Photos Link
*GIS Map and Floor Plans Included
Entire Building https://photos.app.goo.gl/hg4b1iuf1FD8JJr49
Unit 1 (Efficiency) https://photos.app.goo.gl/tCLZnk5DbSUaWtQd9
Unit 2 (2 Bed/1 Bath) https://photos.app.goo.gl/zoTquHaXSX31NeJv8
Unit 3 (2 Bed/1 Bath) https://photos.app.goo.gl/pcjavsc28dr3qXRw5
Unit 4 (2 Bed/1 Bath) https://photos.app.goo.gl/tSbv1orxbHEi2NR98
Unit 5 (1 Bed/1 Bath) https://photos.app.goo.gl/EJ4SCnDu5Q8614Hw5
Buy & Hold Overview
Current
- Units: 5
- Gross Rents: $40,800/year
- Annual NOI: $28,440
- Cap Rate: 17.78%
- Cash on Cash Return: 44.92%
- Lease Type: Month to month
Projected
- Units: 5
- Gross Rents: $45,000/year
- Annual NOI: $31,800
- Repairs: *Varies based on tenant turnover and upgrades
- ARV (After Repair Value): $240,000 – $259,665
Highlights
- Value add potential to update cosmetics and drive rents to market value
- Garage in rear of property could provide additional income potential
Repair Estimate
Total Estimated Repair Range:
*For full turnover upgrades on every unit plus exterior and utility upgrades
$55,000-$70,000
Current & Estimated Rental Analysis
https://docs.google.com/spreadsheets/d/13oynuG9Xrsy9ME6w1aQ8gOIgCgPk4VTxhzAHrstSqWg/edit?usp=sharing
Utilities
- Heat: Electric baseboard in each unit – paid by tenants
- Electric: Metered separately – paid by tenants
- Water/Sewer: Not split, Landlord pays
- Trash: Landlord pays, could be passed onto tenants
Property Details
- Units: 5 units (1x Efficiency, 3x 2 Bed/1 Bath, 1x 1 Bed/1 Bath)
- Lot Size: 0.14 acre lot
- Year Built: 1940
- Zoning: Commercial
- Stories: 3
- Heat: Electric baseboard in every unit
- Electric: 100 amp box for each unit, updated romex wiring
- Plumbing: Castiron, Copper, PVC, some PEX
- Water: Public
- Sewer: Public
- Roof: Exact age unknown, should be around 15-20 years old. New roof accounted for in estimate
- Foundation: Stone, no sagging or issues noted, however the basement does get a little bit of water. It is recommended that potential buyers do their own due diligence
- Windows: Majority vinyl, a few older ones in good shape
- Water Heater: 2 water heaters in basement
- Garage: Detached garage, potential income opportunity
- Features: Off street parking in the rear of the building, Value add potential to update cosmetics and bring rents up to market value
- Flooring: Various types in various condition
- Flood Zone: No
- Mold Noted: The only mold noted was on one section of drywall in the basement around the toilet that sits in the basement, otherwise no mold noted within the building was noted
- Water Damage: Old water damage to a few drop ceiling tiles, however it appears to be old and the current owner has not had any issues with water leaks nor any issues with the roof
- Water in Basement: Yes, appears to be a little more than just damp but I didn’t see any active leaks upon walk through or any foundational issues causing any water to come in
- Taxes: $1129/year
Comparable Sales/CMA
*we recommend any potential investor do their own due diligence and to use these as a point of reference only
ARV (After Repair Value) Comps:
491-493 W 4th St W, Lewistown, PA 17044 (Mid Grade ARV – See CMA, limited photos available. Based on description it appears to have needed some cosmetic updates)
5 Units, 7 bed, 5 bath, 2782 sqft, 0.14 acre lot, 1.1 miles from subject property
Sold for $204,000 on 4/20/2025, DOM (days on market): 12
Price Per Unit: $40,800
140 W Market St, Lewistown, PA 17044 (Mid Grade {Outdated Property with one unit needing renovations completed} – See CMA for photos and details. Based on interior photos it is well kept but outdated)
3 Units, 6 bed, 3 bath, 2344 sqft, 0.11 acre lot, 0.6 miles from subject property
Sold for $150,000 on 12/01/2024, DOM (days on market): 45
Price Per Unit: $50,000
https://www.zillow.com/homedetails/700-702-S-Main-St-Lewistown-PA-17044/449887143_zpid/
700-702 S Main St, Lewistown, PA 17044
3 Units, 7 bed,3 bath, 3572 sqft, 0.13 acre lot, 0.9 miles from subject property
Sold for $195,000 on 12/27/2024, DOM (days on market): 40
Price Per Unit: $65,000
CMA LINK:
https://drive.google.com/file/d/17BGNPoxUyfGxdtH9hndVTbpD0M79T–b/view?usp=drive_link
ARV (After Repair Value) Estimate
Average PPU (Price Per Unit): $51,933
Subject Property Units: 5
ARV Estimate Range: $240,000 – $260,000
As-Is Value Comps:
400-402 South Wayne Street, Lewistown, PA 17044
4 Units, 8 bed,4 bath, 2712 sqft, 0.15 acre lot, 0.9 miles from subject property
Sold for $120,000 on 05/02/2025, DOM (days on market): 1
Price Per Unit: $30,000
https://www.zillow.com/homedetails/211-213-N-Grand-St-Lewistown-PA-17044/449895503_zpid/
211-213 N Grand St, Lewistown, PA 17044
4 Units, 4 bed,4 bath, 3840 sqft, 0.11 acre lot, 0.6 miles from subject property
Sold for $131,500 on 05/21/2024, DOM (days on market): 3
Price Per Unit: $32,875
Estimated Market Rents:
*Great rent data included in CMA attached above
Zillow:
https://www.zillow.com/homedetails/20-Spring-St-APT-5-Lewistown-PA-17044/2081211240_zpid/
- 2 Bed/1 Bath
- $795/mo W/S/T Included
- Electric Baseboard Heat
- $795/mo W/S/T Included
https://www.zillow.com/homedetails/22-N-Main-St-D-Lewistown-PA-17044/2083365421_zpid/
- 1 Bed/1 Bath
