Rent
$209,400
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?
Apartment building - 48-unit apartment complex in a quiet neighborhood in Greensburg.
Where is this apartment building located?
The property is located at 1005-1015 Willowbrook Dr Greensburg, PA.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: 48‑unit apartment complex offers significant investment potential.; Convenient location provides easy access to Westmoreland Mall, Live! Casino Pittsburgh, restaurants, shops, and grocery stores.**; Consists of (44) one‑bedroom units and (4) efficiency units.
