Four-Unit Multifamily
For Sale
$262,500
639 S Ankeny Ave, Somerset, PA 15501
Two-building rental asset with recent renovations and 2024 roof replacements in Somerset Borough.
Property Size1,810 SF
Price / SF$145.03
Days on Market20
Property Features for 639 S Ankeny Ave
General Information
Standard status
Active
Size
1,810 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,707
Building Details
Buildings
2
Listing Agency:
REALTY ONE GROUP LANDMARK
(814) 624-9479
Listed By:
Kaylee Hribar
(814) 624-9479
Source:
Exprealty
Added: Jul 23
Changed: Aug 10
Last Checked: Aug 10 at 7:45AM
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
Investment Insights
Based on property information with market context.
This multifamily property includes four rental units distributed between two separate buildings. The front building has undergone a recent remodel, while both structures received new roofs in 2024. Together, these improvements provide updated interior finishes in one building and recent exterior work across the property.
Located at 639 S Ankeny Ave in Somerset Borough, the property is near shopping, dining, schools, and major roadways. The two-building configuration and four-unit layout support a diversified residential rental setup within a single asset.
Located at 639 S Ankeny Ave in Somerset Borough, the property is near shopping, dining, schools, and major roadways. The two-building configuration and four-unit layout support a diversified residential rental setup within a single asset.
Key Highlights
- Four rental units across two separate buildings
- Front building recently remodeled with updated finishes
- New roofs installed on both buildings in 2024
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
$13,841
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
5.27%
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%
$276,820
$276.8K
Cap Rate 7%
$197,729
$197.7K
Cap Rate 9%
$153,789
$153.8K
Market Conditions
NOI Build-Up for 1,810 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
$26.7K $14.76/SF
− Vacancy
−$1.5K −$0.86/SF
EGI
$25.2K $13.90/SF
− OpEx
−$11.3K −$6.26/SF
NOI
$13.8K $7.65/SF
Area
Somerset County, PA
Vacancy
5.80%
Lease Rate
$14.76 /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%
$276,820
Cap Rate 7%
$197,729
Cap Rate 9%
$153,789
Alternative Uses
Best Use
Apartment 5plus
$197.7K
$173.0K – $230.7K
NOI $13,841 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$573.4K
$501.7K – $669.0K
NOI $40,139 @ 7.0% cap · market cap 15.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,014
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?
Multifamily property - Two-building rental asset with recent renovations and 2024 roof replacements in Somerset Borough.
Where is this multifamily property located?
The property is located at 639 S Ankeny Ave Somerset, PA.
What is the asking price?
The asking price for this property is $262,500.
What are key features of this property?
This property features: Four rental units across two separate buildings; Front building recently remodeled with updated finishes; New roofs installed on both buildings in 2024
