Greensburg Apartment Complex For
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1015 Willowbrook Dr., Greensburg, PA 15601
48-unit apartment complex in Greensburg, Pennsylvania, built in 1967.
Property Size35,680 SF
Price / SF$93.89
Days on Market100
Property Features for 1015 Willowbrook Dr.
General Information
Standard status
Active
Size
35,680 SF
Class
C
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$268,755
Building Details
Year Built
1967
Buildings
4
Stories
3
Tenancy
Multi
Listing Agency:
SVN | Three Rivers Commercial Advisors
(412) 535-5759
Listed By:
Keane George · License #PA RS317489
Source:
Crexi
Added: May 20
Changed: Aug 21
Last Checked: Aug 26 at 5:31AM
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 located in a quiet neighborhood. Its location provides convenient access to amenities such as the Westmoreland Mall, Live! Casino Pittsburgh, restaurants, shops, and grocery stores. The unit mix includes 44 one-bedroom units and 4 efficiency units. Tenants are responsible for electric and water/sewage. A $100/month ancillary fee covers trash, cable, and Internet. The property encompasses a total size of 35680 square feet.
Key Highlights
- 48‑unit apartment complex offers significant investment potential.
- Convenient location in a quiet neighborhood near Westmoreland Mall, Live! Casino Pittsburgh, restaurants, shops, and grocery stores.
- Tenants pay electric and water/sewage, reducing landlord expenses.
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
490
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 Greensburg, Pennsylvania, built in 1967.
Where is this apartment building located?
The property is located at 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 in a quiet neighborhood near Westmoreland Mall, Live! Casino Pittsburgh, restaurants, shops, and grocery stores.; Tenants pay electric and water/sewage, reducing landlord expenses.