- $700/mo W/S/T Included
- Electric Baseboard Heat
- $700/mo W/S/T Included
https://www.zillow.com/homedetails/7-S-Juniata-St-E-Lewistown-PA-17044/454571711_zpid/
- 1 Bed/1 Bath
- $750/mo W/S/T Included
- Electric Baseboard Heat
- $750/mo W/S/T Included
Trulia:
https://www.trulia.com/home/address-not-disclosed-lewistown-pa-17044-454932166
- 2 Bed/1 Bath – Newly Renovated
- $850/mo W/S Included
- Electric Baseboard Heat
- $850/mo W/S Included
Town Overview
Lewistown, Pennsylvania, is a small town located in Mifflin County in the Juniata River Valley. Known for its rich railroad and industrial history, it serves as a gateway to outdoor recreation in central Pennsylvania. The town features a charming downtown, local eateries, and a strong sense of community.
- Economic/Jobs: In Lewistown, PA—home to roughly 21,200 workers—Manufacturing (≈4,470 jobs), Health Care & Social Assistance (≈3,860 jobs), and Retail Trade (≈2,270 jobs) dominate the economy, with the most common occupations being Office & Administrative Support, Material Moving, and Production roles (datausa.io).
- Education: Lewistown, PA is served by the Geisinger School of Nursing RN program, Mifflin County School District’s K–12 network—including East Derry, Lewistown Elementary & Intermediate, Strodes Mills Elementary, Indian Valley, Mifflin County Middle & Junior High, Mifflin County High School (grades 10–12), the Mifflin County Academy of Science & Technology vocational center, plus private/parochial options like Sacred Heart of Jesus School. (en.wikipedia.org, nces.ed.gov)
- Lifestyle & Amenities: Lewistown offers a relaxed small‑town lifestyle with affordable living—housing costs are about 11% below the Pennsylvania average—while featuring a cozy downtown with local shops, a couple of breweries, eateries, and year‑round community events like Goose Day and farmers’ markets (areavibes.com, theadventuresabound.com, bestplaces.net). Outdoor amenities are a major draw, with Rec Park and Victory Park in town—boasting walking trails, river access, sports fields, a pool and playground—and nearby state parks for hiking, fishing, and camping (homes.com). Despite limited public transit (0% transit usage), residents enjoy a strong sense of community in a family‑oriented setting complemented by essential services like healthcare, parks, and grocery options (mcidc.org).
- Transport Links: Lewistown, PA is connected via the Amtrak Pennsylvanian train (one daily round-trip) at the historic Lewistown Station, served by Greyhound and Fullington/Trailways intercity buses (plus a local Line 731 bus), with U.S. Routes 22/322/522 running through town, access to Mifflin County Airport for general aviation, and links to Harrisburg International Airport via car or bus/train transfers (en.wikipedia.org).
For more details on Lewistown’s attractions and local resources, visit:
Contact Us to Schedule a Walkthrough
The Melito & Koch Team
- Devin Bowersox Direct Line: 814-787-0267
- Email: devin@melitoandkoch.com
- Website: melitoandkoch.com
- Facebook: The Melito & Koch Team
Disclosures
- ORAL CONSUMER NOTICE:
- The Real Estate Law requires that I provide you with a written notice that describes the various business relationship choices that you may have with a real estate licensee. Since we are discussing real estate without you having the benefit of the consumer notice, I have the duty to advise you that any information you give me at this time is not considered to be confidential, and any information you give me will not be considered confidential unless and until you and I enter into a business relationship. At our first meeting I will provide you with a written consumer notice which explains those business relationships and my corresponding duties to you.
- HOLD HARMLESS ACKNOWLEDGEMENT:
- The information contained in this email, including attachments, is confidential and may be legally privileged. It is intended solely for the use of the individual or entity to whom it is addressed. If you are not the intended recipient, please notify the sender immediately and delete this email. Real estate investment carries inherent risk, and this email does not constitute legal or financial advice. While I strive to provide accurate and up-to-date information, I make no warranties regarding the correctness of the data or the viability of the investment strategies discussed. By using the information provided, you agree to hold harmless The Morrow Wargo Group, Realty ONE Group Supreme, or any other entity related to our relationship- for any reliance on the content of this correspondence. Investment decisions should be made based on your own due diligence and consultation with financial and legal advisors. As a real estate agent, I provide services to assist in purchasing properties and analyzing data; however, the ultimate responsibility for investment decisions lies with the investor.
- DUE DILIGENCE:
- This deal must be analyzed individually. Investment returns are not guaranteed. All investors should conduct their due diligence. The Melito & Koch Team, Realty ONE Group Supreme, and associated parties are not liable for any inaccuracies or reliance on this information.