Listing Agency: Lewith & Freeman R.E. Hawley l***@gmail.com Show Phone

Listed By: Philip Eckel · License #RS295218 Show Phone

Source: Exprealty

Added: Aug 6 Changed: Oct 3 Last Checked: Oct 12 at 9:50PM

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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.

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 / Yr

$59,089

Cap Rate

8.75%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $59,089 @ 7.0% cap · market cap 8.75%

Second Best

Apartment 5plus

$731.1K

$639.7K – $853.0K (±1% cap)

NOI $51,179 @ 7.0% cap · market cap 7.58%

Theoretical Best

Office A

$1.32M

$1.16M – $1.55M (±1% cap)

NOI $92,718 @ 7.0% cap · market cap 13.74%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Quadplexes

Suggested Use

Top Pick Electrical Service Auto Repair Shop Furniture & Home Goods Storage Facility (Bike/Boat/Book/etc) Store Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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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