Remodeled Four-Unit
New
For Sale
$670,000
220 CENTRAL AVENUE, Cheltenham, PA 19012
Updated kitchens, baths, HVAC systems, and finishes support flexible multifamily occupancy.
Property Size2,814 SF
Price / SF$238.10
Days on Market7
Property Features for 220 CENTRAL AVENUE
General Information
Standard status
Active
Size
2,814 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Listing Agency:
Realty One Group Exclusive
(484) 975-6400
Listed By:
William Macfarland · License #RS346053
(610) 299-4400
Source:
Cummingsrealtors
Added: Sep 3
Changed: Sep 8
Last Checked: Sep 9 at 7:07AM
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 Realty One Group Exclusive
Investment Insights
Based on property information with market context.
This 4-unit multifamily property in Cheltenham Township includes a 1-bedroom/1.5-bath unit, a studio with 1 bath, a 2-bedroom/1-bath unit, and a 1-bedroom/1-bath unit. The 2,814-square-foot building was constructed in 1900 and has received extensive interior and exterior improvements.
Renovations include new kitchens with appliances, cabinets, and countertops; updated bathrooms; refinished hardwood floors; exposed wood details; fresh interior paint; and completed repairs and upgrades. HVAC systems and ductwork were overhauled for all units. Exterior work includes paint, shutters, repairs, and other updates. Roof replacement and repair work has also been completed.
Parking is available both off street and on street. The property is located at 220 Central Avenue in Cheltenham, PA 19012.
Renovations include new kitchens with appliances, cabinets, and countertops; updated bathrooms; refinished hardwood floors; exposed wood details; fresh interior paint; and completed repairs and upgrades. HVAC systems and ductwork were overhauled for all units. Exterior work includes paint, shutters, repairs, and other updates. Roof replacement and repair work has also been completed.
Parking is available both off street and on street. The property is located at 220 Central Avenue in Cheltenham, PA 19012.
Key Highlights
- Four‑unit multifamily property with 1‑bedroom, studio, and 2‑bedroom layouts
- Unit mix includes 1 bedroom/1.5 bath, studio/1 bath, 2 bedroom/1 bath, and 1 bedroom/1 bath
- 2,814 SF building constructed in 1900
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
$40,887
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
6.10%
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%
$817,740
$817.7K
Cap Rate 7%
$584,100
$584.1K
Cap Rate 9%
$454,300
$454.3K
Market Conditions
NOI Build-Up for 2,814 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
$62.5K $22.20/SF
− Vacancy
−$4.1K −$1.44/SF
EGI
$58.4K $20.76/SF
− OpEx
−$17.5K −$6.23/SF
NOI
$40.9K $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%
$817,740
Cap Rate 7%
$584,100
Cap Rate 9%
$454,300
Alternative Uses
Best Use
Multifamily LT 5
$584.1K
$511.1K – $681.5K
NOI $40,887 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$543.1K
$475.2K – $633.6K
NOI $38,018 @ 7.0% cap · market cap 5.67%
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,305 @ 7.0% cap · market cap 16.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,604
Businesses Nearby
Explore this area
Business Placement
Demographics for 19012, PA
6,699
Population
2,314
Households
2.9
Avg Household Size
40
Median Age
43%
College-Educated
90%
High-School Grad
1.7 sq mi
ZIP Area
3,941
Density / Sq Mi
$117,614
Median Household Income
$53,216
Median Earnings
$1,226
Median Rent
$320,600
Median Home Value
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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?
Quadplex - Updated kitchens, baths, HVAC systems, and finishes support flexible multifamily occupancy.
Where is this quadplex located?
The property is located at 220 CENTRAL AVENUE Cheltenham, PA.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 1‑bedroom, studio, and 2‑bedroom layouts; Unit mix includes 1 bedroom/1.5 bath, studio/1 bath, 2 bedroom/1 bath, and 1 bedroom/1 bath; 2,814 SF building constructed in 1900
