Renovated Two-Unit
For Sale
$450,000
118 RYERS Avenue, Cheltenham, PA 19012
Multi-Family, CHELTENHAM, PA
Property Size2,106 SF
Lot Size0.09 Acres
Price / SF$213.68
Days on Market47
Property Features for 118 RYERS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
4
Parking features
Garage - Detached, Driveway
Subdivision
CHELTENHAM VIL
Elementary school district
CHELTENHAM
Middle school district
CHELTENHAM
High school district
CHELTENHAM
Standard status
Active
Size
2,106 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
8569
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
central air
hardwood floors
laundry in basement
porch
patio
rear yard
Building Details
Year built
1925
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
RE/MAX 2000 · RE/MAX International
(215) 698-2000
Listed By:
Mariann Owens · License #RS133529A
(215) 280-7222
Added: Jul 25
Changed: Sep 3
Last Checked: Sep 9 at 7:06PM
MLS# PAMC2188652
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 brick duplex contains 2,106 square feet across two residences, with each floor providing two bedrooms, two bathrooms, an updated kitchen, and an updated bath. Renovations were completed within the last few years. Both units feature central air, separate utilities, bright rooms, and a mix of hardwood flooring and carpeting. A second-floor bonus room adds flexible space for an office, exercise area, or playroom. Basement laundry access serves both floors.
The property occupies 0.0861 acres and includes a detached two-car garage, driveway parking, a rear yard, and a patio. Built in 1925, it is positioned near train and bus service, shopping, and Burholme Park. The layout supports occupying one residence while leasing the other, or operating both as rental units.
The property occupies 0.0861 acres and includes a detached two-car garage, driveway parking, a rear yard, and a patio. Built in 1925, it is positioned near train and bus service, shopping, and Burholme Park. The layout supports occupying one residence while leasing the other, or operating both as rental units.
Key Highlights
- 2,106 square feet on a 0.0861‑acre lot
- Two residences, each with 2 bedrooms and 2 bathrooms
- Updated kitchens and baths renovated within the last few years
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
$30,600
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
6.80%
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%
$612,000
$612.0K
Cap Rate 7%
$437,143
$437.1K
Cap Rate 9%
$340,000
$340.0K
Market Conditions
NOI Build-Up for 2,106 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
$46.8K $22.20/SF
− Vacancy
−$3.0K −$1.44/SF
EGI
$43.7K $20.76/SF
− OpEx
−$13.1K −$6.23/SF
NOI
$30.6K $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%
$612,000
Cap Rate 7%
$437,143
Cap Rate 9%
$340,000
Alternative Uses
Best Use
Multifamily LT 5
$437.1K
$382.5K – $510.0K
NOI $30,600 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$406.5K
$355.7K – $474.2K
NOI $28,453 @ 7.0% cap · market cap 6.32%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,798 @ 7.0% cap · market cap 18.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,604
Businesses Nearby
Explore this area
Business Placement
Demographics for 19012, PA
6,699
Population
2,314
Households
2.9
Avg Household Size
40
Median Age
43%
College-Educated
90%
High-School Grad
1.7 sq mi
ZIP Area
3,941
Density / Sq Mi
$117,614
Median Household Income
$53,216
Median Earnings
$1,226
Median Rent
$320,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers separate utilities, central air, and access to shared basement laundry.
Where is this duplex located?
The property is located at 118 RYERS Avenue Cheltenham, PA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,106 square feet on a 0.0861‑acre lot; Two residences, each with 2 bedrooms and 2 bathrooms; Updated kitchens and baths renovated within the last few years
