Four-Unit Property with New
For Sale
$625,000
Pending
24 Tulip Lane, Fleetwood, PA 19522
Two- and three-bedroom apartments feature separately metered utilities and shared laundry facilities.
Property Size4,976 SF
Days on Market147
Property Features for 24 Tulip Lane
General Information
Standard status
Pending
Size
4,976 SF
Total Parking Spaces
10
Property subtype
Multi-Family / Fee Simple
Zoning
MULTI UNIT
Occupancy
100%
Units
Unit Mix
2 x 2BR, 2 x 3BR
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,319
Amenities
coin-operated washer and dryer
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Pagoda Realty
(610) 927-7466
Listed By:
Jimmy Thelusca · License #RS333622
(610) 927-7466
Source:
Compass
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 8:22AM
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 Pagoda Realty
Investment Insights
Based on property information with market context.
This quadplex at 24 Tulip Lane contains 4,976 square feet and four residential apartments: two units with two bedrooms each and two units with three bedrooms each. The 1948 property is fully occupied and includes a common laundry area with coin-operated washer and dryer. A new washer was added in 2025, while the roof was replaced in 2024.
The property occupies nearly two acres in Fleetwood, Pennsylvania, with off-street parking for ten or more vehicles. Water service is provided by a well, and the building was connected to public sewer in 2022. Separate metering places tenant heat and electric usage on individual accounts. Zoning is designated MULTI UNIT, supporting the existing four-unit configuration.
The property occupies nearly two acres in Fleetwood, Pennsylvania, with off-street parking for ten or more vehicles. Water service is provided by a well, and the building was connected to public sewer in 2022. Separate metering places tenant heat and electric usage on individual accounts. Zoning is designated MULTI UNIT, supporting the existing four-unit configuration.
Key Highlights
- Four residential units: two two‑bedroom apartments and two three‑bedroom apartments
- 4,976 square feet on nearly two acres
- New roof installed in 2024
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
$49,056
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
7.85%
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%
$981,120
$981.1K
Cap Rate 7%
$700,800
$700.8K
Cap Rate 9%
$545,067
$545.1K
Market Conditions
NOI Build-Up for 4,976 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
$72.8K $14.64/SF
− Vacancy
−$2.8K −$0.56/SF
EGI
$70.1K $14.08/SF
− OpEx
−$21.0K −$4.23/SF
NOI
$49.1K $9.86/SF
Area
Berks County, PA
Vacancy
3.80%
Lease Rate
$14.64 /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%
$981,120
Cap Rate 7%
$700,800
Cap Rate 9%
$545,067
Alternative Uses
Best Use
Multifamily LT 5
$700.8K
$613.2K – $817.6K
NOI $49,056 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$612.5K
$536.0K – $714.6K
NOI $42,878 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$816.9K
$714.8K – $953.0K
NOI $57,180 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 19522, PA
14,098
Population
5,625
Households
2.5
Avg Household Size
45
Median Age
24%
College-Educated
91%
High-School Grad
46.6 sq mi
ZIP Area
303
Density / Sq Mi
$95,366
Median Household Income
$51,043
Median Earnings
$1,202
Median Rent
$255,300
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?
Quadplex - Two- and three-bedroom apartments feature separately metered utilities and shared laundry facilities.
Where is this quadplex located?
The property is located at 24 Tulip Lane Fleetwood, PA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Four residential units: two two‑bedroom apartments and two three‑bedroom apartments; 4,976 square feet on nearly two acres; New roof installed in 2024
