Renovated Mixed-Use
For Sale
$480,000
438 N 7th Street, Allentown, PA 18102
ResidentialIncome, Allentown City, PA
Property Size2,878 SF
Lot Size0.11 Acres
Price / SF$166.78
Days on Market388
Property Features for 438 N 7th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B1/R
Parking
3
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
Head south on PA-145 S/MacArthur Rd. Continue to follow PA-145 S. Destination will be on the right.
Standard status
Active
APN
549792978241 1
Size
2,878 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
2991
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
private restroom
kitchenette
generous storage
rear parking
Building Details
Year built
1843
Floors in Building
3
Number of units
3
Building materials
Brick
Listing Agency:
Keller Williams Allentown · Keller Williams Realty
(610) 435-1800
Listed By:
Ayon A. Codner · License #RS324477
(954) 895-9439
Added: Aug 7, 2025
Changed: Aug 19
Last Checked: Aug 29 at 3:06AM
MLS# 762577
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 2,878-square-foot mixed-use building contains three units: an approximately 800-square-foot ground-floor retail or commercial suite and two apartments. The commercial space includes a private restroom, kitchenette, and storage. Residential accommodations consist of a one-bedroom studio and a two-bedroom apartment with separate living and dining rooms. One apartment is tenant-occupied with approximately four months remaining on its lease.
Renovation work was completed in 2020, including updates to the electrical and plumbing systems. The property also includes rear parking, public water, public sewer, brick construction, baseboard heat, and ceiling fan cooling. Approved plans are in place for an ADA ramp serving the commercial space. The retail unit and select areas still require finishing work, with the remaining scope available for completion by the seller or delivery in its current condition.
Renovation work was completed in 2020, including updates to the electrical and plumbing systems. The property also includes rear parking, public water, public sewer, brick construction, baseboard heat, and ceiling fan cooling. Approved plans are in place for an ADA ramp serving the commercial space. The retail unit and select areas still require finishing work, with the remaining scope available for completion by the seller or delivery in its current condition.
Key Highlights
- Three‑unit configuration with two apartments and one ground‑level commercial suite
- Approximately 800 SF commercial space with restroom, kitchenette, and storage
- 2,878‑square‑foot mixed‑use building on 0.107 acres
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
$35,448
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
7.39%
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%
$708,960
$709.0K
Cap Rate 7%
$506,400
$506.4K
Cap Rate 9%
$393,867
$393.9K
Market Conditions
NOI Build-Up for 2,878 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
$53.5K $18.60/SF
− Vacancy
−$2.9K −$1.00/SF
EGI
$50.6K $17.60/SF
− OpEx
−$15.2K −$5.28/SF
NOI
$35.4K $12.32/SF
Area
Allentown, PA
Vacancy
5.40%
Lease Rate
$18.60 /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%
$708,960
Cap Rate 7%
$506,400
Cap Rate 9%
$393,867
Alternative Uses
Best Use
Retail
$506.4K
$443.1K – $590.8K
NOI $35,448 @ 7.0% cap · market cap 7.39%
Second Best
Mixed Use
$401.5K
$351.3K – $468.4K
NOI $28,104 @ 7.0% cap · market cap 5.85%
Theoretical Best
Specialty Retail
$565.4K
$494.7K – $659.6K
NOI $39,578 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,349
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit building combines residential apartments with a street-level commercial space and rear parking.
Where is this mixed-use property located?
The property is located at 438 N 7th Street Allentown, PA.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Three‑unit configuration with two apartments and one ground‑level commercial suite; Approximately 800 SF commercial space with restroom, kitchenette, and storage; 2,878‑square‑foot mixed‑use building on 0.107 acres
