Updated Four-Unit Apartment
For Sale
$675,000
Pending
186 Ledgedale Rd, Lake Ariel, PA 18436
Converted four-unit property with refreshed interiors and individual central heating and air conditioning.
Property Size5,432 SF
Days on Market25
Property Features for 186 Ledgedale Rd
General Information
Standard status
Pending
Size
5,432 SF
Property subtype
Residential Income
Additional Details
Asking Price
$675,000
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,722
Listing Agency:
Lewith & Freeman R.E. Hawley
(570) 647-9771
Listed By:
Philip Eckel · License #RS295218
(570) 647-9771
Source:
Exprealty
Added: Aug 6
Changed: Aug 30
Last Checked: Aug 30 at 2:31AM
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 Lewith & Freeman R.E. Hawley
Investment Insights
Based on property information with market context.
This four-unit apartment property contains 5,432 square feet and was converted from a former church into apartments 7 years ago. The units were updated with new walls, flooring, and appliances, and each includes central A/C, heating, a washer/dryer, stove, refrigerator, microwave, and dishwasher.
The property is positioned near Route 84 and close to Hamlin. Its four-unit configuration supports an owner-occupant arrangement with one unit used personally and the remaining units rented, or leasing all four apartments.
The property is positioned near Route 84 and close to Hamlin. Its four-unit configuration supports an owner-occupant arrangement with one unit used personally and the remaining units rented, or leasing all four apartments.
Key Highlights
- Four‑unit apartment property totaling 5,432 square feet
- Converted from a former church into apartments 7 years ago
- Updated unit interiors with refreshed walls and 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
$59,089
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
8.75%
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%
$1,181,780
$1.2M
Cap Rate 7%
$844,129
$844.1K
Cap Rate 9%
$656,544
$656.5K
Market Conditions
NOI Build-Up for 5,432 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
$91.3K $16.80/SF
− Vacancy
−$6.8K −$1.26/SF
EGI
$84.4K $15.54/SF
− OpEx
−$25.3K −$4.66/SF
NOI
$59.1K $10.88/SF
Area
Wayne County, PA
Vacancy
7.50%
Lease Rate
$16.80 /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%
$1,181,780
Cap Rate 7%
$844,129
Cap Rate 9%
$656,544
Alternative Uses
Best Use
Multifamily LT 5
$844.1K
$738.6K – $984.8K
NOI $59,089 @ 7.0% cap · market cap 8.75%
Second Best
Apartment 5plus
$731.1K
$639.7K – $853.0K
NOI $51,179 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.32M
$1.16M – $1.55M
NOI $92,718 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 18436, PA
13,576
Population
9,747
Households
1.4
Avg Household Size
51
Median Age
20%
College-Educated
92%
High-School Grad
98.8 sq mi
ZIP Area
137
Density / Sq Mi
$73,209
Median Household Income
$36,675
Median Earnings
$890
Median Rent
$222,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Converted four-unit property with refreshed interiors and individual central heating and air conditioning.
Where is this quadplex located?
The property is located at 186 Ledgedale Rd Lake Ariel, PA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four‑unit apartment property totaling 5,432 square feet; Converted from a former church into apartments 7 years ago; Updated unit interiors with refreshed walls and flooring
