Five-Unit Apartment Building with
For Sale
$550,000
507 Delaware Avenue, Portland, PA 18351
MULTI_FAMILY - Portland, PA
Property Size5,500 SF
Lot Size0.08 Acres
Price / SF$100
Days on Market105
Property Features for 507 Delaware Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Half bathrooms
1
Rooms
Bathroom 4, Bathroom 5, Bedroom 5, Bedroom 1, Bedroom 2, Basement, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2
Subdivision
Upper Nazareth Township
Standard status
Active
APN
B11SE3C6-14
Size
5,500 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
4004
Building Details
Year built
1900
Floors in Building
3
Number of units
5
Listing Agency:
Realty Solutions of PA
(610) 452-2722
Listed By:
Faith M Sarisky
(610) 452-2722
Added: Apr 30
Changed: Aug 2
Last Checked: Aug 12 at 3:06AM
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.
Investment Insights
Based on property information with market context.
This five-unit apartment building includes three one-bedroom apartments on the second floor, a two-bedroom unit on the first floor, and a commercial storefront occupied by a chocolate shop. All units are currently rented and tenants are described as long-term and well-established. The building was built in 1900 and sits on a 0.08-acre lot, with 5,500 square feet of total property size.
Recent upgrades include new electrical panel boxes in the three second-floor units, new flooring in the hall, and upgraded lighting in the second-floor hallway. Electrical and life-safety improvements include new electric service at the meter box, emergency lighting and illuminated exit signs, and installed missing GFCI outlets. The basement sewer piping was converted to PVC. Exterior and access upgrades include a handrail on the front steps and guard rails on rear and basement steps.
Unit 2A was fully remodeled in 2022, and Unit 2C was also remodeled. The property has been approved for a facade improvement grant that may be transferred to the new owner.
Recent upgrades include new electrical panel boxes in the three second-floor units, new flooring in the hall, and upgraded lighting in the second-floor hallway. Electrical and life-safety improvements include new electric service at the meter box, emergency lighting and illuminated exit signs, and installed missing GFCI outlets. The basement sewer piping was converted to PVC. Exterior and access upgrades include a handrail on the front steps and guard rails on rear and basement steps.
Unit 2A was fully remodeled in 2022, and Unit 2C was also remodeled. The property has been approved for a facade improvement grant that may be transferred to the new owner.
Key Highlights
- Five units: three one‑bedroom apartments upstairs, plus a two‑bedroom unit on the first floor
- Ground‑floor commercial storefront occupied by a chocolate shop
- 0.08‑acre lot with 5,500 SF total property size
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
$42,596
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
7.74%
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%
$851,920
$851.9K
Cap Rate 7%
$608,514
$608.5K
Cap Rate 9%
$473,289
$473.3K
Market Conditions
NOI Build-Up for 5,500 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
$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 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%
$851,920
Cap Rate 7%
$608,514
Cap Rate 9%
$473,289
Alternative Uses
Best Use
Retail
$608.5K
$532.5K – $709.9K
NOI $42,596 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$478.1K
$418.4K – $557.8K
NOI $33,469 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$1.04M
$912.8K – $1.22M
NOI $73,022 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
153
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit apartment building with a ground-floor commercial storefront and long-term tenants, plus recent electrical and interior upgrades.
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: Five units: three one‑bedroom apartments upstairs, plus a two‑bedroom unit on the first floor; Ground‑floor commercial storefront occupied by a chocolate shop; 0.08‑acre lot with 5,500 SF total property size
