5-Unit Brick Apartment
New
For Sale
$179,900
507 Main Street, Summerhill, PA 15958
Multi-Family, 2 Story, Summerhill, PA
Property Size2,602 SF
Lot Size0.16 Acres
Price / SF$69.14
Days on Market1
Property Features for 507 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
5
Bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 1, Basement
Appliances
Dryer, Microwave Oven, Range Oven, Refrigerator, Washer, Other-See Also Included
Lot features
Rectangular
Elementary school district
Forest Hills
Middle school district
Forest Hills
High school district
Forest Hills
Directions
From Johnstown: Take US-219 N to PA-53 N/Railroad St Exit. Turn Right onto PA-53/Railroad Street. Turn Left onto Main Street - property is straight ahead after you cross over the bridge.
Subdivision
Summerhill Boro-58
Standard status
Active
APN
58-6-403.003
Size
2,602 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
DBV/PG 2022-1318
Tax Annual Amount
2030
Legal Description
DBV/PG 2022-1318
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Amenities
laundry
off-street parking
Building Details
Floors in Building
2
Number of units
5
Flooring type
Vinyl, Carpet
Building materials
Brick
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX POWER Associates · RE/MAX International
(814) 254-4743
Listed By:
Don Colvin & Erin Colvin
(814) 418-3021
Added: Sep 27
Last Checked: Sep 27 at 3:06PM
MLS# 96042641
Copyright © 2026 Cambria Somerset 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 2,602-square-foot brick property on a 0.16-acre lot contains four apartments and a garage/storage area that is also rented. The apartment mix includes one two-bedroom unit and three one-bedroom units; each has a living room, kitchen with appliances, and full bathroom. Laundry is provided inside the first-floor apartment, while the other three apartments use a shared area with coin-operated machines. Electric baseboard heat serves the apartments, and tenants pay the electric bills. All units are tenant occupied, and off-street parking is available.
The property is in Summerhill, within the Forest Hills School District. Public water and public sewer serve the site, and the zoning is Residential.
The property is in Summerhill, within the Forest Hills School District. Public water and public sewer serve the site, and the zoning is Residential.
Key Highlights
- Four apartments: one 2‑bedroom unit and three 1‑bedroom units
- Rented garage/storage area adds another occupied space
- 2,602 square feet on a 0.16‑acre lot
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
$15,971
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
8.88%
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%
$319,420
$319.4K
Cap Rate 7%
$228,157
$228.2K
Cap Rate 9%
$177,456
$177.5K
Market Conditions
NOI Build-Up for 2,602 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
$31.2K $12.00/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$29.0K $11.16/SF
− OpEx
−$13.1K −$5.02/SF
NOI
$16.0K $6.14/SF
Area
Cambria County, PA
Vacancy
7.00%
Lease Rate
$12.00 /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%
$319,420
Cap Rate 7%
$228,157
Cap Rate 9%
$177,456
Alternative Uses
Best Use
Apartment 5plus
$228.2K
$199.6K – $266.2K
NOI $15,971 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$785.1K
$686.9K – $915.9K
NOI $54,954 @ 7.0% cap · market cap 30.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
50
Businesses Nearby
Explore this area
Business Placement
Demographics for 15958, PA
2,136
Population
942
Households
2.3
Avg Household Size
45
Median Age
24%
College-Educated
97%
High-School Grad
18.5 sq mi
ZIP Area
115
Density / Sq Mi
$69,265
Median Household Income
$42,034
Median Earnings
$805
Median Rent
$139,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Residents have shared coin-operated laundry, while the first-floor apartment has its own laundry equipment.
Where is this apartment building located?
The property is located at 507 Main Street Summerhill, PA.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Four apartments: one 2‑bedroom unit and three 1‑bedroom units; Rented garage/storage area adds another occupied space; 2,602 square feet on a 0.16‑acre lot
