Leased Triplex With Detached
For Sale
$1,500,000
115 Montgomery Ave, Bala Cynwyd, PA 19004
Three residential units and a separate garage provide multiple leased components in Bala Cynwyd.
Property Size4,082 SF
Price / SF$367.47
Days on Market84
Property Features for 115 Montgomery Ave
General Information
Standard status
Active
Size
4,082 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 2-3BR/1BA, 1 x 5BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$112,440
Taxes and HOA fees
Annual Taxes
$12,063
Listing Agency:
EXP Realty, LLC
(267) 838-8537
Listed By:
Jason Drew Driscoll · License #RS360272
(267) 838-8537
Source:
Exprealty
Added: Jun 3
Changed: Aug 24
Last Checked: Aug 24 at 1:07PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 1925 triplex includes three residential apartments and a detached garage, with all four components currently leased. The first apartment has 3 bedrooms, 1 bathroom, a private deck, and in-unit laundry. The second offers 2-3 bedrooms, 1 bathroom, and in-unit laundry, while the third contains 5 bedrooms, 1 bathroom, and in-unit laundry. A large driveway accommodates parking for 10+ vehicles.
The property is located at 115 Montgomery Avenue in Bala Cynwyd, within the Lower Merion School District. Tenants pay their own electric and gas utilities, and the second unit contributes a flat monthly water charge. The combination of three apartments, separate garage space, on-site parking, and current occupancy creates a straightforward multifamily configuration.
The property is located at 115 Montgomery Avenue in Bala Cynwyd, within the Lower Merion School District. Tenants pay their own electric and gas utilities, and the second unit contributes a flat monthly water charge. The combination of three apartments, separate garage space, on-site parking, and current occupancy creates a straightforward multifamily configuration.
Key Highlights
- Three residential units plus a detached garage, all currently leased
- Unit 3 includes 5 bedrooms, 1 bathroom, and in‑unit laundry
- Unit 1 offers 3 bedrooms, 1 bathroom, a private deck, and in‑unit laundry
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
$59,311
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
3.95%
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%
$1,186,220
$1.2M
Cap Rate 7%
$847,300
$847.3K
Cap Rate 9%
$659,011
$659.0K
Market Conditions
NOI Build-Up for 4,082 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
$90.6K $22.20/SF
− Vacancy
−$5.9K −$1.44/SF
EGI
$84.7K $20.76/SF
− OpEx
−$25.4K −$6.23/SF
NOI
$59.3K $14.53/SF
Area
Montgomery County, PA
Vacancy
6.50%
Lease Rate
$22.20 /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%
$1,186,220
Cap Rate 7%
$847,300
Cap Rate 9%
$659,011
Alternative Uses
Best Use
Multifamily LT 5
$847.3K
$741.4K – $988.5K
NOI $59,311 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$787.8K
$689.4K – $919.2K
NOI $55,149 @ 7.0% cap · market cap 3.68%
Theoretical Best
Specialty Retail
$2.35M
$2.05M – $2.74M
NOI $164,361 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,235
Businesses Nearby
Explore this area
Business Placement
Demographics for 19004, PA
10,668
Population
4,453
Households
2.4
Avg Household Size
41
Median Age
73%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
3,951
Density / Sq Mi
$143,781
Median Household Income
$81,909
Median Earnings
$1,791
Median Rent
$616,000
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?
Triplex - Three residential units and a separate garage provide multiple leased components in Bala Cynwyd.
Where is this triplex located?
The property is located at 115 Montgomery Ave Bala Cynwyd, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three residential units plus a detached garage, all currently leased; Unit 3 includes 5 bedrooms, 1 bathroom, and in‑unit laundry; Unit 1 offers 3 bedrooms, 1 bathroom, a private deck, and in‑unit laundry
