Three-Unit Apartment
For Sale
$282,000
121 Center St, Milton, PA 17847
Updated multifamily property with remodeled kitchens, off-street parking, and separate tenant responsibility for key utilities.
Property Size2,420 SF
Price / SF$116.53
Days on Market29
Property Features for 121 Center St
General Information
Standard status
Active
Size
2,420 SF
Total Parking Spaces
6
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,289
Amenities
replacement windows
updated electrical
updated plumbing
remodeled kitchens
insulated attic
granite countertops
yellow pine flooring
Building Details
Buildings
1
Construction
split-face concrete block
Listing Agency:
RE/Max Bridges
(570) 768-4792
Listed By:
Ann M. Hilliard · License #RM423742
(570) 768-4792
Source:
Exprealty
Added: Jul 13
Changed: Aug 7
Last Checked: Aug 9 at 9:44AM
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 RE/Max Bridges
Investment Insights
Based on property information with market context.
This 2,420 SF triplex contains three apartment units within a decorative split-face concrete block building. Property improvements include replacement windows, updated electrical and plumbing, remodeled kitchens, an insulated attic, and six off-street parking spaces. The second-floor apartment features granite countertops and yellow pine flooring.
Tenants pay electric, heat, and hot water, providing a clearly defined utility arrangement. The property offers access to Route 15 and Interstate 180, with shopping, schools, and healthcare facilities also identified in the surrounding area.
Tenants pay electric, heat, and hot water, providing a clearly defined utility arrangement. The property offers access to Route 15 and Interstate 180, with shopping, schools, and healthcare facilities also identified in the surrounding area.
Key Highlights
- Three‑unit apartment building totaling 2,420 SF
- Decorative split‑face concrete block construction
- Updated electrical and plumbing, replacement windows, and insulated attic
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
$18,120
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
6.43%
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%
$362,400
$362.4K
Cap Rate 7%
$258,857
$258.9K
Cap Rate 9%
$201,333
$201.3K
Market Conditions
NOI Build-Up for 2,420 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
$27.6K $11.40/SF
− Vacancy
−$1.7K −$0.70/SF
EGI
$25.9K $10.70/SF
− OpEx
−$7.8K −$3.21/SF
NOI
$18.1K $7.49/SF
Area
Northumberland County, PA
Vacancy
6.17%
Lease Rate
$11.40 /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%
$362,400
Cap Rate 7%
$258,857
Cap Rate 9%
$201,333
Alternative Uses
Best Use
Multifamily LT 5
$258.9K
$226.5K – $302.0K
NOI $18,120 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$238.9K
$209.1K – $278.8K
NOI $16,726 @ 7.0% cap · market cap 5.93%
Theoretical Best
Warehouse
$2.94M
$2.58M – $3.44M
NOI $206,125 @ 7.0% cap · market cap 73.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 17847, PA
11,703
Population
5,341
Households
2.2
Avg Household Size
45
Median Age
17%
College-Educated
93%
High-School Grad
46.3 sq mi
ZIP Area
253
Density / Sq Mi
$56,582
Median Household Income
$36,028
Median Earnings
$835
Median Rent
$185,400
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?
Triplex - Updated multifamily property with remodeled kitchens, off-street parking, and separate tenant responsibility for key utilities.
Where is this triplex located?
The property is located at 121 Center St Milton, PA.
What is the asking price?
The asking price for this property is $282,000.
What are key features of this property?
This property features: Three‑unit apartment building totaling 2,420 SF; Decorative split‑face concrete block construction; Updated electrical and plumbing, replacement windows, and insulated attic
