Renovated Four-Unit Apartment
For Sale
$290,000
537 N Edgewood Ave, Somerset, PA 15501
Updated residential income property with separately metered units and refreshed interiors throughout.
Property Size3,086 SF
Price / SF$93.97
Days on Market145
Property Features for 537 N Edgewood Ave
General Information
Standard status
Active
Size
3,086 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,729
Amenities
stackable washer/dryer
Listing Agency:
REALTY ONE GROUP LANDMARK SOMERSET
(814) 483-8467
Listed By:
Lee Hoffman · License #RS319190
(814) 279-1733
Source:
Exprealty
Added: Apr 11
Changed: Sep 2
Last Checked: Aug 31 at 7:36PM
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 REALTY ONE GROUP LANDMARK SOMERSET
Investment Insights
Based on property information with market context.
This four-unit apartment property at 537 N Edgewood Ave in Somerset, PA, offers 3,086 square feet of renovated residential space. Each apartment includes one bedroom, one bathroom, a dedicated living room, and a full appliance package with a stackable washer and dryer, refrigerator, and oven.
Interior improvements include new drywall, carpeting, quartz countertops, cabinetry, and fixtures. The property also benefits from updated electrical service, with a panel box assigned to each unit. Separate metering and individual hot water tanks provide unit-level utility infrastructure across the building.
Interior improvements include new drywall, carpeting, quartz countertops, cabinetry, and fixtures. The property also benefits from updated electrical service, with a panel box assigned to each unit. Separate metering and individual hot water tanks provide unit-level utility infrastructure across the building.
Key Highlights
- Four‑unit apartment property with 3,086 square feet
- Each unit includes 1 bedroom, 1 bathroom, and a dedicated living room
- Stackable washer/dryer, refrigerator, and oven provided in all 4 units
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
$25,449
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
8.78%
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%
$508,980
$509.0K
Cap Rate 7%
$363,557
$363.6K
Cap Rate 9%
$282,767
$282.8K
Market Conditions
NOI Build-Up for 3,086 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
$38.9K $12.60/SF
− Vacancy
−$2.5K −$0.82/SF
EGI
$36.4K $11.78/SF
− OpEx
−$10.9K −$3.53/SF
NOI
$25.4K $8.25/SF
Area
Somerset County, PA
Vacancy
6.50%
Lease Rate
$12.60 /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%
$508,980
Cap Rate 7%
$363,557
Cap Rate 9%
$282,767
Alternative Uses
Best Use
Multifamily LT 5
$363.6K
$318.1K – $424.2K
NOI $25,449 @ 7.0% cap · market cap 8.78%
Second Best
Apartment 5plus
$337.1K
$295.0K – $393.3K
NOI $23,599 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$977.6K
$855.4K – $1.14M
NOI $68,435 @ 7.0% cap · market cap 23.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 15501, PA
16,277
Population
7,656
Households
2.1
Avg Household Size
46
Median Age
20%
College-Educated
89%
High-School Grad
132.0 sq mi
ZIP Area
123
Density / Sq Mi
$55,797
Median Household Income
$35,311
Median Earnings
$731
Median Rent
$162,300
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?
Quadplex - Updated residential income property with separately metered units and refreshed interiors throughout.
Where is this quadplex located?
The property is located at 537 N Edgewood Ave Somerset, PA.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Four‑unit apartment property with 3,086 square feet; Each unit includes 1 bedroom, 1 bathroom, and a dedicated living room; Stackable washer/dryer, refrigerator, and oven provided in all 4 units
