22 Nyack Ave, Lansdowne, PA 19050

Property Details for 22 Nyack Ave

Year built

1920

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a ten-unit multifamily property located at 20 & 22 Nyack Avenue in Lansdowne, Pennsylvania, 19050. The property comprises two three-story buildings situated on a combined 17,697 square foot lot, totaling 10,552 square feet. The complex includes nine one-bedroom/one-bathroom apartments and one five-bedroom house, along with eight detached garages, generating additional income. Currently boasting 90% occupancy, this property has historically maintained 100% occupancy or better, demonstrating strong tenant demand. The current owner reports only one vacancy in over four years, intentionally left vacant for marketing purposes. The Lansdowne rental market is robust, with properties in the immediate area consistently achieving 95% occupancy or higher. High barriers to entry, due to a lack of available land for new construction, further solidify the strong demand and long-term stability of this investment. The property benefits from its proximity to Downtown Lansdowne, SEPTA's Lansdowne Station (providing access to regional rail and numerous bus routes), and major roadways including Baltimore Avenue, Routes 1 and 13, and Interstates 476, 76, and 95. Significant capital improvements have been made in recent years, including roof replacement and the installation of new individual gas-fired boilers within the last four years. Rents are currently estimated to be 10% to 15% below market value, presenting a substantial opportunity for rental income growth with minimal necessary updates. This property offers a compelling value-add opportunity in a highly sought-after Delaware County location, ideal for a long-term investment strategy. The asking price is $1,400,000, representing $140,000 per unit and $132.68 per square foot. The property was built in 1920.

Location Insight

City

Lansdowne

County

Delaware

State

Pennsylvania

Longitude

-75.2703443

Latitude

39.9361517