Two-Building Apartment
For Sale
$2,450,000
114 Noble Vista Drive, Greensburg, PA 15601
A 23-unit apartment complex with two residential buildings and multiple unit configurations on 4.6 acres.
Property Size27,400 SF
Lot Size4.60 Acres
Days on Market118
Property Features for 114 Noble Vista Drive
General Information
Standard status
Active
Size
27,400 SF
Lot size
4.60 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
23
Building Details
Building Size
27,400 SF
Year Built
1967
Tenancy
Multi
Listing Agency:
SVN | Three Rivers Commercial Advisors
Listed By:
Bryan Donaldson · License #PA #RS273805
(724) 272-4225
Source:
Svn
Added: May 14
Changed: Sep 6
Last Checked: Sep 7 at 8:28AM
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.
SVN Three Rivers Commercial Advisors presents the opportunity to acquire a 23-unit apartment complex built in 1967, situated on 4.6 acres. The property includes two residential buildings and a unit mix of (13) 2BD/2BA units, (6) 3BD/2.5BA townhome-style units, (3) 3BD/2BA units, and (1) 1BD/1BA unit.
The offering also features abundant parking, supporting day-to-day resident access across the property.
This is an income-producing residential asset with a clear mix of two-, three-, and one-bedroom units across two buildings.
The offering also features abundant parking, supporting day-to-day resident access across the property.
This is an income-producing residential asset with a clear mix of two-, three-, and one-bedroom units across two buildings.
Key Highlights
- 23‑unit apartment complex in Greensburg, PA with two residential buildings
- Built in 1967 and set on 4.6 acres
- Unit mix: (13) 2BD/2BA
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
$217,124
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
8.86%
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%
$4,342,480
$4.3M
Cap Rate 7%
$3,101,771
$3.1M
Cap Rate 9%
$2,412,489
$2.4M
Market Conditions
NOI Build-Up for 27,400 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
$420.9K $15.36/SF
− Vacancy
−$26.1K −$0.95/SF
EGI
$394.8K $14.41/SF
− OpEx
−$177.6K −$6.48/SF
NOI
$217.1K $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%
$4,342,480
Cap Rate 7%
$3,101,771
Cap Rate 9%
$2,412,489
Alternative Uses
Best Use
Apartment 5plus
$3.10M
$2.71M – $3.62M
NOI $217,124 @ 7.0% cap · market cap 8.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.98M
$6.11M – $8.14M
NOI $488,544 @ 7.0% cap · market cap 19.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
23
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
62
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 - A 23-unit apartment complex with two residential buildings and multiple unit configurations on 4.6 acres.
Where is this apartment building located?
The property is located at 114 Noble Vista Drive Greensburg, PA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 23‑unit apartment complex in Greensburg, PA with two residential buildings; Built in 1967 and set on 4.6 acres; Unit mix: (13) 2BD/2BA
