Updated Two-Unit
For Sale
$359,000
406 Linden Street, Bethlehem, PA 18018
Residential Income, Bethlehem, PA
Property Size2,060 SF
Lot Size0.03 Acres
Price / SF$174.27
Days on Market38
Property Features for 406 Linden Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Rt
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Basement, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 3
Basement
Unfinished, Full
Elementary school district
Bethlehem Area
Middle school district
Bethlehem Area
High school district
Bethlehem Area
Subdivision
Bethlehem City
Standard status
Active
APN
4762-08-7190-9121
Size
2,060 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Block: 6 /Lot: 11A /School District: 09-Catasauqua Area /Fuel Type: Unknown/None
Tax Annual Amount
3782
Legal Description
Block: 6 /Lot: 11A /School District: 09-Catasauqua Area /Fuel Type: Unknown/None
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Varies by Unit (Heating)
Amenities
washer and dryer
shared backyard
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Collective Real Estate Agency
(570) 424-0926
Listed By:
Jane Hartin · License #RS152573A
(570) 242-8298
Added: Aug 18
Changed: Sep 15
Last Checked: Sep 24 at 2:06PM
MLS# PM-144004
Copyright © 2026 Pocono Mountains Association of 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 2,060-square-foot duplex, built in 1900, contains two fully leased apartments. The first-floor residence offers one bedroom, one updated bathroom, high ceilings, an updated kitchen, refreshed flooring, and basement access with a washer and dryer. The second-floor apartment includes three bedrooms and one bathroom. Each unit has separate natural-gas and baseboard heating, while the property also features a shared backyard and a shingle roof. Recent work includes a 2025 roof replacement, sewer-pipe improvements, porch upgrades, and renovation of the first-floor apartment.
The 0.03-acre property is located at 406 Linden Street in Bethlehem, PA 18018, one block from Marketplace and within walking distance of the downtown district. Moravian College, Lehigh University, local dining and entertainment, a casino, and major thoroughfares are identified nearby. Public sewer serves the property. Tenants pay utilities, handle yard maintenance and winter shoveling, and the landlord covers trash service.
The 0.03-acre property is located at 406 Linden Street in Bethlehem, PA 18018, one block from Marketplace and within walking distance of the downtown district. Moravian College, Lehigh University, local dining and entertainment, a casino, and major thoroughfares are identified nearby. Public sewer serves the property. Tenants pay utilities, handle yard maintenance and winter shoveling, and the landlord covers trash service.
Key Highlights
- Two‑unit duplex with 2,060 square feet of property size
- First‑floor unit has 1 bedroom, 1 updated bathroom, basement access, and washer and dryer
- Second‑floor apartment includes 3 bedrooms and 1 bathroom
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
$13,779
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
3.84%
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%
$275,580
$275.6K
Cap Rate 7%
$196,843
$196.8K
Cap Rate 9%
$153,100
$153.1K
Market Conditions
NOI Build-Up for 2,060 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
$21.3K $10.32/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$19.7K $9.56/SF
− OpEx
−$5.9K −$2.87/SF
NOI
$13.8K $6.69/SF
Area
Lehigh County, PA
Vacancy
7.41%
Lease Rate
$10.32 /SF/Yr
Expense Ratio
30.00%
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%
$275,580
Cap Rate 7%
$196,843
Cap Rate 9%
$153,100
Alternative Uses
Best Use
Multifamily LT 5
$196.8K
$172.2K – $229.7K
NOI $13,779 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$171.9K
$150.4K – $200.6K
NOI $12,034 @ 7.0% cap · market cap 3.35%
Theoretical Best
Mixed Use
$302.9K
$265.1K – $353.4K
NOI $21,205 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,386
Businesses Nearby
Explore this area
Business Placement
Demographics for 18018, PA
32,388
Population
14,669
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
92%
High-School Grad
5.2 sq mi
ZIP Area
6,228
Density / Sq Mi
$71,968
Median Household Income
$43,471
Median Earnings
$1,261
Median Rent
$224,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Duplex - Two separately heated apartments with a shared backyard and tenant-paid utilities.
Where is this duplex located?
The property is located at 406 Linden Street Bethlehem, PA.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,060 square feet of property size; First‑floor unit has 1 bedroom, 1 updated bathroom, basement access, and washer and dryer; Second‑floor apartment includes 3 bedrooms and 1 bathroom
