Brick 4-Unit
For Sale
Contact for pricing
135 N Eighth St, Allentown, PA 18101
Fully occupied brick construction in Allentown’s Old Allentown Historic District.
Property Size2,760 SF
Price / SF$208.33
Days on Market133
Property Features for 135 N Eighth St
General Information
Standard status
Active
Size
2,760 SF
Property subtype
Multifamily
Zoning
B-2-Central Business
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$52,989
Additional Details
Gross Income
$61,020
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1900
Year Renovated
2025
Buildings
1
Stories
3
Units
4
Tenancy
Multi
Construction
brick
Listing Agency:
Steel City Realty
(484) 866-2495
Listed By:
James Reardon · License #PA RS337438
Source:
Crexi
Added: Apr 22
Changed: Aug 31
Last Checked: Aug 31 at 4:08AM
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 Steel City Realty
Investment Insights
Based on property information with market context.
This four-unit residential property is a brick building constructed in 1900, offering a straightforward multifamily configuration in Allentown. The building includes 2+ access exits and is identified for B-2 zoning. Current occupancy is 100%, providing an established operating profile for a multifamily owner.
Located at 135 North 8th Street, the property sits in Allentown’s Old Allentown Historic District, near the city’s downtown center. The address is within the Allentown School District and Lehigh County. A cleared Certificate of Occupancy from the City of Allentown is included with the sale.
Located at 135 North 8th Street, the property sits in Allentown’s Old Allentown Historic District, near the city’s downtown center. The address is within the Allentown School District and Lehigh County. A cleared Certificate of Occupancy from the City of Allentown is included with the sale.
Key Highlights
- Four‑unit residential building with 100% occupancy
- All‑brick construction dating to 1900
- Located in Allentown’s Old Allentown Historic District
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
$28,951
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
5.03%
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%
$579,020
$579.0K
Cap Rate 7%
$413,586
$413.6K
Cap Rate 9%
$321,678
$321.7K
Market Conditions
NOI Build-Up for 2,760 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
$44.7K $16.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$41.4K $14.99/SF
− OpEx
−$12.4K −$4.50/SF
NOI
$29.0K $10.49/SF
Area
Allentown, PA
Vacancy
7.50%
Lease Rate
$16.20 /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%
$579,020
Cap Rate 7%
$413,586
Cap Rate 9%
$321,678
Alternative Uses
Best Use
Multifamily LT 5
$413.6K
$361.9K – $482.5K
NOI $28,951 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$363.8K
$318.3K – $424.4K
NOI $25,466 @ 7.0% cap · market cap 4.43%
Theoretical Best
Specialty Retail
$542.2K
$474.5K – $632.6K
NOI $37,956 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,530
Businesses Nearby
Explore this area
Business Placement
Demographics for 18101, PA
5,108
Population
2,686
Households
1.9
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
0.3 sq mi
ZIP Area
17,027
Density / Sq Mi
$41,542
Median Household Income
$34,397
Median Earnings
$1,337
Median Rent
$153,800
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?
Quadplex - Fully occupied brick construction in Allentown’s Old Allentown Historic District.
Where is this quadplex located?
The property is located at 135 N Eighth St Allentown, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Four‑unit residential building with 100% occupancy; All‑brick construction dating to 1900; Located in Allentown’s Old Allentown Historic District
