17-Unit Apartment
For Sale
Contact for pricing
615 SECOND ST, Cresson, PA 16630
Multi-property offering includes renovated units and neighboring Lilly buildings that support consolidated ownership and management.
Property Size9,999 SF
Price / SF$110.01
Days on Market30
Property Features for 615 SECOND ST
General Information
Standard status
Active
Size
9,999 SF
Property subtype
Multifamily
Net Operating Income
$133,044
Additional Details
Multifamily Units
17
Building Details
Buildings
5
Units
17
Tenancy
Multi
Listing Agency:
Howard Hanna Bardell Realty
(814) 254-8121
Listed By:
Hunter Ott · License ##RS353898
Source:
Crexi
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 30 at 4:28PM
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 Howard Hanna Bardell Realty
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises 17 units across four apartment properties in Cresson and Lilly. The offering includes a 7-unit building at 617 2nd Street in Cresson, along with a 4-unit property at 322 Railroad Street, a 3-unit building at 315 Main Street, and a 2-unit building at 336 Railroad Street in Lilly. Several apartments have undergone recent renovations, and the properties have been maintained as an operating portfolio.
The package also includes the single-family residence at 615 2nd Street in Cresson, which was acquired to provide additional parking. The three Lilly assets sit next to one another, creating a contiguous group of properties for ownership and management. This offering may suit an investor seeking a multi-building apartment portfolio with existing rental operations and renovation work already completed in several units.
The package also includes the single-family residence at 615 2nd Street in Cresson, which was acquired to provide additional parking. The three Lilly assets sit next to one another, creating a contiguous group of properties for ownership and management. This offering may suit an investor seeking a multi-building apartment portfolio with existing rental operations and renovation work already completed in several units.
Key Highlights
- 17‑unit portfolio spanning apartment properties in Cresson and Lilly
- 617 2nd Street, Cresson: 7‑unit apartment building
- 322 Railroad Street, Lilly: 4‑unit building
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
$66,038
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
6.00%
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%
$1,320,760
$1.3M
Cap Rate 7%
$943,400
$943.4K
Cap Rate 9%
$733,756
$733.8K
Market Conditions
NOI Build-Up for 9,999 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
$102.0K $10.20/SF
− Vacancy
−$7.6K −$0.77/SF
EGI
$94.3K $9.44/SF
− OpEx
−$28.3K −$2.83/SF
NOI
$66.0K $6.60/SF
Area
Cambria County, PA
Vacancy
7.50%
Lease Rate
$10.20 /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%
$1,320,760
Cap Rate 7%
$943,400
Cap Rate 9%
$733,756
Alternative Uses
Best Use
Multifamily LT 5
$943.4K
$825.5K – $1.10M
NOI $66,038 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$876.8K
$767.2K – $1.02M
NOI $61,374 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,179 @ 7.0% cap · market cap 19.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Explore this area
Business Placement
Demographics for 16630, PA
4,679
Population
2,143
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
93%
High-School Grad
5.7 sq mi
ZIP Area
821
Density / Sq Mi
$65,034
Median Household Income
$32,172
Median Earnings
$657
Median Rent
$139,700
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 - Multi-property offering includes renovated units and neighboring Lilly buildings that support consolidated ownership and management.
Where is this apartment building located?
The property is located at 615 SECOND ST Cresson, PA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 17‑unit portfolio spanning apartment properties in Cresson and Lilly; 617 2nd Street, Cresson: 7‑unit apartment building; 322 Railroad Street, Lilly: 4‑unit building
