Updated Two-Unit
For Sale
$474,900
1901 Willow Park Road, Bethlehem, PA 18020
ResidentialIncome, Bethlehem City, PA
Property Size2,318 SF
Lot Size0.33 Acres
Price / SF$204.87
Days on Market8
Property Features for 1901 Willow Park Road
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
05MDR
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2
Parking
3
Parking features
Off Street
Subdivision
Not in Development
Elementary school district
Bethlehem
Middle school district
Bethlehem
High school district
Bethlehem
Directions
From Route 22, take the PA-33 South exit toward Bethlehem and continue to the William Penn Highway exit. Follow William Penn Highway to Willow Park Road-1901 Willow Park Road will be on your right.
Standard status
Active
APN
N7NW3-42-14-0205
Size
2,318 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Annual Amount
4255
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas
Cooling system
Window Unit(s), Wall Unit(s)
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Building materials
Brick
Listing Agency:
EXP Realty LLC
(888) 397-7352
Listed By:
Akinlana Popoola · License #RS379206
(610) 735-6082
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 2 at 12:06PM
MLS# 780698
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 2,318-square-foot brick duplex contains two spacious two-bedroom apartments. Both units are described as being in good condition, while Apartment 1 has received new flooring, fresh paint, a renovated kitchen, and quartz countertops. A new natural-gas boiler serves the property, and each unit uses window or wall-mounted cooling. The building includes two garages and off-street parking on a 0.328-acre parcel.
The property is located in Bethlehem City near Routes 22 and 33 and I-78, with access to St. Luke's Anderson Campus, Northampton Community College, shopping, dining, and daily services. Public water and public sewer serve the property. Zoning is 05MDR, and the structure was built in 1940.
The property is located in Bethlehem City near Routes 22 and 33 and I-78, with access to St. Luke's Anderson Campus, Northampton Community College, shopping, dining, and daily services. Public water and public sewer serve the property. Zoning is 05MDR, and the structure was built in 1940.
Key Highlights
- Two‑unit duplex with two large 2‑bedroom apartments
- 2,318 square feet on a 0.328‑acre parcel
- Apartment 1 features updated floors, fresh paint, a renovated kitchen, and quartz countertops
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
15
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 - Brick duplex with renovated interiors, separate garages, and public water and sewer service.
Where is this duplex located?
The property is located at 1901 Willow Park Road 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: Two‑unit duplex with two large 2‑bedroom apartments; 2,318 square feet on a 0.328‑acre parcel; Apartment 1 features updated floors, fresh paint, a renovated kitchen, and quartz countertops
