Building Details

Year Built 1827

Construction Federal style sandstone

Listing Agency: Berkshire Hathaway HomeServices Homesale Realty m***@homesale.com Show Phone

Listed By: Wayne Eichfeld · License #AB050017L Show Phone

Source: Exprealty

Added: Jun 4 Changed: Sep 5 Last Checked: Sep 18 at 11:16AM

Report an Issue

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 Berkshire Hathaway HomeServices Homesale Realty

Investment Insights

Based on property information with market context.

This five-unit apartment property occupies a Federal-style sandstone building constructed in 1827. The property is listed on the National Register of Historic Places and provides 6,752 SF of building area. Each apartment includes a washer and dryer, oven/range, and refrigerator. Tenants pay their own electric service. Heating and cooling vary by unit: Units 1, 2, 3, and 5 have heat pumps, while Unit 4 has electric baseboard heat and window air conditioning.

The property is located at 84 W Main St in Adamstown, PA, and is zoned R-3. Subject to approval of a Special Exception, the site may support the addition of 12 units, offering a defined expansion possibility within the existing zoning framework.

Key Highlights

• Five total apartment units in a 6,752 SF building
• Federal‑style sandstone construction dating to 1827
• Listed on the National Register of Historic Places

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

$66,511

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

7.82%

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%

$1,330,220 $1.3M

Cap Rate 7%

$950,157 $950.2K

Cap Rate 9%

$739,011 $739.0K

Market Conditions

NOI Build-Up for 6,752 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

$121.5K $18.00/SF

− Vacancy

−$608 −$0.09/SF

EGI

$120.9K $17.91/SF

− OpEx

−$54.4K −$8.06/SF

NOI

$66.5K $9.85/SF

Area

Lancaster County, PA

Vacancy

0.50%

Lease Rate

$18.00 /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%

$1,330,220

Cap Rate 7%

$950,157

Cap Rate 9%

$739,011

Alternative Uses

Best Use

Apartment 5plus

$950.2K

$831.4K – $1.11M (±1% cap)

NOI $66,511 @ 7.0% cap · market cap 7.82%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.26M

$1.98M – $2.64M (±1% cap)

NOI $158,384 @ 7.0% cap · market cap 18.63%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Auto Repair Shop Electrical Service Pharmacy Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Location Intelligence

Trade Area within ½ mile

91

Businesses Nearby

Explore this area Business Placement

Demographics for 19501, PA

906

Population

377

Households

2.4

Avg Household Size

38

Median Age

22%

College-Educated

94%

High-School Grad

1.0 sq mi

ZIP Area

906

Density / Sq Mi

$80,000

Median Household Income

$45,300

Median Earnings

$1,023

Median Rent

$226,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Apartment building - Federal-style sandstone construction dates to 1827 and carries National Register historic designation.

Where is this apartment building located?

The property is located at 84 W Main St Adamstown, PA.

What is the asking price?

The asking price for this property is $850,000.

What are key features of this property?

This property features: Five total apartment units in a 6,752 SF building; Federal‑style sandstone construction dating to 1827; Listed on the National Register of Historic Places