Four-Unit Apartment
For Sale
$695,000
139 8th St, Allentown, PA 18101
Income-producing property with a two-bedroom unit and three one-bedroom apartments under long-term leases.
Property Size2,640 SF
Price / SF$263.26
Days on Market11
Property Features for 139 8th St
General Information
Standard status
Active
Size
2,640 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR, 3 x 1BR
Multifamily Units
4
Building Details
Year Built
1890
Listing Agency:
Boutique One Properties LLC
(610) 867-3900
Listed By:
Ellen V. Benner
Source:
Jennysoldmine
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 30 at 7:00PM
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 Boutique One Properties LLC
Investment Insights
Based on property information with market context.
This 1890 apartment building contains four units: one two-bedroom apartment and three one-bedroom apartments. Multiple units received extensive renovations during the current ownership period, and all apartments are occupied under long-term leases.
The property includes a 5-car off-street parking lot and is located near Allentown’s Hamilton St shopping district and PPL Center. The existing unit mix provides a straightforward multifamily configuration, with potential for rent increases across the units as leases and market conditions permit.
The property includes a 5-car off-street parking lot and is located near Allentown’s Hamilton St shopping district and PPL Center. The existing unit mix provides a straightforward multifamily configuration, with potential for rent increases across the units as leases and market conditions permit.
Key Highlights
- Four‑unit apartment building with one 2‑bedroom and three 1‑bedroom apartments
- All units fully occupied under long‑term leases
- Extensive renovations completed in multiple units during ownership
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
$27,692
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
3.98%
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%
$553,840
$553.8K
Cap Rate 7%
$395,600
$395.6K
Cap Rate 9%
$307,689
$307.7K
Market Conditions
NOI Build-Up for 2,640 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
$42.8K $16.20/SF
− Vacancy
−$3.2K −$1.22/SF
EGI
$39.6K $14.99/SF
− OpEx
−$11.9K −$4.50/SF
NOI
$27.7K $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%
$553,840
Cap Rate 7%
$395,600
Cap Rate 9%
$307,689
Alternative Uses
Best Use
Multifamily LT 5
$395.6K
$346.2K – $461.5K
NOI $27,692 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$348.0K
$304.5K – $406.0K
NOI $24,359 @ 7.0% cap · market cap 3.50%
Theoretical Best
Specialty Retail
$518.6K
$453.8K – $605.1K
NOI $36,305 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,858
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 - Income-producing property with a two-bedroom unit and three one-bedroom apartments under long-term leases.
Where is this quadplex located?
The property is located at 139 8th St Allentown, PA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Four‑unit apartment building with one 2‑bedroom and three 1‑bedroom apartments; All units fully occupied under long‑term leases; Extensive renovations completed in multiple units during ownership
