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Updated over 7 years ago on . Most recent reply
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Cap Rates in Glenoden/Collindale Area
I've just started analyzing some multifamily deals in this area. I'm curious to hear what kinds of cap rates other people are seeing as well as opinions of the area.
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Hi Chris Fennimore I have one rental in Collingdale and 4 more in the surrounding areas (2 in Sharon Hill and 2 in Lansdowne). I would agree that the values are not going to go up or down much any time soon. Historic highs for the type of properties I like (3 bed 1 bath row homes) are only about $100,000. Like you said though as a buy and hold investor you can just write any appreciation out of your numbers and if they still work than go for it.
I would argue though that Glenolden is very different than Collingdale. Collingdale is more of a C- while Glenolden is closer to a C+/B. Look at home values to see this. They are only about 5 minutes apart but very different areas. That is just how the philly area is. It is very block by block. If you are investing in the area remotely make sure you have boots on the ground that you trust or come check it out yourself as one wrong move can land you in an area you don't want to be.
Good luck and let me know if you need any help!