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    209 W UNION Street Allentown, PA 18102

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    For Lease
    $21 SF/Yr

    CommercialLease - ALLENTOWN, PA

    Type:Retail
    Added:
    Oct 23, 2025
    Days on Market:
    193
    Last Refresh:
    May 3 at 3:06 pm

    Property Features for 209 W UNION Street

    General Information

    Property type
    Other
    Property subtype
    Retail
    Parking
    12
    Parking features
    Parking Lot
    Standard status
    Active

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1992
    Building materials
    Brick

    We can help!

    Listing Contact
    AYON Abraham CODNER

    Listing agent AYON Abraham CODNER License #RS324477

    Listing office Keller Williams Real Estate - Allentown 1605 N Cedar Crest Boulevard unit: 309, Allentown, PA

    Listing date Oct 23, 2025

    MLS# PALH2013742

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Allentown Retail Space For Lease

    This retail space offers approximately 1,300 square feet for lease. The open floor plan includes one ADA-compliant restroom and ample storage. Internet access is readily available throughout the space. The building features new LED energy-efficient lighting and a new HVAC system. Parking is available for 12 vehicles. The property is located in a high-traffic area, minutes from the newly approved Waterfront Development. Construction is underway on a $425 million waterfront development that will include 12 buildings and a 200-seat amphitheater with Riverwalk trails, with completion expected by the end of the year. The Neighborhood Improvement Zone (NIZ), a State Tax district created in 2011 to encourage growth and revitalization in Allentown's center city and along the western Lehigh River, has spurred over half a billion dollars in redevelopment. Potential uses for the space include convenience stores, barbershops, salons, and take-out restaurants. The property is located at 209 W UNION Street, ALLENTOWN, PA 18102.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Wise Guys Beer ... Big Box & Wholesale Store Smoke Depot | Allentown (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Allentown
    County
    Lehigh
    State
    Pennsylvania
    Longitude
    -75.45957
    Latitude
    40.6041

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    FAQs

    What type of property is this?
    Retail space - Retail space in a high-traffic area near upcoming waterfront development.
    Where is this retail space located?
    The property is located at 209 W UNION Street Allentown, PA.
    What is the lease rate?
    The lease rate is $21 SF/Yr.
    What are key features of this property?
    This property features: Located minutes from a newly approved $425 million waterfront development featuring 12 buildings and a 200‑seat amphitheater.; Situated in a heavily traveled area within a Neighborhood Improvement Zone (NIZ) spurring significant redevelopment.; +\/- 1,300 SF retail space suitable for various businesses.
    (610) 435-1800
    We can help!
    Listing Contact
    AYON Abraham CODNER
    Real Estate License ID: RS324477
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    209 W UNION Street, ALLENTOWN, PA 18102

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