Building Details

Year built 1900

Floors in Building 3

Number of units 5

Buildings 1

Listing Agency: Realty Solutions of PA

Listed By: Faith M Sarisky Show Phone

Added: Apr 30 Changed: Oct 27 Last Checked: Oct 31 at 12:06AM

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MLS# PM-140888

Copyright © 2026 Pocono Mountains Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

Located at 507 Delaware Avenue in Portland, Pennsylvania, this 5,500-square-foot property was built in 1900 on 0.08 acres. The layout includes three one-bedroom apartments on the second floor, one two-bedroom apartment on the first floor, and a commercial storefront occupied by a chocolate shop. All five units are currently rented, with long-term tenants in place.

Recent work includes electrical panel replacements in the three second-floor apartments, a new electric service at the meter box, PVC sewer piping in the basement, hallway flooring, upgraded second-floor lighting, emergency lighting, illuminated exit signs, GFCI outlets, and additional handrails and guard rails. Unit 2A was fully remodeled in 2022, and Unit 2C also received remodeling work. Second-floor views extend toward the Delaware River and the walking bridge. A facade improvement grant has been approved and may transfer to a new owner.

Key Highlights

• 5,500‑square‑foot property on 0.08 acres
• Five units: three one‑bedroom apartments, one two‑bedroom apartment, and a commercial storefront
• All units currently rented, including a storefront occupied by a chocolate shop

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$42,596

Cap Rate

7.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$851,920 $851.9K

Cap Rate 7%

$608,514 $608.5K

Cap Rate 9%

$473,289 $473.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,500 SF

Gross rent

$66.0K $12.00/SF

− Vacancy

−$5.1K −$0.94/SF

EGI

$60.9K $11.06/SF

− OpEx

−$18.3K −$3.32/SF

NOI

$42.6K $7.74/SF

Area

Northampton County, PA

Vacancy

7.80%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$851,920

Cap Rate 7%

$608,514

Cap Rate 9%

$473,289

Alternative Uses

Best Use

Mixed Use

$795.5K

$696.1K – $928.1K (±1% cap)

NOI $55,688 @ 7.0% cap · market cap 10.13%

Second Best

Retail

$608.5K

$532.5K – $709.9K (±1% cap)

NOI $42,596 @ 7.0% cap · market cap 7.74%

Theoretical Best

Office A

$1.04M

$912.8K – $1.22M (±1% cap)

NOI $73,022 @ 7.0% cap · market cap 13.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Alexandra & Nicolay Chocolates Specialty Food Shop

Suggested Use

Top Pick HVAC Service Plumbing Service Grocery & Convenience Store Garden Center (Bike/Boat/Book/etc) Store Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

139

Businesses Nearby

Explore this area Business Placement

Demographics for 18351, PA

494

Population

295

Households

1.7

Avg Household Size

45

Median Age

12%

College-Educated

96%

High-School Grad

0.3 sq mi

ZIP Area

1,647

Density / Sq Mi

$71,667

Median Household Income

$41,705

Median Earnings

$1,354

Median Rent

$258,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Five-unit residential and commercial property with established occupancy and recent building-system improvements.

Where is this apartment building located?

The property is located at 507 Delaware Avenue Portland, PA.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: 5,500‑square‑foot property on 0.08 acres; Five units: three one‑bedroom apartments, one two‑bedroom apartment, and a commercial storefront; All units currently rented, including a storefront occupied by a chocolate shop