Corner-Lot Seven-Unit
For Sale
Contact for pricing
2102 S Lehigh Avenue, Whitehall, PA 18052
For sale multifamily building with seven apartments, all currently occupied and tenant-paid heating.
Property Size6,093 SF
Price / SF$196.78
Days on Market58
Property Features for 2102 S Lehigh Avenue
General Information
Standard status
Active
Size
6,093 SF
Property subtype
Special Purpose
Occupancy
100%
Additional Details
Multifamily Units
7
Building Details
Year Built
1885
Stories
3
Tenancy
Multi
Listing Agency:
Century 21 KEIM REALTORS Allentown
(610) 266-4000
Listed By:
Ira Gordon · License #PA
Source:
Crexi
Added: Jun 17
Changed: Aug 13
Last Checked: Aug 12 at 11:23AM
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 KEIM REALTORS Allentown
Investment Insights
Based on property information with market context.
This for-sale multifamily property consists of seven apartments with a mix of two two-bedroom units, three one-bedroom units, one four-bedroom unit, and one three-bedroom unit. The building includes twin-sided residences and a converted three-story home, creating a varied internal configuration across the property. All units are currently occupied, and tenants are responsible for heating.
The property sits on a larger corner lot and is positioned within close proximity to local amenities. Its corner-lot placement helps provide a straightforward layout for an owner to manage and maintain the site.
The tenant-occupied setup and defined unit mix make this property a practical option for buyers seeking a multifamily asset with immediately occupied residential units and a heat billing arrangement in place. The combination of twin-sided residences and a converted three-story component offers a distinctive building profile within a single ownership. Prospective buyers and brokers can arrange showings to review unit conditions and the specific apartment layouts included in the seven-unit configuration.
The property sits on a larger corner lot and is positioned within close proximity to local amenities. Its corner-lot placement helps provide a straightforward layout for an owner to manage and maintain the site.
The tenant-occupied setup and defined unit mix make this property a practical option for buyers seeking a multifamily asset with immediately occupied residential units and a heat billing arrangement in place. The combination of twin-sided residences and a converted three-story component offers a distinctive building profile within a single ownership. Prospective buyers and brokers can arrange showings to review unit conditions and the specific apartment layouts included in the seven-unit configuration.
Key Highlights
- Multifamily building with 7 apartments (Year built 1885)
- Unit mix includes 2 two‑bedroom, 3 one‑bedroom, 1 four‑bedroom, and 1 three‑bedroom apartment
- All units are currently occupied
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
$35,594
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
2.97%
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%
$711,880
$711.9K
Cap Rate 7%
$508,486
$508.5K
Cap Rate 9%
$395,489
$395.5K
Market Conditions
NOI Build-Up for 6,093 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
$70.2K $11.52/SF
− Vacancy
−$5.5K −$0.90/SF
EGI
$64.7K $10.62/SF
− OpEx
−$29.1K −$4.78/SF
NOI
$35.6K $5.84/SF
Area
Lehigh County, PA
Vacancy
7.80%
Lease Rate
$11.52 /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%
$711,880
Cap Rate 7%
$508,486
Cap Rate 9%
$395,489
Alternative Uses
Best Use
Apartment 5plus
$508.5K
$444.9K – $593.2K
NOI $35,594 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$896.0K
$784.0K – $1.05M
NOI $62,720 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
Business Placement
Demographics for 18052, PA
29,317
Population
12,193
Households
2.4
Avg Household Size
42
Median Age
27%
College-Educated
92%
High-School Grad
12.8 sq mi
ZIP Area
2,290
Density / Sq Mi
$69,499
Median Household Income
$39,491
Median Earnings
$1,387
Median Rent
$247,100
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?
Apartment building - For sale multifamily building with seven apartments, all currently occupied and tenant-paid heating.
Where is this apartment building located?
The property is located at 2102 S Lehigh Avenue Whitehall, PA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Multifamily building with 7 apartments (Year built 1885); Unit mix includes 2 two‑bedroom, 3 one‑bedroom, 1 four‑bedroom, and 1 three‑bedroom apartment; All units are currently occupied
