Updated Two-Unit
New
For Sale
$405,000
123 E Elizabeth Avenue, Bethlehem, PA 18018
MULTI_FAMILY - Bethlehem City, PA
Property Size1,700 SF
Lot Size0.07 Acres
Price / SF$238.24
Days on Market1
Property Features for 123 E Elizabeth Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Rt-Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2
Parking
4
Parking features
Off Street
Subdivision
Not in Development
Elementary school district
Bethlehem
Middle school district
Bethlehem
High school district
Bethlehem
Directions
22 to 191 South, Right on E Elizabeth Avenue
Standard status
Active
APN
N6SE4B-13-18-0204
Size
1,700 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3201
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Water source
Public
Amenities
Covered front porch
2nd floor landing with a view
basement laundry
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Building materials
AluminumSiding, BrickVeneer, VinylSiding
Listing Agency:
Rudy Amelio Real Estate · ERA Real Estate
(610) 437-5501
Listed By:
Geoff Spitko
(610) 657-5776
Added: Aug 12
Last Checked: Aug 12 at 7:06PM
MLS# 782616
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 1,700-square-foot duplex on a 0.073-acre lot contains two residential units with a total of three bedrooms and two bathrooms. Built in 1930, the property features aluminum siding, brick veneer, and vinyl siding, along with baseboard electric heat. A covered front porch and second-floor landing add usable common features, while each tenant has access to their own basement laundry area.
The property is located at 123 E Elizabeth Avenue in Bethlehem City, Pennsylvania, near schools, universities, shopping, and restaurants. Four paved off-street parking spaces serve the building. Public water and public sewer are available, and the property is zoned Rt-Residential.
The property is located at 123 E Elizabeth Avenue in Bethlehem City, Pennsylvania, near schools, universities, shopping, and restaurants. Four paved off-street parking spaces serve the building. Public water and public sewer are available, and the property is zoned Rt-Residential.
Key Highlights
- Fully occupied two‑unit duplex
- 1,700 square feet on a 0.073‑acre lot
- Four‑car paved off‑street parking pad
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
2.81%
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%
$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 2.81%
Second Best
Apartment 5plus
$141.9K
$124.1K – $165.5K
NOI $9,931 @ 7.0% cap · market cap 2.45%
Theoretical Best
Mixed Use
$250.0K
$218.7K – $291.7K
NOI $17,499 @ 7.0% cap · market cap 4.32%
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
1,793
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
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex with individual basement laundry access and paved off-street parking.
Where is this duplex located?
The property is located at 123 E Elizabeth Avenue Bethlehem, PA.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Fully occupied two‑unit duplex; 1,700 square feet on a 0.073‑acre lot; Four‑car paved off‑street parking pad
