22-Unit Townhome Apartment
For Sale
$2,500,000
1655 Juniata Ln, Altoona, PA 16602
Two multi-unit townhouse buildings offer garages, balconies, off-street parking, and one current vacancy.
Property Size21,356 SF
Lot Size5.86 Acres
Price / SF$117.06
Days on Market178
Property Features for 1655 Juniata Ln
General Information
Standard status
Active
Size
21,356 SF
Lot size
5.86 Acres
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
22
Taxes and HOA fees
Annual Taxes
$16,838
Amenities
coin-operated laundry
balcony
Building Details
Buildings
2
Listing Agency:
Coldwell Banker Town & Country R.E.
(814) 207-9709
Listed By:
Eric Malone · License #346449
(814) 207-9709
Source:
Exprealty
Added: Mar 6
Changed: Aug 31
Last Checked: Aug 30 at 9:07PM
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 Town & Country R.E.
Investment Insights
Based on property information with market context.
Bel-Air Park Town Homes comprises 22 apartment units across two multi-unit townhouse buildings on 5.86 acres. Each townhouse has ground-level entrances at the first and second floors, bedrooms and a full bath on the third floor, a second-floor living room, and balcony access from the kitchen and dining area. Lower levels include either an integral garage or a walk-out. Units are updated as needed, and all but one are currently occupied.
Ivan Lane contains 10 units, nine integral garages, and a coin-operated laundry facility available to tenants. Will Lane contains 12 units, four integral garages, eight ground-level walk-outs, and an additional parking lot. The property provides off-street parking and wooded hillside surroundings adjacent to Greenwood Park, with views of the PA Mountains. It is 3.5 miles from downtown Altoona and offers access to I-99 and nearby healthcare and downtown amenities.
Additional wooded acreage above both buildings could potentially support future development, and the Will Lane walk-outs could potentially be converted into additional living space.
Ivan Lane contains 10 units, nine integral garages, and a coin-operated laundry facility available to tenants. Will Lane contains 12 units, four integral garages, eight ground-level walk-outs, and an additional parking lot. The property provides off-street parking and wooded hillside surroundings adjacent to Greenwood Park, with views of the PA Mountains. It is 3.5 miles from downtown Altoona and offers access to I-99 and nearby healthcare and downtown amenities.
Additional wooded acreage above both buildings could potentially support future development, and the Will Lane walk-outs could potentially be converted into additional living space.
Key Highlights
- 22 apartment units on 5.86 acres
- Two multi‑unit townhouse buildings with three‑level layouts and balcony access
- Ivan Lane includes 10 units, nine integral garages, and coin‑operated laundry
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
$164,700
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
6.59%
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%
$3,294,000
$3.3M
Cap Rate 7%
$2,352,857
$2.4M
Cap Rate 9%
$1,830,000
$1.8M
Market Conditions
NOI Build-Up for 21,356 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
$315.2K $14.76/SF
− Vacancy
−$15.8K −$0.74/SF
EGI
$299.5K $14.02/SF
− OpEx
−$134.8K −$6.31/SF
NOI
$164.7K $7.71/SF
Area
Blair County, PA
Vacancy
5.00%
Lease Rate
$14.76 /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%
$3,294,000
Cap Rate 7%
$2,352,857
Cap Rate 9%
$1,830,000
Alternative Uses
Best Use
Apartment 5plus
$2.35M
$2.06M – $2.75M
NOI $164,700 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$25.94M
$22.70M – $30.26M
NOI $1,815,736 @ 7.0% cap · market cap 72.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Explore this area
Business Placement
Demographics for 16602, PA
27,996
Population
13,171
Households
2.1
Avg Household Size
44
Median Age
21%
College-Educated
93%
High-School Grad
14.7 sq mi
ZIP Area
1,904
Density / Sq Mi
$53,097
Median Household Income
$37,336
Median Earnings
$842
Median Rent
$120,200
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 - Two multi-unit townhouse buildings offer garages, balconies, off-street parking, and one current vacancy.
Where is this apartment building located?
The property is located at 1655 Juniata Ln Altoona, PA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 22 apartment units on 5.86 acres; Two multi‑unit townhouse buildings with three‑level layouts and balcony access; Ivan Lane includes 10 units, nine integral garages, and coin‑operated laundry
