Two-Story Brick Office
New
For Sale
$310,000
135 N 5th Street, Allentown, PA 18102
ResidentialIncome, Allentown City, PA
Property Size3,034 SF
Lot Size0.16 Acres
Price / SF$102.18
Days on Market1
Property Features for 135 N 5th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-H
Bathrooms
4
Half bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4
Parking
9
Parking features
Parking Lot
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
Straight on Hamilton Blvd for 3.1 miles, left on N.6th St., right on W. Turner St., right on N. 5th St.
Standard status
Active
APN
640711874464 1
Size
3,034 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
5367
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1865
Number of units
2
Building materials
AluminumSiding, Brick
Listing Agency:
RE/MAX Real Estate · RE/MAX International
(610) 770-9000
Listed By:
Howard C. Schaeffer · License #RS277208
(610) 554-7759
Added: Sep 10
Last Checked: Sep 10 at 7:06PM
MLS# 784291
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.
Built in 1865, this two-story office building combines a brick and aluminum-siding exterior with a practical multi-office layout. The 3,034-square-foot property includes a reception area, waiting area, three private offices, open workspace, kitchenette, and two powder rooms on the first floor. The upper level contains two large open work areas, five private offices, and two additional powder rooms. The interior has been freshly painted, and each floor has separate electric and gas meters with central air conditioning.
The property occupies 0.162 acres at 135 N 5th Street in Allentown City, near the Lehigh County Courthouse, Business Renaissance District, Symphony Hall, and Allentown Art Museum. Restaurants, the Arts Walk, and other local amenities are within walking distance. Nine private parking spaces provide dedicated on-site vehicle access. Public water and public sewer serve the property, with natural gas heating and R-H zoning.
The property occupies 0.162 acres at 135 N 5th Street in Allentown City, near the Lehigh County Courthouse, Business Renaissance District, Symphony Hall, and Allentown Art Museum. Restaurants, the Arts Walk, and other local amenities are within walking distance. Nine private parking spaces provide dedicated on-site vehicle access. Public water and public sewer serve the property, with natural gas heating and R-H zoning.
Key Highlights
- 3,034 square feet across two office floors
- First floor includes reception, waiting area, 3 private offices, open workspace, kitchenette, and 2 powder rooms
- Second floor offers 2 open work areas, 5 private offices, and 2 powder rooms
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
$16,471
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
5.31%
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%
$329,420
$329.4K
Cap Rate 7%
$235,300
$235.3K
Cap Rate 9%
$183,011
$183.0K
Market Conditions
NOI Build-Up for 3,034 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
$23.7K $7.80/SF
− Vacancy
−$1.7K −$0.56/SF
EGI
$22.0K $7.24/SF
− OpEx
−$5.5K −$1.81/SF
NOI
$16.5K $5.43/SF
Area
Allentown, PA
Vacancy
7.20%
Lease Rate
$7.80 /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%
$329,420
Cap Rate 7%
$235,300
Cap Rate 9%
$183,011
Alternative Uses
Best Use
Office B
$235.3K
$205.9K – $274.5K
NOI $16,471 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$596.1K
$521.6K – $695.4K
NOI $41,724 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,315
Businesses Nearby
Explore this area
Business Placement
Demographics for 18102, PA
51,567
Population
18,788
Households
2.7
Avg Household Size
32
Median Age
11%
College-Educated
76%
High-School Grad
3.0 sq mi
ZIP Area
17,189
Density / Sq Mi
$40,681
Median Household Income
$29,501
Median Earnings
$1,224
Median Rent
$146,600
Median Home Value
Check the figures for this property
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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 - Recently painted office property with private rooms, open work areas, central air, and dedicated on-site parking.
Where is this office building located?
The property is located at 135 N 5th Street Allentown, PA.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: 3,034 square feet across two office floors; First floor includes reception, waiting area, 3 private offices, open workspace, kitchenette, and 2 powder rooms; Second floor offers 2 open work areas, 5 private offices, and 2 powder rooms
