8-Unit Brick Apartment
New
For Sale
$625,000
731 GRACE STREET, Williamsport, PA 17701
Owner-paid heat, water, sewer, and trash service simplify utility arrangements for residents.
Property Size5,184 SF
Price / SF$120.56
Days on Market4
Property Features for 731 GRACE STREET
General Information
Standard status
Active
Size
5,184 SF
Property subtype
Commercial
Building Details
Year Built
1901
Listing Agency:
Prime Home Real Estate, LLC
(717) 735-2204
Listed By:
Jeffrey L Zimmerman · License #AB069598
(717) 405-5748
Source:
Cummingsrealtors
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 1 at 11:18AM
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 Prime Home Real Estate, LLC
Investment Insights
Based on property information with market context.
This 8-unit brick apartment building contains 5,184 square feet and dates to 1901. The existing configuration is suited to multifamily rental use, with heat, water, sewer, and trash service paid by the owner. On-street parking is available for residents and visitors.
Located at 731 Grace Street in Williamsport, Pennsylvania, the property offers an established apartment building within the city.
Located at 731 Grace Street in Williamsport, Pennsylvania, the property offers an established apartment building within the city.
Key Highlights
- 8 apartment units in a brick building
- 5,184 square feet of building area
- Built in 1901
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
$39,222
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
6.28%
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%
$784,440
$784.4K
Cap Rate 7%
$560,314
$560.3K
Cap Rate 9%
$435,800
$435.8K
Market Conditions
NOI Build-Up for 5,184 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
$76.5K $14.76/SF
− Vacancy
−$5.2K −$1.00/SF
EGI
$71.3K $13.76/SF
− OpEx
−$32.1K −$6.19/SF
NOI
$39.2K $7.57/SF
Area
Lycoming County, PA
Vacancy
6.80%
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%
$784,440
Cap Rate 7%
$560,314
Cap Rate 9%
$435,800
Alternative Uses
Best Use
Apartment 5plus
$560.3K
$490.3K – $653.7K
NOI $39,222 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$977.5K – $1.30M
NOI $78,203 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
957
Businesses Nearby
Explore this area
Business Placement
Demographics for 17701, PA
43,197
Population
20,891
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
91%
High-School Grad
98.0 sq mi
ZIP Area
441
Density / Sq Mi
$52,770
Median Household Income
$33,643
Median Earnings
$869
Median Rent
$176,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Owner-paid heat, water, sewer, and trash service simplify utility arrangements for residents.
Where is this apartment building located?
The property is located at 731 GRACE STREET Williamsport, PA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 8 apartment units in a brick building; 5,184 square feet of building area; Built in 1901
