Five-Unit Brick Apartment
For Sale
Contact for pricing
Pending
106 N Eighth St, Allentown, PA 18101
Fully occupied multifamily asset with updated apartments, tenant-paid utilities, and B-2-Central Business zoning.
Property Size3,200 SF
Days on Market124
Property Features for 106 N Eighth St
General Information
Standard status
Pending
Size
3,200 SF
Class
B
Property subtype
Multifamily
Zoning
B-2-Central Business
Occupancy
100%
Net Operating Income
$73,280
Units
Unit Mix
2 x 2BR, 3 x 1BR
Multifamily Units
5
Additional Details
Gross Income
$82,800
Building Details
Year Built
1900
Buildings
1
Stories
3
Units
5
Construction
brick
Listing Agency:
Steel City Realty
(484) 866-2495
Listed By:
James Reardon · License #PA RS337438
Source:
Crexi
Added: May 1
Changed: Aug 31
Last Checked: Aug 30 at 8:07PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Steel City Realty
Investment Insights
Based on property information with market context.
This 3,200-square-foot apartment building contains five units: two two-bedroom apartments and three one-bedroom apartments. Built in 1900, the property has a classic brick exterior and updated interiors. Occupancy is reported at 100%, and the building will be delivered with a clear Certificate of Occupancy from the City of Allentown. Tenants pay all utilities other than water and sewer, while landlord responsibilities include taxes, insurance, and water/sewer service.
The property is located at 106 N Eighth St in Allentown’s Old Allentown Historic District, with access to local dining, entertainment, and nearby development activity. It is zoned B-2-Central Business. The seller is also offering 135 N 8th Street, located one block away, creating a potential opportunity to acquire both properties.
The property is located at 106 N Eighth St in Allentown’s Old Allentown Historic District, with access to local dining, entertainment, and nearby development activity. It is zoned B-2-Central Business. The seller is also offering 135 N 8th Street, located one block away, creating a potential opportunity to acquire both properties.
Key Highlights
- Five‑unit configuration with two 2‑bedroom and three 1‑bedroom apartments
- 3,200 square feet on a 0.00‑acre parcel
- 100% occupied
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
$29,526
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
3.81%
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%
$590,520
$590.5K
Cap Rate 7%
$421,800
$421.8K
Cap Rate 9%
$328,067
$328.1K
Market Conditions
NOI Build-Up for 3,200 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
$57.6K $18.00/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$53.7K $16.78/SF
− OpEx
−$24.2K −$7.55/SF
NOI
$29.5K $9.23/SF
Area
Allentown, PA
Vacancy
6.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$590,520
Cap Rate 7%
$421,800
Cap Rate 9%
$328,067
Alternative Uses
Best Use
Apartment 5plus
$421.8K
$369.1K – $492.1K
NOI $29,526 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$628.7K
$550.1K – $733.4K
NOI $44,006 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,530
Businesses Nearby
Explore this area
Business Placement
Demographics for 18101, PA
5,108
Population
2,686
Households
1.9
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
0.3 sq mi
ZIP Area
17,027
Density / Sq Mi
$41,542
Median Household Income
$34,397
Median Earnings
$1,337
Median Rent
$153,800
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 multifamily asset with updated apartments, tenant-paid utilities, and B-2-Central Business zoning.
Where is this apartment building located?
The property is located at 106 N Eighth St Allentown, PA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Five‑unit configuration with two 2‑bedroom and three 1‑bedroom apartments; 3,200 square feet on a 0.00‑acre parcel; 100% occupied
