Historic Two-Story Office
For Sale
$10,300,000
132 S 3rd Street, Easton, PA 18042
Two-story office building featuring preserved industrial character and a fully upgraded underground parking garage.
Property Size45,644 SF
Price / SF$225.66
Days on Market140
Property Features for 132 S 3rd Street
General Information
Standard status
Active
Size
45,644 SF
Class
A
Total Parking Spaces
30
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$755,576
Building Details
Building Size
45,644 SF
Stories
2
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Ed Laycox · License #BR98373888 (DC)
(240) 752-0035
Source:
Matthews
Added: Apr 24
Changed: Sep 7
Last Checked: Sep 10 at 5:13AM
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 Matthews
Investment Insights
Based on property information with market context.
A historic office building that has been fully renovated while preserving original walls and industrial design elements. Originally developed as a single-story facility, the property is now configured as a two-story Class A office building.
The renovation includes a fully upgraded underground parking garage with 30 spaces. The building is described as a 100% leased, two-tenant property with both leases structured as 10-year terms and extension options.
Located in Downtown Easton’s Historic District near major population centers and the Lehigh and Delaware Rivers, the property is presented as an opportunity to acquire a stabilized historic community asset with scheduled rental increases included in both leases.
The renovation includes a fully upgraded underground parking garage with 30 spaces. The building is described as a 100% leased, two-tenant property with both leases structured as 10-year terms and extension options.
Located in Downtown Easton’s Historic District near major population centers and the Lehigh and Delaware Rivers, the property is presented as an opportunity to acquire a stabilized historic community asset with scheduled rental increases included in both leases.
Key Highlights
- Two‑story Class A office building converted from an original 21,000 SF single‑story to 45,644 SF (GSF).
- Historic preservation: full renovation preserved original walls and industrial design elements.
- Fully upgraded underground parking garage with 30 spaces.
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
$473,442
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
4.60%
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%
$9,468,840
$9.5M
Cap Rate 7%
$6,763,457
$6.8M
Cap Rate 9%
$5,260,467
$5.3M
Market Conditions
NOI Build-Up for 45,644 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
$684.7K $15.00/SF
− Vacancy
−$53.4K −$1.17/SF
EGI
$631.3K $13.83/SF
− OpEx
−$157.8K −$3.46/SF
NOI
$473.4K $10.37/SF
Area
Northampton County, PA
Vacancy
7.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$9,468,840
Cap Rate 7%
$6,763,457
Cap Rate 9%
$5,260,467
Alternative Uses
Best Use
Office B
$6.76M
$5.92M – $7.89M
NOI $473,442 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.66M
$7.58M – $10.10M
NOI $606,006 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,623
Businesses Nearby
Explore this area
Business Placement
Demographics for 18042, PA
44,026
Population
17,932
Households
2.5
Avg Household Size
36
Median Age
27%
College-Educated
89%
High-School Grad
22.1 sq mi
ZIP Area
1,992
Density / Sq Mi
$75,806
Median Household Income
$40,015
Median Earnings
$1,245
Median Rent
$205,900
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?
Office building - Two-story office building featuring preserved industrial character and a fully upgraded underground parking garage.
Where is this office building located?
The property is located at 132 S 3rd Street Easton, PA.
What is the asking price?
The asking price for this property is $10,300,000.
What are key features of this property?
This property features: Two‑story Class A office building converted from an original 21,000 SF single‑story to 45,644 SF (GSF).; Historic preservation: full renovation preserved original walls and industrial design elements.; Fully upgraded underground parking garage with 30 spaces.
