Renovated Office
For Sale
$749,900
1007 Union Boulevard, Allentown, PA 18109
Commercial Sale, Allentown, PA
Property Size4,228 SF
Lot Size0.20 Acres
Price / SF$177.37
Days on Market246
Property Features for 1007 Union Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-3
Zoning description
Commercial
Subdivision
Allentown City
Standard status
Active
APN
02 15 G10NW2D 004 002 B
Size
4,228 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Property Address: 1005-1009 Union Blvd /Tile Number: 476004B/School District: Allentown School District
Tax Annual Amount
13057
Legal Description
Property Address: 1005-1009 Union Blvd /Tile Number: 476004B/School District: Allentown School District
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1959
Floors in Building
1
Listing Agency:
Keller Williams Real Estate - Allentown · Keller Williams Realty
(610) 435-1800
Listed By:
Ayon A Codner · License #RS324477
(954) 895-9439
Added: Jan 12
Changed: Sep 4
Last Checked: Sep 15 at 3:06PM
MLS# PM-138232
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 office building contains approximately 4,228 SF and was constructed in 1959. The property underwent a full renovation 5 years ago and is described as meticulously maintained. Central heating and central air serve the building, with public water and public sewer in place.
The property is occupied by the district court under a gross lease with yearly increases. The lease includes a 5-year term and a 5-year option, and the existing tenant has completed 5 years and signed another long-term lease. Located on Union Boulevard in Allentown, the building carries B-3 Highway Business zoning, which supports a range of uses or potential redevelopment once the remaining term expires.
The property is occupied by the district court under a gross lease with yearly increases. The lease includes a 5-year term and a 5-year option, and the existing tenant has completed 5 years and signed another long-term lease. Located on Union Boulevard in Allentown, the building carries B-3 Highway Business zoning, which supports a range of uses or potential redevelopment once the remaining term expires.
Key Highlights
- Approximately +/- 4,228 SF office building
- Occupied by the district court under a gross lease with yearly increases
- 5‑year lease with a 5‑year option
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
$22,953
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
3.06%
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%
$459,060
$459.1K
Cap Rate 7%
$327,900
$327.9K
Cap Rate 9%
$255,033
$255.0K
Market Conditions
NOI Build-Up for 4,228 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
$33.0K $7.80/SF
− Vacancy
−$2.4K −$0.56/SF
EGI
$30.6K $7.24/SF
− OpEx
−$7.7K −$1.81/SF
NOI
$23.0K $5.43/SF
Area
Allentown, PA
Vacancy
7.20%
Lease Rate
$7.80 /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%
$459,060
Cap Rate 7%
$327,900
Cap Rate 9%
$255,033
Alternative Uses
Best Use
Office B
$327.9K
$286.9K – $382.6K
NOI $22,953 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$830.6K
$726.8K – $969.1K
NOI $58,143 @ 7.0% cap · market cap 7.75%
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
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
922
Businesses Nearby
Explore this area
Business Placement
Demographics for 18109, PA
18,915
Population
7,395
Households
2.6
Avg Household Size
37
Median Age
19%
College-Educated
80%
High-School Grad
8.2 sq mi
ZIP Area
2,307
Density / Sq Mi
$55,437
Median Household Income
$36,632
Median Earnings
$1,239
Median Rent
$180,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office building - Occupied office property with a gross lease, annual increases, and a 5-year option.
Where is this office building located?
The property is located at 1007 Union Boulevard Allentown, PA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Approximately +/- 4,228 SF office building; Occupied by the district court under a gross lease with yearly increases; 5‑year lease with a 5‑year option
