Six-Unit Victorian Apartment
New
For Sale
$975,000
123 W PHILADELPHIA Avenue, Boyertown, PA 19512
Multi-Family, BOYERTOWN, PA
Property Size4,200 SF
Lot Size0.13 Acres
Price / SF$232.14
Days on Market3
Property Features for 123 W PHILADELPHIA Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
6
Parking features
Driveway, Assigned, Parking Lot
Interior features
Crown Moldings, Recessed Lighting, Upgraded Countertops, Walk-in Closet(s), Wood Floors
Appliances
Washer, Dryer, Oven/Range - Electric, Refrigerator, Dishwasher, Microwave
Elementary school district
BOYERTOWN AREA
Middle school district
BOYERTOWN AREA
High school district
BOYERTOWN AREA
Standard status
Active
Size
4,200 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
7771
Utilities
Heating system
Electric (Heating), Baseboard, Hot Water(Heating), Heat Pump (Heating)
Cooling system
Wall Unit(s), Ductless, Heat Pump
Amenities
central air conditioning
on-site laundry
deck
patio
landscaping
granite countertops
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Architectural style
Victorian
Listing Agency:
Kelly Real Estate, Inc.
(610) 369-3600
Listed By:
Brian C Kelly · License #RM052045A
(610) 715-9762
Added: Aug 21
Last Checked: Aug 23 at 3:06AM
MLS# PABK2076434
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 6-unit, three-story apartment building in Boyertown combines a 1900 brick Victorian structure with extensive renovations completed over the past 14 years. The 4,200-square-foot property includes updated kitchens with granite countertops, open layouts, tall windows, high ceilings, central air conditioning, wood and tile flooring, and refreshed bathrooms. Original character remains visible through ornamental trim, a two-story bay window, turned staircase, marble foyer, double-door entrance, and exposed brick details.
A second-floor composite deck, paver patio, landscaped grounds, on-site laundry, and a 6-car parking lot add practical resident amenities. The property occupies 0.13 acres and sits one block from Boyertown’s town center, near restaurants, coffee shops, stores, parks, the community library, State Theater, and Colebrookdale Railroad.
A second-floor composite deck, paver patio, landscaped grounds, on-site laundry, and a 6-car parking lot add practical resident amenities. The property occupies 0.13 acres and sits one block from Boyertown’s town center, near restaurants, coffee shops, stores, parks, the community library, State Theater, and Colebrookdale Railroad.
Key Highlights
- 6‑unit, three‑story apartment building
- 4,200 square feet on 0.13 acres
- Brick Victorian construction dating to 1900
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 brick apartments feature updated interiors, outdoor gathering areas, laundry facilities, and resident 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: 6‑unit, three‑story apartment building; 4,200 square feet on 0.13 acres; Brick Victorian construction dating to 1900
