Three-Story Apartment
For Sale
$900,000
1413 W Court Street, Allentown, PA 18102
CommercialSale, Allentown City, PA
Property Size8,640 SF
Lot Size0.08 Acres
Price / SF$104.17
Days on Market132
Property Features for 1413 W Court Street
General Information
Property type
Commercial Sale
Property subtype
Apartment
Zoning
R-MH
Parking
12
Parking features
Garage
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
Route 22 to 15th St Exit; Left on Mauch Chunk Rd; Continue on 15th St. Left on Hamilton St; Left on N Franklin St; Right on W Court St. Property will be on Left.
Subdivision
Allentown-Central
Standard status
Active
APN
549669815273 1
Size
8,640 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
6181
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1905
Listing Agency:
Keller Williams Allentown · Keller Williams Realty
(610) 435-1800
Listed By:
Ryan B. McGeehan · License #AB068951
(610) 435-1800
Added: Apr 20
Changed: Aug 19
Last Checked: Aug 29 at 3:06AM
MLS# 775391
Copyright © 2026 Greater Lehigh Valley REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story apartment building contains 8,640 square feet and is configured for six separate units. Plumbing and fire sprinkler systems are already installed, while drywall and interior finish work remain to complete the build-out. The property was constructed in 1905 and is zoned R-MH.
Parking includes six designated garage spaces sized for large SUVs, along with 12 parking spaces in total. Public water and public sewer serve the property. Located at 1413 W Court Street in Allentown, the building is positioned in the downtown area and offers a partially completed structure for a purchaser to finish according to the established unit layout.
Parking includes six designated garage spaces sized for large SUVs, along with 12 parking spaces in total. Public water and public sewer serve the property. Located at 1413 W Court Street in Allentown, the building is positioned in the downtown area and offers a partially completed structure for a purchaser to finish according to the established unit layout.
Key Highlights
- 8,640‑square‑foot, three‑story apartment building
- Framework established for six separate units
- Plumbing and fire sprinkler systems installed
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$79,720
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.86%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,594,400
$1.6M
Cap Rate 7%
$1,138,857
$1.1M
Cap Rate 9%
$885,778
$885.8K
Market Conditions
NOI Build-Up for 8,640 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$155.5K $18.00/SF
− Vacancy
−$10.6K −$1.22/SF
EGI
$144.9K $16.78/SF
− OpEx
−$65.2K −$7.55/SF
NOI
$79.7K $9.23/SF
Area
Allentown, PA
Vacancy
6.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,594,400
Cap Rate 7%
$1,138,857
Cap Rate 9%
$885,778
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$996.5K – $1.33M
NOI $79,720 @ 7.0% cap · market cap 8.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.70M
$1.49M – $1.98M
NOI $118,817 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,673
Businesses Nearby
Explore this area
Business Placement
Demographics for 18102, PA
51,567
Population
18,788
Households
2.7
Avg Household Size
32
Median Age
11%
College-Educated
76%
High-School Grad
3.0 sq mi
ZIP Area
17,189
Density / Sq Mi
$40,681
Median Household Income
$29,501
Median Earnings
$1,224
Median Rent
$146,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit framework includes installed plumbing and fire sprinklers, with completion work remaining.
Where is this apartment building located?
The property is located at 1413 W Court Street Allentown, PA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 8,640‑square‑foot, three‑story apartment building; Framework established for six separate units; Plumbing and fire sprinkler systems installed
