Furnished Dual-Home Short-Term Rental
For Sale
$329,000
423 South St, Berlin, PA 15530
Two renovated residences are offered with furnishings, guest accommodations, and flexible owner-use potential.
Property Size2,012 SF
Price / SF$163.52
Days on Market152
Property Features for 423 South St
General Information
Standard status
Active
Size
2,012 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
1 x 4BR/3BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$1,671
Building Details
Buildings
2
Listing Agency:
BHHS Preferred Somerset
(814) 521-3003
Listed By:
Ashley Stockwell · License #RS342468
(814) 521-3003
Source:
Exprealty
Added: Mar 12
Changed: Aug 7
Last Checked: Aug 9 at 10:28AM
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 BHHS Preferred Somerset
Investment Insights
Based on property information with market context.
This furnished short-term rental property includes two residences at 423 South St in Berlin, PA. The primary home offers 4 bedrooms and 3 bathrooms, while the separate guest house provides 1 bedroom and 1 bathroom. Both residences have undergone extensive renovations, including updated electrical and plumbing systems, newer windows, metal roofing, luxury vinyl plank flooring, remodeled kitchens and bathrooms, and tankless water heating. The main residence also features a heated basement, main-floor laundry, electric fireplace, custom railings, oak-tread stairs, and new TREX decking at the front and rear. Furnishings, bedding, décor, and household essentials are included.
Key Highlights
- Two residences currently operating as Airbnb rentals
- 4‑bedroom, 3‑bathroom renovated main residence
- 1‑bedroom, 1‑bathroom guest house
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
$15,386
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
4.68%
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%
$307,720
$307.7K
Cap Rate 7%
$219,800
$219.8K
Cap Rate 9%
$170,956
$171.0K
Market Conditions
NOI Build-Up for 2,012 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
$29.7K $14.76/SF
− Vacancy
−$1.7K −$0.86/SF
EGI
$28.0K $13.90/SF
− OpEx
−$12.6K −$6.26/SF
NOI
$15.4K $7.65/SF
Area
Somerset County, PA
Vacancy
5.80%
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%
$307,720
Cap Rate 7%
$219,800
Cap Rate 9%
$170,956
Alternative Uses
Best Use
Apartment 5plus
$219.8K
$192.3K – $256.4K
NOI $15,386 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$637.4K
$557.7K – $743.6K
NOI $44,618 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Explore this area
Business Placement
Demographics for 15530, PA
5,090
Population
2,270
Households
2.2
Avg Household Size
47
Median Age
14%
College-Educated
89%
High-School Grad
86.8 sq mi
ZIP Area
59
Density / Sq Mi
$59,318
Median Household Income
$38,258
Median Earnings
$779
Median Rent
$145,700
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?
Short term rental property - Two renovated residences are offered with furnishings, guest accommodations, and flexible owner-use potential.
Where is this short term rental property located?
The property is located at 423 South St Berlin, PA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Two residences currently operating as Airbnb rentals; 4‑bedroom, 3‑bathroom renovated main residence; 1‑bedroom, 1‑bathroom guest house
