Two-Unit Duplex with Finished Third
For Sale
$375,000
123 E Elizabeth Ave, Bethlehem, PA 18018
Fully occupied duplex with individual basement laundry access, covered porch, and paved off-street parking.
Property Size1,700 SF
Price / SF$220.59
Days on Market25
Property Features for 123 E Elizabeth Ave
General Information
Standard status
Active
Size
1,700 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
covered front porch
basement laundry
Building Details
Year Built
1930
Listing Agency:
Rudy Amelio Real Estate
(610) 462-1561
Listed By:
Geoff Spitko
Source:
Poconohomessearch
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 28 at 12:22PM
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 Rudy Amelio Real Estate
Investment Insights
Based on property information with market context.
This 1,700-square-foot duplex was built in 1930 and is fully occupied. The property includes two residential units, a covered front porch, and a finished third floor that provides additional living space. A second-floor landing offers an elevated view, while each tenant has access to an individual basement laundry area. Four paved off-street parking spaces support the property’s residential configuration.
The duplex is located at 123 E Elizabeth Ave in Bethlehem City, Pennsylvania, near schools, universities, shopping, and restaurants. The building has been updated and maintained, with practical features that support continued residential occupancy.
The duplex is located at 123 E Elizabeth Ave in Bethlehem City, Pennsylvania, near schools, universities, shopping, and restaurants. The building has been updated and maintained, with practical features that support continued residential occupancy.
Key Highlights
- Fully occupied two‑unit duplex
- 1,700 SF building constructed in 1930
- Finished third floor offers additional living space
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
$11,371
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
3.03%
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%
$227,420
$227.4K
Cap Rate 7%
$162,443
$162.4K
Cap Rate 9%
$126,344
$126.3K
Market Conditions
NOI Build-Up for 1,700 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
$17.5K $10.32/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$16.2K $9.56/SF
− OpEx
−$4.9K −$2.87/SF
NOI
$11.4K $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%
$227,420
Cap Rate 7%
$162,443
Cap Rate 9%
$126,344
Alternative Uses
Best Use
Multifamily LT 5
$162.4K
$142.1K – $189.5K
NOI $11,371 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$141.9K
$124.1K – $165.5K
NOI $9,931 @ 7.0% cap · market cap 2.65%
Theoretical Best
Mixed Use
$250.0K
$218.7K – $291.7K
NOI $17,499 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,821
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
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 - Fully occupied duplex with individual basement laundry access, covered porch, and paved off-street parking.
Where is this duplex located?
The property is located at 123 E Elizabeth Ave Bethlehem, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Fully occupied two‑unit duplex; 1,700 SF building constructed in 1930; Finished third floor offers additional living space
