Historic Character Apartment
For Sale
$975,000
123 W PHILADELPHIA AVENUE, Boyertown, PA 19512
Renovated multifamily property with six units, resident laundry, outdoor space, and dedicated parking.
Property Size4,200 SF
Price / SF$232.14
Days on Market11
Property Features for 123 W PHILADELPHIA AVENUE
General Information
Standard status
Active
Size
4,200 SF
Total Parking Spaces
6
Property subtype
Commercial
Additional Details
Multifamily Units
6
Amenities
on-site laundry
central air conditioning
deck
patio
Building Details
Year Built
1900
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Kelly Real Estate, Inc.
(610) 715-9762
Listed By:
Brian C Kelly · License #RM052045A
(610) 715-9762
Source:
Cummingsrealtors
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 6:32PM
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 Kelly Real Estate, Inc.
Investment Insights
Based on property information with market context.
This three-story, six-unit apartment property occupies a brick Second Empire Victorian building constructed in 1900. Renovations completed over the past 14 years include updated kitchens with granite counters, open layouts, central air conditioning, hardwood, LVP and tile flooring, and refreshed bathrooms. Original character remains visible through ornamental trim, tall windows, high ceilings, exposed brick, a two-story bay window, turned staircase, double-door entry, and marble foyer.
The property includes a second-floor composite deck, paver patio, landscaped grounds, on-site laundry, and a six-car parking lot. Located at 123 W Philadelphia Avenue in Boyertown, the building is one block from the town center and near the State Theater, library, retail shops, restaurants, coffee shops, parks, and the Colebrookdale Railroad tourism line.
The property includes a second-floor composite deck, paver patio, landscaped grounds, on-site laundry, and a six-car parking lot. Located at 123 W Philadelphia Avenue in Boyertown, the building is one block from the town center and near the State Theater, library, retail shops, restaurants, coffee shops, parks, and the Colebrookdale Railroad tourism line.
Key Highlights
- Six‑unit apartment building with three stories
- Brick Second Empire Victorian constructed in 1900
- Renovated over the last 14 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
$36,191
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
3.71%
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%
$723,820
$723.8K
Cap Rate 7%
$517,014
$517.0K
Cap Rate 9%
$402,122
$402.1K
Market Conditions
NOI Build-Up for 4,200 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
$68.5K $16.32/SF
− Vacancy
−$2.7K −$0.65/SF
EGI
$65.8K $15.67/SF
− OpEx
−$29.6K −$7.05/SF
NOI
$36.2K $8.62/SF
Area
Berks County, PA
Vacancy
4.00%
Lease Rate
$16.32 /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%
$723,820
Cap Rate 7%
$517,014
Cap Rate 9%
$402,122
Alternative Uses
Best Use
Apartment 5plus
$517.0K
$452.4K – $603.2K
NOI $36,191 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$689.5K
$603.3K – $804.4K
NOI $48,263 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Explore this area
Business Placement
Demographics for 19512, PA
16,928
Population
6,726
Households
2.5
Avg Household Size
46
Median Age
23%
College-Educated
91%
High-School Grad
43.3 sq mi
ZIP Area
391
Density / Sq Mi
$76,036
Median Household Income
$49,954
Median Earnings
$1,146
Median Rent
$247,500
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 - Renovated multifamily property with six units, resident laundry, outdoor space, and dedicated parking.
Where is this apartment building located?
The property is located at 123 W PHILADELPHIA AVENUE Boyertown, PA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Six‑unit apartment building with three stories; Brick Second Empire Victorian constructed in 1900; Renovated over the last 14 years
