Six-Unit Apartment
For Sale
$699,000
213 N N 15th St, Allentown, PA 18102
Fully occupied six-unit apartment building with yearly leases and two recently renovated units.
Property Size6,000 SF
Price / SF$116.50
Days on Market51
Property Features for 213 N N 15th St
General Information
Standard status
Active
Size
6,000 SF
Additional Details
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
Silverstone Real Estate LLC
(215) 646-2900
Listed By:
Lisa B Tartaglia · License #RM425477
Source:
Kandorre
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 29 at 11:57AM
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 Silverstone Real Estate LLC
Investment Insights
Based on property information with market context.
This six-unit apartment building is fully occupied and is offered for sale. The property includes two recently renovated units, and all units are on yearly leases. The rent roll plus parking income totals $7,350.
The building is located at 213 N 15th St in Allentown, Pennsylvania.
For buyers seeking an income-producing multifamily asset, the current occupancy and in-place yearly lease structure provide immediate rental presence, with the noted renovations improving two of the units.
The building is located at 213 N 15th St in Allentown, Pennsylvania.
For buyers seeking an income-producing multifamily asset, the current occupancy and in-place yearly lease structure provide immediate rental presence, with the noted renovations improving two of the units.
Key Highlights
- Six‑unit apartment building in Allentown listed for sale
- Fully occupied with all units on yearly leases
- Two recently renovated units
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
$55,361
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
7.92%
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%
$1,107,220
$1.1M
Cap Rate 7%
$790,871
$790.9K
Cap Rate 9%
$615,122
$615.1K
Market Conditions
NOI Build-Up for 6,000 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
$108.0K $18.00/SF
− Vacancy
−$7.3K −$1.22/SF
EGI
$100.7K $16.78/SF
− OpEx
−$45.3K −$7.55/SF
NOI
$55.4K $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%
$1,107,220
Cap Rate 7%
$790,871
Cap Rate 9%
$615,122
Alternative Uses
Best Use
Apartment 5plus
$790.9K
$692.0K – $922.7K
NOI $55,361 @ 7.0% cap · market cap 7.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.18M
$1.03M – $1.38M
NOI $82,512 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,895
Businesses Nearby
Explore this area
Business Placement
Demographics for 18102, PA
51,567
Population
18,788
Households
2.7
Avg Household Size
32
Median Age
11%
College-Educated
76%
High-School Grad
3.0 sq mi
ZIP Area
17,189
Density / Sq Mi
$40,681
Median Household Income
$29,501
Median Earnings
$1,224
Median Rent
$146,600
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 - Fully occupied six-unit apartment building with yearly leases and two recently renovated units.
Where is this apartment building located?
The property is located at 213 N N 15th St Allentown, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Six‑unit apartment building in Allentown listed for sale; Fully occupied with all units on yearly leases; Two recently renovated units
