Fitness Center
For Sale
$1,800,000
15 W 2nd Street, Bethlehem, PA 18015
CommercialSale, Bethlehem City, PA
Property Size14,313 SF
Price / SF$125.76
Days on Market459
Property Features for 15 W 2nd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CB
Parking
60
Parking features
Garage
Elementary school district
Bethlehem
Middle school district
Bethlehem
High school district
Bethlehem
Directions
Route 78 Take exit to Hellertown Rd, Bear right on Daly Ave, right on Polk St, left on Columbia St, right on E 2nd St.
Subdivision
Bethlehem-South
Standard status
Active
APN
P6 2 20 0204
Size
14,313 SF
Taxes and HOA fees
Tax Annual Amount
26496
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2006
Listing Agency:
Keller Williams Allentown · Keller Williams Realty
(610) 435-1800
Listed By:
Brian K Bailey · License #AB065448
(484) 357-8559
Added: May 28, 2025
Changed: Aug 19
Last Checked: Aug 29 at 4:06AM
MLS# 758276
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 14,313-square-foot commercial condominium occupies a position near the main entrance of the Riverport residential and commercial condominium facility. The space is currently operating as a fitness and health club, with central air conditioning and natural gas heat. Constructed in 2006, the property also includes garage parking and access to public water and sewer service.
The condominium is in the south side of Bethlehem, Pennsylvania, near Lehigh University. Zoning is CB, identified as Commercial Business. The property information also identifies office-loft or creative space, retail, and health and fitness uses as potential applications for the space.
The condominium is in the south side of Bethlehem, Pennsylvania, near Lehigh University. Zoning is CB, identified as Commercial Business. The property information also identifies office-loft or creative space, retail, and health and fitness uses as potential applications for the space.
Key Highlights
- 14,313 SF commercial condominium
- Currently operating as a fitness and health club
- 60 parking spaces with garage parking
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
$104,517
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
5.81%
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%
$2,090,340
$2.1M
Cap Rate 7%
$1,493,100
$1.5M
Cap Rate 9%
$1,161,300
$1.2M
Market Conditions
NOI Build-Up for 14,313 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
$151.1K $10.56/SF
− Vacancy
−$11.8K −$0.82/SF
EGI
$139.4K $9.74/SF
− OpEx
−$34.8K −$2.43/SF
NOI
$104.5K $7.30/SF
Area
Lehigh County, PA
Vacancy
7.80%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
25.00%
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%
$2,090,340
Cap Rate 7%
$1,493,100
Cap Rate 9%
$1,161,300
Alternative Uses
Best Use
Office B
$1.49M
$1.31M – $1.74M
NOI $104,517 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$2.10M
$1.84M – $2.46M
NOI $147,334 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,641
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 18015, PA
33,286
Population
12,867
Households
2.6
Avg Household Size
32
Median Age
31%
College-Educated
87%
High-School Grad
23.2 sq mi
ZIP Area
1,435
Density / Sq Mi
$58,470
Median Household Income
$32,703
Median Earnings
$1,310
Median Rent
$243,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Fitness center & gym - The CB-zoned condominium is currently used as a fitness and health club, with central air and garage parking.
Where is this fitness center & gym located?
The property is located at 15 W 2nd Street Bethlehem, PA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 14,313 SF commercial condominium; Currently operating as a fitness and health club; 60 parking spaces with garage parking
