Apartment Building with Newer TPO
For Sale
$3,300,000
2 S 4th Street, Emmaus, PA 18049
SINGLE_FAMILY - Emmaus Boro, PA
Property Size14,506 SF
Lot Size0.21 Acres
Price / SF$227.49
Days on Market59
Property Features for 2 S 4th Street
General Information
Property type
Residential
Property subtype
Retail
Zoning
B-C-Central Commercial
Parking
2
Parking features
Off Street, On Street
Elementary school district
East Penn
Middle school district
East Penn
High school district
East Penn
Directions
2-10 S 4th St, Emmaus, PA 18049 - Located at the corner of S 4th St & Chestnut St in the heart of downtown Emmaus, just one block south of Main Street. 408 Chestnut Street is just around the corner with Barber shop on Chestnut St ground level
Subdivision
Emmaus
Standard status
Active
APN
549465077476,549465079039,54946507409401
Size
14,506 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
31464
Utilities
Sewer type
Public Sewer
Heating system
Oil
Cooling system
Window Unit(s), Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1912
Number of units
15
Building materials
Brick, Stone, StoneVeneer, WoodSiding
Listing Agency:
IronValley RE of Lehigh Valley
(610) 766-7200
Listed By:
Alpesh Patel
(484) 241-1011
Added: Jun 9
Changed: Aug 3
Last Checked: Aug 6 at 5:06PM
MLS# 778698
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.
Apartment building with a total of 15 units, including 10 residential apartments and 5 commercial storefronts, totaling approximately 14,506 SF on a 0.211-acre site. The property is fully occupied and supported by public utilities, with public water and public sewer connections. Construction is brick with stone and wood siding elements, and the building dates to 1912. Heating is oil, with window units plus central air and ceiling fans. Parking is available both off street and on street.
Located at 2 S 4th Street in downtown Emmaus, the property sits directly across from Triangle Park. It provides convenient access to Routes 78, 309, 29, and the PA Turnpike.
Recent capital improvements include a newer TPO roof, supporting continued long-term building performance while serving both residential and commercial tenants in one mixed-use setup.
Located at 2 S 4th Street in downtown Emmaus, the property sits directly across from Triangle Park. It provides convenient access to Routes 78, 309, 29, and the PA Turnpike.
Recent capital improvements include a newer TPO roof, supporting continued long-term building performance while serving both residential and commercial tenants in one mixed-use setup.
Key Highlights
- 15 total units (10 residential apartments and 5 commercial storefronts)
- Approximately 14,506 SF on a 0.211‑acre lot
- Newer TPO roof capital improvement
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
$149,321
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
4.52%
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%
$2,986,420
$3.0M
Cap Rate 7%
$2,133,157
$2.1M
Cap Rate 9%
$1,659,122
$1.7M
Market Conditions
NOI Build-Up for 14,506 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
$261.1K $18.00/SF
− Vacancy
−$22.2K −$1.53/SF
EGI
$238.9K $16.47/SF
− OpEx
−$89.6K −$6.18/SF
NOI
$149.3K $10.29/SF
Area
Lehigh County, PA
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,986,420
Cap Rate 7%
$2,133,157
Cap Rate 9%
$1,659,122
Alternative Uses
Best Use
Mixed Use
$2.13M
$1.87M – $2.49M
NOI $149,321 @ 7.0% cap · market cap 4.52%
Second Best
Retail
$1.41M
$1.24M – $1.65M
NOI $98,865 @ 7.0% cap · market cap 3.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
687
Businesses Nearby
Explore this area
Business Placement
Demographics for 18049, PA
18,440
Population
7,659
Households
2.4
Avg Household Size
43
Median Age
38%
College-Educated
94%
High-School Grad
15.0 sq mi
ZIP Area
1,229
Density / Sq Mi
$93,924
Median Household Income
$44,310
Median Earnings
$1,316
Median Rent
$282,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartment building with 15 total units and a newer TPO roof in B-C-Central Commercial zoning.
Where is this apartment building located?
The property is located at 2 S 4th Street Emmaus, PA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 15 total units (10 residential apartments and 5 commercial storefronts); Approximately 14,506 SF on a 0.211‑acre lot; Newer TPO roof capital improvement
