Brick Multifamily Home with Covered
For Sale
$449,900
1831 Hamilton, Allentown, PA 18104
ResidentialIncome, Allentown City, PA
Property Size2,378 SF
Lot Size0.10 Acres
Price / SF$189.19
Days on Market245
Property Features for 1831 Hamilton
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-Mh-Medium High Density
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 3
Parking
2
Parking features
On Street, Off Street
Interior features
Balcony, Fireplace
Fireplace
1
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
Hamilton Street between 18th and 19th
Standard status
Active
APN
549647494228 001
Size
2,378 SF
Lot size
0.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Other (Heating)
Cooling system
Window Unit(s)
Water source
Public
Amenities
covered front porch
brick gas fireplace
sunroom
walk-in pantry
cedar closet
laundry chute
wet bar
wine cellar
Building Details
Year built
1924
Number of units
10
Building materials
Brick
Listing Agency:
IronValley RE of Lehigh Valley
(610) 766-7200
Listed By:
Angela M. Diaz Adames
(484) 241-1011
Added: Dec 22, 2025
Changed: Aug 19
Last Checked: Aug 24 at 5:06AM
MLS# 769640
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.
Brick multifamily home originally set up as a single-family layout and currently arranged with five bedrooms and 2.5 bathrooms. Built in 1924, the house features an inviting covered front porch, an open main level with gleaming hardwood floors, built-in bookshelves, and a brick gas fireplace. The dining room is adjoined by a sunroom, and the kitchen includes a Viking gas stove, built-in cabinet, and walk-in pantry.
Upstairs, you’ll find a spacious master bedroom plus two additional bedrooms with hardwood floors and closet space. The split full bath includes a tub and sink, with a separate toilet and sink, followed by a cedar closet and a laundry chute. The third floor adds two more bedrooms with dormers, a full bathroom, and another laundry chute.
The basement offers a large recreation room with a wet bar, wine cellar, half bath, laundry area, and ample storage. The home includes balcony, window unit cooling, natural gas heating, public water, and public sewer, with off-street and on-street parking. Lot size is 0.103 acres (2,378 SF) and zoning is R-Mh (Medium High Density).
Upstairs, you’ll find a spacious master bedroom plus two additional bedrooms with hardwood floors and closet space. The split full bath includes a tub and sink, with a separate toilet and sink, followed by a cedar closet and a laundry chute. The third floor adds two more bedrooms with dormers, a full bathroom, and another laundry chute.
The basement offers a large recreation room with a wet bar, wine cellar, half bath, laundry area, and ample storage. The home includes balcony, window unit cooling, natural gas heating, public water, and public sewer, with off-street and on-street parking. Lot size is 0.103 acres (2,378 SF) and zoning is R-Mh (Medium High Density).
Key Highlights
- 2,378 SF brick multifamily home built in 1924 on a 0.103‑acre lot
- Covered front porch plus main‑level hardwood floors, built‑in bookshelves, and brick gas fireplace
- Five bedrooms with 2.5 bathrooms, including a split full bath and third‑floor full bath
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
$21,941
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
4.88%
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%
$438,820
$438.8K
Cap Rate 7%
$313,443
$313.4K
Cap Rate 9%
$243,789
$243.8K
Market Conditions
NOI Build-Up for 2,378 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 $18.00/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$39.9K $16.78/SF
− OpEx
−$18.0K −$7.55/SF
NOI
$21.9K $9.23/SF
Area
Allentown, PA
Vacancy
6.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$438,820
Cap Rate 7%
$313,443
Cap Rate 9%
$243,789
Alternative Uses
Best Use
Apartment 5plus
$313.4K
$274.3K – $365.7K
NOI $21,941 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$467.2K
$408.8K – $545.0K
NOI $32,702 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,257
Businesses Nearby
Explore this area
Business Placement
Demographics for 18104, PA
47,289
Population
18,686
Households
2.5
Avg Household Size
42
Median Age
45%
College-Educated
93%
High-School Grad
23.0 sq mi
ZIP Area
2,056
Density / Sq Mi
$94,279
Median Household Income
$48,585
Median Earnings
$1,620
Median Rent
$296,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily home with a covered front porch, fireplace, and off-street parking on a small Allentown lot.
Where is this apartment building located?
The property is located at 1831 Hamilton Allentown, PA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,378 SF brick multifamily home built in 1924 on a 0.103‑acre lot; Covered front porch plus main‑level hardwood floors, built‑in bookshelves, and brick gas fireplace; Five bedrooms with 2.5 bathrooms, including a split full bath and third‑floor full bath
