Multifamily Property with
For Sale
$825,000
6615 Chapel Road, New Hope, PA 18938
A separate workshop building includes a self-contained studio apartment with a kitchen and full bath.
Property Size2,028 SF
Price / SF$406.80
Days on Market9
Property Features for 6615 Chapel Road
General Information
Standard status
Active
Size
2,028 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Zoning
R1
Property Condition
Severity
Repairs Needed
Evidence
The property needs some updating
Units
Unit Mix
1 x 3BR/2BA, 1 x studio
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,028
Amenities
screened porch
woodstove
full basement
Bathroom - Stall Shower
Ceiling Fan(s)
Outbuilding(s)
Building Details
Building Size
2,028 SF
Year Built
1920
Buildings
2
Units
2
Listing Agency:
Callaway Henderson Sotheby's Int'l-Lambertville
(609) 397-1974
Listed By:
Amelie S Escher
(609) 937-0479
Source:
Capitalareahome
Added: Oct 15
Changed: Oct 22
Last Checked: Oct 22 at 2:11PM
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 Callaway Henderson Sotheby's Int'l-Lambertville
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Investment Insights
Based on property information with market context.
This 2,028-square-foot multifamily property, built in 1920, includes a main house and a second building with a workshop and an upstairs studio apartment. The main residence has three bedrooms, two full bathrooms, a kitchen opening to the living and dining area, and a screened porch. The studio has its own kitchen and full bathroom. Additional features include a full basement and two garage bays. The property requires updating, and its zoning is R1.
Located on Chapel Road in New Hope, the property is a short drive from New Hope and Lambertville. The surrounding area includes country roads, preserved landscapes, villages, restaurants, galleries, and cultural attractions.
Located on Chapel Road in New Hope, the property is a short drive from New Hope and Lambertville. The surrounding area includes country roads, preserved landscapes, villages, restaurants, galleries, and cultural attractions.
Key Highlights
- Two dwellings, including a main house and a second building with workshop and studio apartment
- 2,028 SF; built in 1920
- Main house has three bedrooms and two full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,110
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,200
$502.2K
Cap Rate 7%
$358,714
$358.7K
Cap Rate 9%
$279,000
$279.0K
Market Conditions
NOI Build-Up for 2,028 SF
Gross rent
$47.2K $23.28/SF
− Vacancy
−$1.6K −$0.77/SF
EGI
$45.7K $22.51/SF
− OpEx
−$20.5K −$10.13/SF
NOI
$25.1K $12.38/SF
Area
Bucks County, PA
Vacancy
3.30%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,200
Cap Rate 7%
$358,714
Cap Rate 9%
$279,000
Alternative Uses
Best Use
Apartment 5plus
$358.7K
$313.9K – $418.5K
NOI $25,110 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$614.9K
$538.0K – $717.4K
NOI $43,041 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
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Business Placement
Demographics for 18938, PA
14,301
Population
6,369
Households
2.2
Avg Household Size
54
Median Age
67%
College-Educated
97%
High-School Grad
40.9 sq mi
ZIP Area
350
Density / Sq Mi
$161,146
Median Household Income
$93,397
Median Earnings
$2,005
Median Rent
$701,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - A separate workshop building includes a self-contained studio apartment with a kitchen and full bath.
Where is this multifamily property located?
The property is located at 6615 Chapel Road New Hope, PA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Two dwellings, including a main house and a second building with workshop and studio apartment; 2,028 SF; built in 1920; Main house has three bedrooms and two full bathrooms
