Renovated Two-Unit
For Sale
$249,900
138 Sanders Rd, Pen Argyl, PA 18072
Two separate apartments include updated finishes, an occupied upper-level unit, and basement utility space.
Property Size1,300 SF
Price / SF$192.23
Days on Market12
Property Features for 138 Sanders Rd
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,792
Building Details
Buildings
1
Stories
2
Listing Agency:
Realty One Group Supreme
(610) 321-3730
Listed By:
Nathanael J. Boykin
(215) 767-4881
Source:
Exprealty
Added: Sep 10
Changed: Sep 20
Last Checked: Sep 20 at 2:45PM
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 Realty One Group Supreme
Investment Insights
Based on property information with market context.
Located at 138 Sanders Rd in Pen Argyl, this duplex contains two apartments arranged across the first and second floors. The lower unit has two bedrooms and one bathroom, along with fresh paint, new carpet, and laminate flooring. The upper apartment provides one bedroom and one bathroom and currently has a long-time tenant in place.
A separate basement entrance creates additional functional space that can accommodate laundry or storage. The property also includes a sizable backyard, adding outdoor space to the residential layout. Its two-unit configuration and distinct apartment entrances support multi-unit occupancy within a single duplex property.
A separate basement entrance creates additional functional space that can accommodate laundry or storage. The property also includes a sizable backyard, adding outdoor space to the residential layout. Its two-unit configuration and distinct apartment entrances support multi-unit occupancy within a single duplex property.
Key Highlights
- Two‑unit duplex at 138 Sanders Rd, Pen Argyl, PA
- First‑floor apartment with 2 bedrooms and 1 bathroom
- Lower unit updated with fresh paint, new carpet, and laminate flooring
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
$8,594
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
3.44%
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%
$171,880
$171.9K
Cap Rate 7%
$122,771
$122.8K
Cap Rate 9%
$95,489
$95.5K
Market Conditions
NOI Build-Up for 1,300 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
$13.3K $10.20/SF
− Vacancy
−$983 −$0.76/SF
EGI
$12.3K $9.44/SF
− OpEx
−$3.7K −$2.83/SF
NOI
$8.6K $6.61/SF
Area
Northampton County, PA
Vacancy
7.41%
Lease Rate
$10.20 /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%
$171,880
Cap Rate 7%
$122,771
Cap Rate 9%
$95,489
Alternative Uses
Best Use
Multifamily LT 5
$122.8K
$107.4K – $143.2K
NOI $8,594 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$113.0K
$98.9K – $131.9K
NOI $7,911 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$246.6K
$215.8K – $287.7K
NOI $17,260 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Explore this area
Business Placement
Demographics for 18072, PA
6,734
Population
2,779
Households
2.4
Avg Household Size
43
Median Age
23%
College-Educated
87%
High-School Grad
14.9 sq mi
ZIP Area
452
Density / Sq Mi
$79,067
Median Household Income
$41,056
Median Earnings
$1,525
Median Rent
$244,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate apartments include updated finishes, an occupied upper-level unit, and basement utility space.
Where is this duplex located?
The property is located at 138 Sanders Rd Pen Argyl, PA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit duplex at 138 Sanders Rd, Pen Argyl, PA; First‑floor apartment with 2 bedrooms and 1 bathroom; Lower unit updated with fresh paint, new carpet, and laminate flooring
