4-Unit Apartment
For Sale
$349,900
Pending
6 N Old Turnpike Rd, Drums, PA 18222
Four apartments offer one- and two-bedroom layouts with natural gas heating and paved off-street parking.
Property Size3,338 SF
Lot Size0.40 Acres
Days on Market172
Property Features for 6 N Old Turnpike Rd
General Information
Standard status
Pending
Size
3,338 SF
Lot size
0.40 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1940
Listing Agency:
McGuire Real Estate Group
(570) 578-6914
Listed By:
Gerald T McGuire
Source:
Nepahousehunt
Added: Mar 12
Changed: Aug 29
Last Checked: Aug 30 at 6:17PM
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 McGuire Real Estate Group
Investment Insights
Based on property information with market context.
This 3,338-square-foot quadplex contains four apartments with one- and two-bedroom layouts. Property improvements include replacement windows and a natural gas heating system, with paved off-street parking serving the building. Constructed in 1940, the multifamily property occupies a 4/10-acre lot in Drums, Pennsylvania.
Key Highlights
- Four‑unit quadplex with one- and two‑bedroom apartments
- 3,338 square feet on a 4/10‑acre lot
- Replacement windows and natural gas heating system
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
$26,939
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
7.70%
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%
$538,780
$538.8K
Cap Rate 7%
$384,843
$384.8K
Cap Rate 9%
$299,322
$299.3K
Market Conditions
NOI Build-Up for 3,338 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
$42.1K $12.60/SF
− Vacancy
−$3.6K −$1.07/SF
EGI
$38.5K $11.53/SF
− OpEx
−$11.5K −$3.46/SF
NOI
$26.9K $8.07/SF
Area
Luzerne County, PA
Vacancy
8.50%
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%
$538,780
Cap Rate 7%
$384,843
Cap Rate 9%
$299,322
Alternative Uses
Best Use
Multifamily LT 5
$384.8K
$336.7K – $449.0K
NOI $26,939 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$356.9K
$312.3K – $416.4K
NOI $24,984 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$1.06M
$925.3K – $1.23M
NOI $74,023 @ 7.0% cap · market cap 21.16%
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
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 18222, PA
9,114
Population
3,980
Households
2.3
Avg Household Size
48
Median Age
30%
College-Educated
96%
High-School Grad
36.8 sq mi
ZIP Area
248
Density / Sq Mi
$102,656
Median Household Income
$51,628
Median Earnings
$1,436
Median Rent
$227,600
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?
Quadplex - Four apartments offer one- and two-bedroom layouts with natural gas heating and paved off-street parking.
Where is this quadplex located?
The property is located at 6 N Old Turnpike Rd Drums, PA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Four‑unit quadplex with one- and two‑bedroom apartments; 3,338 square feet on a 4/10‑acre lot; Replacement windows and natural gas heating system
