Updated Flex Space
For Sale
$3,400,000
622 Union Boulevard, Allentown, PA 18109
Two-story commercial facility combines office, medical, retail, and clear-span warehouse areas with dedicated medical-suite access.
Property Size18,219 SF
Lot Size1.00 Acre
Days on Market757
Property Features for 622 Union Boulevard
General Information
Standard status
Active
Size
18,219 SF
Total Parking Spaces
45
Lot size
1.00 Acre
Property subtype
Office
Zoning
B-3
Additional Details
Asking Price
$2,900,000
Taxes and HOA fees
Annual Taxes
$45,093
Amenities
common bathrooms
room plumbed for a kitchenette
Building Details
Building Size
18,219 SF
Year Built
1987
Buildings
1
Stories
2
Listing Agency:
Howard Hanna TheFrederickGroup
Listed By:
Carrie C. Ward · License #AB069092
(610) 398-0411
Source:
Bhhspaulfordrealtors
Added: Aug 24, 2024
Changed: Sep 19
Last Checked: Sep 18 at 1:29PM
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.
This updated two-story flex space building contains 18,219 square feet configured for multiple commercial functions. The interior includes office areas, a medical suite, retail space, and clear-span warehouse area. Shared bathrooms serve the building, while a separate room is plumbed for a kitchenette. The medical component has independent entrances and a self-contained layout that supports controlled access.
The property occupies 1 acre at a signalized corner and carries B-3 Highway Business zoning. On-site parking includes 45 lined spaces, providing a defined parking arrangement for the building’s varied configuration.
The combination of office, healthcare, retail, and warehouse improvements creates a flexible physical layout for an owner-user or investor seeking a multi-purpose commercial asset.
The property occupies 1 acre at a signalized corner and carries B-3 Highway Business zoning. On-site parking includes 45 lined spaces, providing a defined parking arrangement for the building’s varied configuration.
The combination of office, healthcare, retail, and warehouse improvements creates a flexible physical layout for an owner-user or investor seeking a multi-purpose commercial asset.
Key Highlights
- 18,219‑square‑foot updated flex space building
- Two‑story layout with office, medical, retail, and clear‑span warehouse areas
- Medical suite has separate entrances and a self‑contained configuration
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
$159,445
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
4.69%
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%
$3,188,900
$3.2M
Cap Rate 7%
$2,277,786
$2.3M
Cap Rate 9%
$1,771,611
$1.8M
Market Conditions
NOI Build-Up for 18,219 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
$284.2K $15.60/SF
− Vacancy
−$18.5K −$1.01/SF
EGI
$265.7K $14.59/SF
− OpEx
−$106.3K −$5.83/SF
NOI
$159.4K $8.75/SF
Area
Allentown, PA
Vacancy
6.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
40.00%
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%
$3,188,900
Cap Rate 7%
$2,277,786
Cap Rate 9%
$1,771,611
Alternative Uses
Best Use
Healthcare Medical
$2.28M
$1.99M – $2.66M
NOI $159,445 @ 7.0% cap · market cap 4.69%
Second Best
Warehouse
$1.61M
$1.41M – $1.88M
NOI $112,630 @ 7.0% cap · market cap 3.31%
Theoretical Best
Specialty Retail
$3.58M
$3.13M – $4.18M
NOI $250,548 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Under-served
Demand for This Use
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story commercial facility combines office, medical, retail, and clear-span warehouse areas with dedicated medical-suite access.
Where is this flex space located?
The property is located at 622 Union Boulevard Allentown, PA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 18,219‑square‑foot updated flex space building; Two‑story layout with office, medical, retail, and clear‑span warehouse areas; Medical suite has separate entrances and a self‑contained configuration
