Former Church with
For Sale
$350,000
1521 E 6th St, Bethlehem, PA 18015
Historic property with flexible interior volume, oversized windows, and direct access to the City of Bethlehem Greenway.
Property Size1,931 SF
Price / SF$181.25
Days on Market42
Property Features for 1521 E 6th St
General Information
Standard status
Active
Size
1,931 SF
Property subtype
Multi-Family
Building Details
Year Built
1916
Buildings
1
Listing Agency:
Century 21 Ramos Realty
(610) 866-4423
Listed By:
Anthony Ramos · License #AB068035
Source:
Jennysoldmine
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 7:12PM
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 Century 21 Ramos Realty
Investment Insights
Based on property information with market context.
Built in 1916, this former church was converted to residential use and retains large open areas, high ceilings, and oversized windows that bring in substantial natural light. A spacious lower-level basement provides additional interior area for storage, creative work, or other uses supported by the property’s configuration.
The building is located within Bethlehem’s revitalization and improvement zone, with direct access to the City of Bethlehem Greenway immediately behind the property. The existing layout and former religious-facility character provide a distinctive foundation for continued residential use or a future studio, gallery, or mixed-use concept.
The building is located within Bethlehem’s revitalization and improvement zone, with direct access to the City of Bethlehem Greenway immediately behind the property. The existing layout and former religious-facility character provide a distinctive foundation for continued residential use or a future studio, gallery, or mixed-use concept.
Key Highlights
- Former church converted to residential use
- Built in 1916
- Large open interior areas with high ceilings
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
$19,877
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
5.68%
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%
$397,540
$397.5K
Cap Rate 7%
$283,957
$284.0K
Cap Rate 9%
$220,856
$220.9K
Market Conditions
NOI Build-Up for 1,931 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
$34.8K $18.00/SF
− Vacancy
−$3.0K −$1.53/SF
EGI
$31.8K $16.47/SF
− OpEx
−$11.9K −$6.18/SF
NOI
$19.9K $10.29/SF
Area
Lehigh County, PA
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$397,540
Cap Rate 7%
$283,957
Cap Rate 9%
$220,856
Alternative Uses
Best Use
Mixed Use
$284.0K
$248.5K – $331.3K
NOI $19,877 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
Business Placement
Demographics for 18015, PA
33,286
Population
12,867
Households
2.6
Avg Household Size
32
Median Age
31%
College-Educated
87%
High-School Grad
23.2 sq mi
ZIP Area
1,435
Density / Sq Mi
$58,470
Median Household Income
$32,703
Median Earnings
$1,310
Median Rent
$243,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Historic property with flexible interior volume, oversized windows, and direct access to the City of Bethlehem Greenway.
Where is this church & religious facility located?
The property is located at 1521 E 6th St Bethlehem, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Former church converted to residential use; Built in 1916; Large open interior areas with high ceilings
