Two-Unit Duplex
For Sale
$359,999
1504 WILLOW Avenue, Elkins Park, PA 19027
Multi-Family, ELKINS PARK, PA
Property Size1,412 SF
Lot Size0.06 Acres
Price / SF$254.96
Days on Market57
Property Features for 1504 WILLOW Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Subdivision
LAMOTT
Elementary school
MYERS
Middle school
CEDARBROOK
High school
CHELTENHAM
Elementary school district
CHELTENHAM
Middle school district
CHELTENHAM
High school district
CHELTENHAM
Standard status
Active
Size
1,412 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
4816
Utilities
Heating system
Central
Cooling system
Window Unit(s)
Building Details
Year built
1940
Number of units
2
Building materials
Asbestos
Architectural style
Other
Listing Agency:
Coldwell Banker Hearthside Realtors · Coldwell Banker Real Estate
(215) 379-2002
Listed By:
Robert Quattlebaum · License #RS356047
(215) 219-2785
Added: Jul 19
Changed: Aug 19
Last Checked: Sep 13 at 9:06PM
MLS# PAMC2188228
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.
Located at 1504 Willow Avenue in Elkins Park, Pennsylvania, this duplex contains 1,412 square feet and was built in 1940. The two residences include one one-bedroom, one-bath unit and one three-bedroom, one-bath unit. A basement adds to the property’s existing configuration, while central heating and window-unit cooling serve the building. Construction materials are identified as asbestos, and parking is available on the street.
The property sits within Cheltenham Township and is near Cheltenham Mall Shopping Center, with access to retail, restaurants, and fitness services including Target, Chipotle, Chili’s, Home Depot, ShopRite, and LA Fitness. SEPTA bus service is within walking distance, and Melrose Park and Jenkintown train stations are nearby. The parcel contains 0.0645 acres.
The property sits within Cheltenham Township and is near Cheltenham Mall Shopping Center, with access to retail, restaurants, and fitness services including Target, Chipotle, Chili’s, Home Depot, ShopRite, and LA Fitness. SEPTA bus service is within walking distance, and Melrose Park and Jenkintown train stations are nearby. The parcel contains 0.0645 acres.
Key Highlights
- Two‑unit duplex with 1,412 square feet
- Unit mix includes 1 bedroom/1 bathroom and 3 bedrooms/1 bathroom
- Built in 1940 on a 0.0645‑acre lot
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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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
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 - Separate residences provide one-bedroom and three-bedroom layouts within a compact multifamily property.
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: Two‑unit duplex with 1,412 square feet; Unit mix includes 1 bedroom/1 bathroom and 3 bedrooms/1 bathroom; Built in 1940 on a 0.0645‑acre lot
