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    1 Kiwanis Ct Bradford, PA 16701

    Sponsored
    For Sale
    Contact for pricing

    50-Unit Apartment Complex, 8% Cap Rate

    Property size:
    47,012 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 50-unit apartment building in Bradford, PA, presents a compelling investment opportunity. The property, known as Kiwanis Court, boasts a 100% occupancy rate and a strong 8% capitalization rate, generating a net operating income (NOI) of $250,000. Built in 1973 and renovated in 2020, this Class B multifamily property comprises 12 two-story buildings situated on a 1.9-acre lot. The 40,000 square feet of net rentable space houses a mix of one, two, and three-bedroom units. The property benefits from a project-based Section 8 subsidy contract covering all units, extending through 2039, currently undergoing Option 1 Contract Renewal. Tenant responsibilities include electricity, while the owner manages water and sewer. Current rents on two and three-bedroom units are below 2023 Fair Market Rents (FMRs) and significantly below the 2022 HUD 140% Median Gross Rent. Community amenities include 24-hour access, a basketball court, fenced lot, laundry facilities, and a playground. Recent performance indicators include an NSPIRE score of 87 (December 2023) and a MOR rating of "Above Average" (83) in June 2024. A comprehensive appraisal and operating manual are available for qualified buyers. The property is located in a Qualified Census Tract (QCT), offering potential benefits for federal Low-Income Housing Tax Credits (LIHTC). This stabilized investment is offered for sale by owner.

    Property Features for 1 Kiwanis Ct

    General Information

    Property type
    Multifamily properties
    Square Feet
    47,012 SF
    Class
    B
    Lot Size
    82,764 SF

    Building Details

    Year Built/Renovated
    1973/2020
    Buildings
    12
    Stories
    2
    Units
    50

    HighLights

    • 50‑unit apartment building in Bradford, PA, 65 miles south of Buffalo, NY.
    • 100% occupied, project‑based Section 8 subsidy contract renewed in 2020.
    • Located in a 2023 Qualified Census Tract (QCT), eligible for a 30% basis boost for federal LIHTC.
    • Mix of one, two, and three‑bedroom units.
    • Amenities include 24‑hour access, basketball court, fenced lot, laundry facilities, and playground.
    • Received an 87 NSPIRE score in its December 2023 REAC inspection.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bradford
    County
    McKean
    State
    Pennsylvania
    Longitude
    -78.6544233
    Latitude
    41.9547939

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    FAQs

    What type of property is this?
    Multifamily property - 50-Unit Apartment Complex, 8% Cap Rate
    Where is this multifamily property located?
    The property is located at 1 Kiwanis Ct Bradford, PA.
    What are key features of this property?
    This property features: 50-unit apartment building in Bradford, PA, 65 miles south of Buffalo, NY.; 100% occupied, project-based Section 8 subsidy contract renewed in 2020.; Located in a 2023 Qualified Census Tract (QCT), eligible for a 30% basis boost for federal LIHTC.
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    1 Kiwanis Ct Bradford, PA 16701
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    Bradford, PA 16701
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1 Kiwanis Ct Bradford, PA 16701
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