Mixed-Use Building with
For Sale
$449,900
1102 Hanover Avenue, Allentown, PA 18109
The property combines a street-facing retail storefront with two apartments.
Property Size2,876 SF
Days on Market47
Property Features for 1102 Hanover Avenue
General Information
Standard status
Active
Size
2,876 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,129
Building Details
Building Size
2,876 SF
Year Built
1925
Listing Agency:
Howard Hanna TheFrederickGroup
(610) 264-0200
Listed By:
Matt Sprung · License #AB068265
Source:
Bhhspaulfordrealtors
Added: Jun 27
Changed: Aug 11
Last Checked: Aug 11 at 12:30PM
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 Howard Hanna TheFrederickGroup
Investment Insights
Based on property information with market context.
Built in 1925, this mixed-use building at 1102 Hanover Avenue includes a retail storefront and two apartments. The configuration supports a combination of commercial and residential occupancy within one property, with the storefront positioned along Hanover Avenue.
The building is located in Allentown’s East Side, near Coca-Cola Park and the Airport Road retail corridor. The former 195-acre Allentown State Hospital site east of the property is being redeveloped as Northridge, a planned community expected to include more than 600 townhomes, a micro-hospital, offices, retail space, recreational trails, and a new K-8 Allentown School District complex. A separate proposal nearby calls for 180 apartments.
The building is located in Allentown’s East Side, near Coca-Cola Park and the Airport Road retail corridor. The former 195-acre Allentown State Hospital site east of the property is being redeveloped as Northridge, a planned community expected to include more than 600 townhomes, a micro-hospital, offices, retail space, recreational trails, and a new K-8 Allentown School District complex. A separate proposal nearby calls for 180 apartments.
Key Highlights
- Retail storefront paired with two apartments
- Built in 1925
- Located at 1102 Hanover Avenue in Allentown’s East Side
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
$35,423
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
7.87%
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%
$708,460
$708.5K
Cap Rate 7%
$506,043
$506.0K
Cap Rate 9%
$393,589
$393.6K
Market Conditions
NOI Build-Up for 2,876 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%
$708,460
Cap Rate 7%
$506,043
Cap Rate 9%
$393,589
Alternative Uses
Best Use
Retail
$506.0K
$442.8K – $590.4K
NOI $35,423 @ 7.0% cap · market cap 7.87%
Second Best
Mixed Use
$401.2K
$351.1K – $468.1K
NOI $28,084 @ 7.0% cap · market cap 6.24%
Theoretical Best
Specialty Retail
$565.0K
$494.4K – $659.2K
NOI $39,551 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
695
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
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 - The property combines a street-facing retail storefront with two apartments.
Where is this mixed-use property located?
The property is located at 1102 Hanover Avenue Allentown, PA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Retail storefront paired with two apartments; Built in 1925; Located at 1102 Hanover Avenue in Allentown’s East Side
