Updated Two-Unit
For Sale
$474,900
1901 Willow Park Rd, Bethlehem, PA 18020
Fully occupied property with two spacious two-bedroom apartments, two garages, and a recently installed gas boiler.
Property Size2,318 SF
Price / SF$204.87
Days on Market14
Property Features for 1901 Willow Park Rd
General Information
Standard status
Active
Size
2,318 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$35,438
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Gross Income
$45,600
Highway Access
Yes
Building Details
Year Built
1940
Listing Agency:
EXP Realty LLC
Listed By:
Akinlana Popoola · License #RS379206
(412) 925-5551
Source:
Poconohomessearch
Added: Aug 20
Changed: Sep 2
Last Checked: Sep 1 at 7:50PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This fully occupied duplex contains two spacious two-bedroom apartments, with both units reported in great condition. Apartment 1 has received a comprehensive refresh that includes new flooring, interior paint, a renovated kitchen, and quartz countertops. Two garages are also part of the property, adding functional storage and parking options for the occupants.
The property is in Bethlehem Township with access to Routes 22 and 33, as well as I-78. St. Luke’s Anderson Campus, Northampton Community College, shopping, dining, and everyday amenities are located minutes away. Tenants pay their own utilities, while the landlord is responsible for water, sewer, and trash. A new gas boiler is also in place. The configuration may suit an owner-occupant or investor seeking a two-unit residential property.
The property is in Bethlehem Township with access to Routes 22 and 33, as well as I-78. St. Luke’s Anderson Campus, Northampton Community College, shopping, dining, and everyday amenities are located minutes away. Tenants pay their own utilities, while the landlord is responsible for water, sewer, and trash. A new gas boiler is also in place. The configuration may suit an owner-occupant or investor seeking a two-unit residential property.
Key Highlights
- Fully occupied duplex with two spacious 2‑bedroom apartments
- Apartment 1 updated with new floors, fresh paint, renovated kitchen, and quartz countertops
- Two garages included with the property
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
$15,504
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
3.26%
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%
$310,080
$310.1K
Cap Rate 7%
$221,486
$221.5K
Cap Rate 9%
$172,267
$172.3K
Market Conditions
NOI Build-Up for 2,318 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
$23.9K $10.32/SF
− Vacancy
−$1.8K −$0.76/SF
EGI
$22.1K $9.56/SF
− OpEx
−$6.6K −$2.87/SF
NOI
$15.5K $6.69/SF
Area
Lehigh County, PA
Vacancy
7.41%
Lease Rate
$10.32 /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%
$310,080
Cap Rate 7%
$221,486
Cap Rate 9%
$172,267
Alternative Uses
Best Use
Multifamily LT 5
$221.5K
$193.8K – $258.4K
NOI $15,504 @ 7.0% cap · market cap 3.26%
Second Best
Apartment 5plus
$193.4K
$169.3K – $225.7K
NOI $13,541 @ 7.0% cap · market cap 2.85%
Theoretical Best
Mixed Use
$340.9K
$298.3K – $397.7K
NOI $23,861 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 18020, PA
20,582
Population
7,940
Households
2.6
Avg Household Size
45
Median Age
42%
College-Educated
96%
High-School Grad
13.0 sq mi
ZIP Area
1,583
Density / Sq Mi
$122,610
Median Household Income
$53,144
Median Earnings
$1,493
Median Rent
$348,900
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?
Duplex - Fully occupied property with two spacious two-bedroom apartments, two garages, and a recently installed gas boiler.
Where is this duplex located?
The property is located at 1901 Willow Park Rd Bethlehem, PA.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Fully occupied duplex with two spacious 2‑bedroom apartments; Apartment 1 updated with new floors, fresh paint, renovated kitchen, and quartz countertops; Two garages included with the property
