28-Unit Apartment
For Sale
$2,590,000
206 Ridge Ave, Altoona, PA 16602
Fully occupied multifamily property with apartment and townhouse layouts, on-site laundry, tenant storage, and ongoing unit updates.
Property Size26,027 SF
Lot Size1.86 Acres
Price / SF$99.51
Days on Market157
Property Features for 206 Ridge Ave
General Information
Standard status
Active
Size
26,027 SF
Lot size
1.86 Acres
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
24 x 2BR, 1 x 1BR, 3 x 2BR
Multifamily Units
28
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$28,363
Amenities
coin-operated laundry
storage area
balconies
wood burning fireplace
Building Details
Buildings
4
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 8
Last Checked: Aug 9 at 11:59AM
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.
Highland Terrace is a fully occupied 28-unit apartment and townhouse complex comprising four multi-unit buildings on 1.86 acres. The property contains three two-story apartment buildings and a three-story townhouse building, totaling 26,027 square feet. Twenty-four apartment units share a kitchen and dining area, living room, front-facing balcony, two bedrooms, full closets, and an adjoining full bathroom; one additional apartment has one bedroom. Each townhouse spans three levels with a family room, wood-burning fireplace, kitchen, living room balcony, and two bedrooms.
Common-area coin-operated laundry facilities, secure tenant storage, and utility rooms are provided in the apartment buildings. Units are served by electric heat and AC, with many newer furnaces, and tenants are responsible for their own electricity. Property updates include newer appliances, paint, flooring, and periodic kitchen and bathroom improvements, while some units remain more dated due to long-term occupancy. Highland Terrace is located at 206 Ridge Ave in Altoona, near interstate 99, Route 36, Hollidaysburg, Duncansville, and downtown Altoona.
Common-area coin-operated laundry facilities, secure tenant storage, and utility rooms are provided in the apartment buildings. Units are served by electric heat and AC, with many newer furnaces, and tenants are responsible for their own electricity. Property updates include newer appliances, paint, flooring, and periodic kitchen and bathroom improvements, while some units remain more dated due to long-term occupancy. Highland Terrace is located at 206 Ridge Ave in Altoona, near interstate 99, Route 36, Hollidaysburg, Duncansville, and downtown Altoona.
Key Highlights
- Fully occupied 28‑unit complex on 1.86 acres
- Four multi‑unit buildings totaling 26,027 SF
- Three two‑story apartment buildings plus one three‑story townhouse building
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
$200,723
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
7.75%
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%
$4,014,460
$4.0M
Cap Rate 7%
$2,867,471
$2.9M
Cap Rate 9%
$2,230,256
$2.2M
Market Conditions
NOI Build-Up for 26,027 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
$384.2K $14.76/SF
− Vacancy
−$19.2K −$0.74/SF
EGI
$365.0K $14.02/SF
− OpEx
−$164.2K −$6.31/SF
NOI
$200.7K $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%
$4,014,460
Cap Rate 7%
$2,867,471
Cap Rate 9%
$2,230,256
Alternative Uses
Best Use
Apartment 5plus
$2.87M
$2.51M – $3.35M
NOI $200,723 @ 7.0% cap · market cap 7.75%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$31.61M
$27.66M – $36.88M
NOI $2,212,876 @ 7.0% cap · market cap 85.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
28
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
635
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 - Fully occupied multifamily property with apartment and townhouse layouts, on-site laundry, tenant storage, and ongoing unit updates.
Where is this apartment building located?
The property is located at 206 Ridge Ave Altoona, PA.
What is the asking price?
The asking price for this property is $2,590,000.
What are key features of this property?
This property features: Fully occupied 28‑unit complex on 1.86 acres; Four multi‑unit buildings totaling 26,027 SF; Three two‑story apartment buildings plus one three‑story townhouse building
