Building Details

Construction brick

Tenancy Multi

Listing Agency: RE/MAX POWER Associates Show Phone

Listed By: Don Colvin & Erin Colvin Show Phone

Source: Exprealty

Added: Sep 27 Changed: Oct 10 Last Checked: Oct 10 at 2:51AM

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Investment Insights

Based on property information with market context.

This 2,602-square-foot brick apartment property in Summerhill includes four apartments and a garage/storage area that is also rented. The apartment mix consists of one 2-bedroom unit and three 1-bedroom units. Each apartment has a living room, kitchen with appliances, and a full bathroom with a tub and shower.

The first-floor apartment has in-unit laundry; residents of the other three apartments share a laundry area with coin-operated machines. Electric baseboard heat serves the apartments, and tenants are responsible for their electric service. Off-street parking is available. All units are tenant occupied, and the property is in the Forest Hills School District.

Key Highlights

• 2,602‑square‑foot brick property with four apartments and rented garage/storage space
• Unit mix includes one 2‑bedroom apartment and three 1‑bedroom apartments
• All units are tenant occupied

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,971

Cap Rate

8.88%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

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

Apartment buildings

Suggested Use

Top Pick Electrical Service Big Box & Wholesale Store Building Supply (Bike/Boat/Book/etc) Store Auto Repair Shop Kitchen & Bath Showroom

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

48

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Four apartments and a rented garage/storage area provide separate income components in a brick property.

Where is this apartment building located?

The property is located at 507 Main St 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: 2,602‑square‑foot brick property with four apartments and rented garage/storage space; Unit mix includes one 2‑bedroom apartment and three 1‑bedroom apartments; All units are tenant occupied