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 Market802
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
(484) 347-2359
Source:
Bhhspaulfordrealtors
Added: Aug 24, 2024
Changed: Oct 31
Last Checked: Nov 1 at 12:46PM
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
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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 / Yr
$159,445
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Under-served
Demand for This Use
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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
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
