Four-Unit Brick Apartment
For Sale
$695,000
139 8th Street, Allentown, PA 18101
MULTI_FAMILY - Allentown City, PA
Property Size2,640 SF
Lot Size0.06 Acres
Price / SF$263.26
Days on Market51
Property Features for 139 8th Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
R-H
Parking
5
Parking features
Off Street, Parking Lot
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
22 to MacArthur Road exit. Take MacArthur Road south into Allentown. Right on Union Street. Right on 8th Street. Building on right.
Standard status
Active
APN
640609939210-1
Size
2,640 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
4167
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1890
Floors in Building
3
Number of units
5
Building materials
Brick
Listing Agency:
Boutique One Properties LLC
(610) 628-1107
Listed By:
Ellen V. Benner
(610) 867-3900
Added: Jun 25
Changed: Aug 1
Last Checked: Aug 14 at 4:06AM
MLS# 779665
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.
This four-unit brick apartment building includes one 2-bedroom apartment and three 1-bedroom apartments. The property has 5-car off-street parking in a parking lot and is fully occupied with long-term leases. Heating is electric, and cooling is provided by window unit(s). Water and sewer service are public.
Built in 1890, the building is located at 139 8th Street in Allentown. The property is described as being in close proximity to the Hamilton St shopping district and PPL Center.
The listing notes extensive renovations completed in multiple units during the seller’s ownership. This setup may be of interest to tenants or investors seeking a multi-unit rental structure with existing lease occupancy and opportunities to review rent levels across the units.
Built in 1890, the building is located at 139 8th Street in Allentown. The property is described as being in close proximity to the Hamilton St shopping district and PPL Center.
The listing notes extensive renovations completed in multiple units during the seller’s ownership. This setup may be of interest to tenants or investors seeking a multi-unit rental structure with existing lease occupancy and opportunities to review rent levels across the units.
Key Highlights
- Four‑unit brick apartment building with one 2‑bedroom and three 1‑bedroom apartments
- Fully occupied with long‑term leases
- 5‑car off‑street parking lot
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
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,373
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 - Four-unit brick building with one 2-bedroom unit, three 1-bedroom units, and public utilities in Allentown.
Where is this quadplex located?
The property is located at 139 8th Street 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 brick apartment building with one 2‑bedroom and three 1‑bedroom apartments; Fully occupied with long‑term leases; 5‑car off‑street parking lot
