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5 E Wallace Ave 40 Unit Apartment Building $3,120,000 ($78,000/Unit) 6.70% Cap Rate New Castle, PA 16101
Investment Highlights
- Rents below market. Increase program in place to renew all 1 bed to $725 & 2 beds to $825, which will lead to a proforma annual income of $367,200
- Many new upgrades, includes new roof parapet, new roof membrane, new hardwood floors in most units & new PTAC central heat and cooling in all units
- Close to hospital & near downtown & a short drive from the highways
Executive Summary
A rare 3-story near downtown mid-rise with many UPDATED units consisting of 16- 2 bedrooms and 24- 1 bedrooms---All units are rented except for 1, which is in the process of being pre-leased. This property offers the opportunity to an aggressive buyer to increase the annual Gross Income to over $400,000 dollars. Jefferson Arms Apartments is a landmark 3-story multifamily mid-rise located at 1-5 East Wallace Avenue, New Castle PA---A short Drive to Pittsburgh, PA—-quality apartments are priced at over $100k per door in and around the Pittsburgh market. This property features a diverse mix of one & two-bedroom layouts averaging approximately 650-800 square feet, and all units were fully renovated between in 2022-2025 with hard wood flooring, updated kitchens and baths, new water boilers replaced been 2015 and 2019, major roof repairs and parapet replacements and durable interior upgrades that support strong in-place performance. The asset is currently approximately 95% occupied and includes ground-floor Laundry Room for additional income. In addition to its stabilized operating base, Jefferson Arms Apartments offers a compelling value-add opportunity..
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$323,538
|
$5.56
|
| Other Income |
$3,600
|
$0.06
|
| Vacancy Loss |
$17,635
|
$0.30
|
| Effective Gross Income |
$309,503
|
$5.32
|
| Taxes |
-
|
-
|
| Operating Expenses |
$107,484
|
$1.85
|
| Total Expenses |
$107,484
|
$1.85
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $323,538 |
| Annual Per SF | $5.56 |
| Other Income | |
|---|---|
| Annual | $3,600 |
| Annual Per SF | $0.06 |
| Vacancy Loss | |
|---|---|
| Annual | $17,635 |
| Annual Per SF | $0.30 |
| Effective Gross Income | |
|---|---|
| Annual | $309,503 |
| Annual Per SF | $5.32 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | $107,484 |
| Annual Per SF | $1.85 |
| Total Expenses | |
|---|---|
| Annual | $107,484 |
| Annual Per SF | $1.85 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $3,120,000 | Building Class | C |
| Price Per Unit | $78,000 | Lot Size | 0.42 AC |
| Sale Type | Investment | Building Size | 58,140 SF |
| Cap Rate | 6.70% | Average Occupancy | 95% |
| No. Units | 40 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1923/2010 |
| Property Subtype | Apartment | Parking Ratio | 0.85/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | T | ||
| Price | $3,120,000 |
| Price Per Unit | $78,000 |
| Sale Type | Investment |
| Cap Rate | 6.70% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.42 AC |
| Building Size | 58,140 SF |
| Average Occupancy | 95% |
| No. Stories | 4 |
| Year Built/Renovated | 1923/2010 |
| Parking Ratio | 0.85/1,000 SF |
| Zoning | T |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Refrigerator
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Free
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | $667.50 | 675 |
| 2+1 | 16 | $787.50 | 800 |
1 1
Walk Score®
Very Walkable (79)
Property Taxes
| Parcel Number | 01-032100 | Improvements Assessment | $551,000 |
| Land Assessment | $46,400 | Total Assessment | $597,400 |
Property Taxes
Parcel Number
01-032100
Land Assessment
$46,400
Improvements Assessment
$551,000
Total Assessment
$597,400
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5 E Wallace Ave
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