8-Unit Apartment
New
For Sale
$549,900
437 Cleveland Avenue, York, PA 17401
Multifamily property with a mix of private apartments and individually metered single-room units.
Property Size3,900 SF
Price / SF$141
Days on Market6
Property Features for 437 Cleveland Avenue
General Information
Standard status
Active
Size
3,900 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
8
Building Details
Year Built
1900
Listing Agency:
Renaissance Realty Sales, LLC
Listed By:
Isaac Spearman · License #3297207
(717) 825-8466
Source:
Yorkhomes
Added: Sep 22
Last Checked: Sep 26 at 4:17AM
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 Renaissance Realty Sales, LLC
Investment Insights
Based on property information with market context.
This 8-unit apartment property, built in 1900, combines two complete one-bedroom apartments with six additional units configured around private bedrooms and kitchens. Each of the two apartments includes its own full bathroom, while the other six units share a common-area full bathroom.
Utility arrangements support separate resident responsibility for electric service and heat across the property. Improvements completed over the past several years include electrical, plumbing, flooring, and additional interior and building work. The property offers a distinct unit mix for multifamily ownership, with private kitchen areas provided throughout.
Utility arrangements support separate resident responsibility for electric service and heat across the property. Improvements completed over the past several years include electrical, plumbing, flooring, and additional interior and building work. The property offers a distinct unit mix for multifamily ownership, with private kitchen areas provided throughout.
Key Highlights
- 8 total apartment units
- Two one‑bedroom apartments with private kitchens and full bathrooms
- Six units with private bedrooms and kitchens
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
$35,946
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
6.54%
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%
$718,920
$718.9K
Cap Rate 7%
$513,514
$513.5K
Cap Rate 9%
$399,400
$399.4K
Market Conditions
NOI Build-Up for 3,900 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
$68.8K $17.64/SF
− Vacancy
−$3.4K −$0.88/SF
EGI
$65.4K $16.76/SF
− OpEx
−$29.4K −$7.54/SF
NOI
$35.9K $9.22/SF
Area
York County, PA
Vacancy
5.00%
Lease Rate
$17.64 /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%
$718,920
Cap Rate 7%
$513,514
Cap Rate 9%
$399,400
Alternative Uses
Best Use
Apartment 5plus
$513.5K
$449.3K – $599.1K
NOI $35,946 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$988.0K – $1.32M
NOI $79,043 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,218
Businesses Nearby
Explore this area
Business Placement
Demographics for 17401, PA
18,771
Population
8,202
Households
2.3
Avg Household Size
32
Median Age
16%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
12,514
Density / Sq Mi
$41,569
Median Household Income
$30,329
Median Earnings
$940
Median Rent
$84,500
Median Home Value
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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?
Apartment building - Multifamily property with a mix of private apartments and individually metered single-room units.
Where is this apartment building located?
The property is located at 437 Cleveland Avenue York, PA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 8 total apartment units; Two one‑bedroom apartments with private kitchens and full bathrooms; Six units with private bedrooms and kitchens
