Four-Unit Multifamily
For Sale
$549,900
103 MERCER MILL Road, Landenberg, PA 19350
MULTI_FAMILY - Other - LANDENBERG, PA
Property Size3,770 SF
Lot Size0.60 Acres
Price / SF$145.86
Days on Market305
Property Features for 103 MERCER MILL Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
7
Parking features
Off Street
Elementary school district
KENNETT CONSOLIDATED
Middle school district
KENNETT CONSOLIDATED
High school district
KENNETT CONSOLIDATED
Standard status
Active
Size
3,770 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Annual Amount
6375
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1880
Number of units
4
Building materials
Stone
Architectural style
Other
Listing Agency:
Iron Valley Real Estate Exton
(610) 561-1111
Listed By:
Aaron Alexander Jones · License #RS377443
(610) 850-3535
Added: Oct 31, 2025
Changed: Jul 4
Last Checked: Aug 31 at 9:06AM
MLS# PACT2111772
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 for-sale four-unit multifamily property offers a total of 3,770 square feet of residential space on a 0.6-acre lot. The unit mix includes one 3-bedroom, 1-bath unit; one 2-bedroom, 1-bath unit; and two 1-bedroom, 1-bath units. The current total rent roll is stated as $4,950 per month. The owner notes potential for value-add through cosmetic renovation of a 1-bedroom unit, as well as possible utility restructuring for propane/heat and well expenses that are currently owner-paid.
The property is located at 103 Mercer Mill Road in Landenberg, Pennsylvania, in a country setting. The listing indicates tenants can access nearby conveniences while staying near Newark, Delaware, and Kennett Square.
For prospective owners or operators, the configuration supports a blended tenant mix across larger and smaller unit types. With utilities currently described as owner-paid for propane/heat and well, there may be opportunity to review expense allocation strategies. The listing also notes potential to add coin-operated laundry to create additional resident convenience and potential supplemental revenue.
The property is located at 103 Mercer Mill Road in Landenberg, Pennsylvania, in a country setting. The listing indicates tenants can access nearby conveniences while staying near Newark, Delaware, and Kennett Square.
For prospective owners or operators, the configuration supports a blended tenant mix across larger and smaller unit types. With utilities currently described as owner-paid for propane/heat and well, there may be opportunity to review expense allocation strategies. The listing also notes potential to add coin-operated laundry to create additional resident convenience and potential supplemental revenue.
Key Highlights
- 4‑unit multifamily investment built in 1880 in Landenberg
- Current total rent roll of $4,950/month with unit mix: 1x 3BR/1BA, 1x 2BR/1BA, and 2x 1BR/1BA
- Cosmetic renovation potential on 1BR unit could boost income by $400/month
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
$43,322
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
7.88%
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%
$866,440
$866.4K
Cap Rate 7%
$618,886
$618.9K
Cap Rate 9%
$481,356
$481.4K
Market Conditions
NOI Build-Up for 3,770 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
$72.4K $19.20/SF
− Vacancy
−$10.5K −$2.78/SF
EGI
$61.9K $16.42/SF
− OpEx
−$18.6K −$4.92/SF
NOI
$43.3K $11.49/SF
Area
Chester County, PA
Vacancy
14.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
30.00%
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%
$866,440
Cap Rate 7%
$618,886
Cap Rate 9%
$481,356
Alternative Uses
Best Use
Multifamily LT 5
$618.9K
$541.5K – $722.0K
NOI $43,322 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$584.0K
$511.0K – $681.3K
NOI $40,880 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$1.14M
$1.00M – $1.33M
NOI $80,012 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Explore this area
Business Placement
Demographics for 19350, PA
11,030
Population
3,992
Households
2.8
Avg Household Size
45
Median Age
60%
College-Educated
97%
High-School Grad
28.0 sq mi
ZIP Area
394
Density / Sq Mi
$152,264
Median Household Income
$73,039
Median Earnings
$1,405
Median Rent
$494,300
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-unit rental property with a mix of 3-, 2-, and 1-bedroom units and an established monthly rent roll.
Where is this quadplex located?
The property is located at 103 MERCER MILL Road Landenberg, PA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 4‑unit multifamily investment built in 1880 in Landenberg; Current total rent roll of $4,950/month with unit mix: 1x 3BR/1BA, 1x 2BR/1BA, and 2x 1BR/1BA; Cosmetic renovation potential on 1BR unit could boost income by $400/month
