28-Unit Apartment
New
For Sale
$1,900,000
215 Quarry St, Whitehall, PA 18052
Historic industrial building planned for adaptive reuse as a multi-unit residential property.
Property Size27,720 SF
Price / SF$68.54
Days on Market2
Property Features for 215 Quarry St
General Information
Standard status
Active
Size
27,720 SF
Building Details
Year Built
1905
Listing Agency:
HowardHanna TheFrederickGroup
Listed By:
Doug Frederick
(610) 398-0411
Source:
Jennysoldmine
Added: Sep 14
Last Checked: Sep 14 at 2:34PM
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 HowardHanna TheFrederickGroup
Investment Insights
Based on property information with market context.
Built in 1905, this 27,720-square-foot property is planned for conversion from a former sportswear manufacturing facility into a 28-unit apartment building. The proposed residential layout includes 10 one-bedroom apartments and 18 two-bedroom apartments, with 12-foot ceilings and large open areas that support the planned design.
The property is located at 215 Quarry St in Whitehall Township, Pennsylvania. The project includes plans for two parking spaces per apartment, along with a courtyard-oriented setting. The existing historic structure is positioned for a residential rehabilitation project that combines its original industrial character with a new apartment configuration. The planned scope includes completing the building permit application, paving the parking area, and building out the apartment improvements.
The property is located at 215 Quarry St in Whitehall Township, Pennsylvania. The project includes plans for two parking spaces per apartment, along with a courtyard-oriented setting. The existing historic structure is positioned for a residential rehabilitation project that combines its original industrial character with a new apartment configuration. The planned scope includes completing the building permit application, paving the parking area, and building out the apartment improvements.
Key Highlights
- 28‑unit apartment conversion project
- 27,720‑square‑foot building constructed in 1905
- Planned mix of 10 one‑bedroom and 18 two‑bedroom apartments
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
$161,934
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
8.52%
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%
$3,238,680
$3.2M
Cap Rate 7%
$2,313,343
$2.3M
Cap Rate 9%
$1,799,267
$1.8M
Market Conditions
NOI Build-Up for 27,720 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
$319.3K $11.52/SF
− Vacancy
−$24.9K −$0.90/SF
EGI
$294.4K $10.62/SF
− OpEx
−$132.5K −$4.78/SF
NOI
$161.9K $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%
$3,238,680
Cap Rate 7%
$2,313,343
Cap Rate 9%
$1,799,267
Alternative Uses
Best Use
Apartment 5plus
$2.31M
$2.02M – $2.70M
NOI $161,934 @ 7.0% cap · market cap 8.52%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$4.08M
$3.57M – $4.76M
NOI $285,343 @ 7.0% cap · market cap 15.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
465
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic industrial building planned for adaptive reuse as a multi-unit residential property.
Where is this apartment building located?
The property is located at 215 Quarry St Whitehall, PA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 28‑unit apartment conversion project; 27,720‑square‑foot building constructed in 1905; Planned mix of 10 one‑bedroom and 18 two‑bedroom apartments
