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Key Details
Sold Price $680,000
Property Type Commercial
Sub Type Five Or More Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PALH2007738
Sold Date 06/03/24
Originating Board BRIGHT
Year Built 1890
Annual Tax Amount $3,668
Tax Year 2022
Lot Dimensions 18.00 x 110.00
Property Description
$75,600 Gross Income, $61,773 Net Income, 8.2% Cap. These prideful owners have invested over $100K to update this cashflowing, fully occupied, 6-unit garden-style apartment building with 5 residential units and 1 long-standing business commercial storefront. 4 units were renovated with fresh paint, new flooring, some new windows, updated bathrooms, and updated kitchens. 3 of the 1BR units are extremely large, and the other two are normal-sized. Long term tenant is in year 2 of a 6 year lease with option to renew. Well maintained roof. Tenants paying all utilities. These are great tenants, have been there for over a year and treat their apartments like a true home. Rare to find this type of property so close to the city center, in downtown with many properties being purchased by out-of-state (NYC) investors. SEE PHOTOS, Property is next to large commercial buildings and is located in downtown Allentown, within walking distance of all attractions, restaurants, and sports games, and near all interstates. The ownership group is listing over 25 multi-family units available in addition to this property. *Seller is a licensed real estate agent. ** PROJECTIONS are over $85,000 with slightly higher rents**
Location
State PA
County Lehigh
Area Allentown City (12302)
Zoning R-H
Interior
Hot Water Electric
Heating Baseboard - Electric, Radiator
Cooling None
Heat Source Electric, Natural Gas
Exterior
Garage Spaces 10.0
Waterfront N
Water Access N
Accessibility 2+ Access Exits
Parking Type On Street, Parking Lot
Total Parking Spaces 10
Garage N
Building
Lot Description Backs - Open Common Area
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Allentown
Others
Tax ID 640721140931-00001
Ownership Other
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
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Bought with james J Reardon • eXp Commercial
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "