Turnkey Duplex with Two
For Sale
$359,999
1504 WILLOW AVENUE, Elkins Park, PA 19027
A turnkey duplex with a 1-bedroom and a 3-bedroom unit, offering ready-to-rent income potential.
Property Size1,412 SF
Price / SF$254.96
Days on Market86
Property Features for 1504 WILLOW AVENUE
General Information
Standard status
Active
Size
1,412 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Year Built
1940
Tenancy
Multi
Listing Agency:
Coldwell Banker Hearthside Realtors
(215) 379-2002
Listed By:
Robert Quattlebaum · License #SL3522225
(215) 219-2785
Source:
Cummingsrealtors
Added: Jun 20
Changed: Sep 13
Last Checked: Sep 13 at 9:26AM
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 Coldwell Banker Hearthside Realtors
Investment Insights
Based on property information with market context.
This turnkey duplex at 1504 Willow Avenue features two residential units: a 1-bedroom, 1-bath unit and a 3-bedroom, 1-bath unit. The property is described as well-kept and designed for straightforward operation as a multi-family home.
The home is located in the historic section of LaMott in Cheltenham Township. It is minutes from the Cheltenham Mall Shopping Center, which includes a variety of restaurants and stores such as Target, Chipotle, Chilis, Home Depot, Shop Rite, and LA Fitness.
For commuters, SEPTA bus lines are within walking distance, and the Melrose Park and Jenkintown train stations are close by.
The home is located in the historic section of LaMott in Cheltenham Township. It is minutes from the Cheltenham Mall Shopping Center, which includes a variety of restaurants and stores such as Target, Chipotle, Chilis, Home Depot, Shop Rite, and LA Fitness.
For commuters, SEPTA bus lines are within walking distance, and the Melrose Park and Jenkintown train stations are close by.
Key Highlights
- Turnkey duplex built in 1940 with a 1 bed, 1 bath unit and a 3 bed, 1 bath unit
- Well‑kept multi‑family property with ready‑to‑rent income potential per the listing
- Located in the historic section of LaMott in Cheltenham Township
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
$20,516
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
5.70%
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%
$410,320
$410.3K
Cap Rate 7%
$293,086
$293.1K
Cap Rate 9%
$227,956
$228.0K
Market Conditions
NOI Build-Up for 1,412 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
$31.3K $22.20/SF
− Vacancy
−$2.0K −$1.44/SF
EGI
$29.3K $20.76/SF
− OpEx
−$8.8K −$6.23/SF
NOI
$20.5K $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%
$410,320
Cap Rate 7%
$293,086
Cap Rate 9%
$227,956
Alternative Uses
Best Use
Multifamily LT 5
$293.1K
$256.5K – $341.9K
NOI $20,516 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$272.5K
$238.5K – $318.0K
NOI $19,077 @ 7.0% cap · market cap 5.30%
Theoretical Best
Specialty Retail
$812.2K
$710.7K – $947.6K
NOI $56,854 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
855
Businesses Nearby
Explore this area
Business Placement
Demographics for 19027, PA
19,170
Population
8,550
Households
2.2
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
3.9 sq mi
ZIP Area
4,915
Density / Sq Mi
$105,190
Median Household Income
$52,970
Median Earnings
$1,439
Median Rent
$348,700
Median Home Value
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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 - A turnkey duplex with a 1-bedroom and a 3-bedroom unit, offering ready-to-rent income potential.
Where is this duplex located?
The property is located at 1504 WILLOW AVENUE Elkins Park, PA.
What is the asking price?
The asking price for this property is $359,999.
What are key features of this property?
This property features: Turnkey duplex built in 1940 with a 1 bed, 1 bath unit and a 3 bed, 1 bath unit; Well‑kept multi‑family property with ready‑to‑rent income potential per the listing; Located in the historic section of LaMott in Cheltenham Township
