Renovated Duplex with Three-Car
For Sale
$440,000
225 N Fulton St, Allentown, PA 18102
Two updated units feature premium finishes, outdoor space, and flexible owner-occupancy potential.
Property Size1,920 SF
Price / SF$229.17
Days on Market15
Property Features for 225 N Fulton St
General Information
Standard status
Active
Size
1,920 SF
Total Parking Spaces
3
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,466
Amenities
yard
front porch
Listing Agency:
Keller Williams Allentown
(484) 357-9284
Listed By:
Kimberly D. Rosado
(484) 357-9284
Source:
Exprealty
Added: Jul 28
Changed: Aug 10
Last Checked: Aug 11 at 11:00AM
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 Keller Williams Allentown
Investment Insights
Based on property information with market context.
This fully renovated duplex contains 1,920 SF across two residential units. The first-floor apartment includes 2 bedrooms and 1 full bath, while the upper residence occupies the second and third floors with 3 bedrooms and 1.5 baths. Both units have updated kitchens with custom cabinetry and granite countertops, renovated bathrooms with Carrara marble finishes, new plumbing and electrical systems, designer lighting, and Microban-protected flooring.
The property also includes a detached 3-car garage with a new roof, along with a spacious yard and refreshed exterior areas. Additional improvements include 2 new water heaters, a sealed main roof, a painted garage, and a professionally treated front porch and exterior. Located at 225 N. Fulton St in Allentown, PA, the configuration supports rental use or an owner-occupant arrangement with separate living space.
The property also includes a detached 3-car garage with a new roof, along with a spacious yard and refreshed exterior areas. Additional improvements include 2 new water heaters, a sealed main roof, a painted garage, and a professionally treated front porch and exterior. Located at 225 N. Fulton St in Allentown, PA, the configuration supports rental use or an owner-occupant arrangement with separate living space.
Key Highlights
- 2‑unit duplex with 1,920 SF of living area
- First‑floor unit offers 2 bedrooms and 1 full bath
- Upper unit spans the second and third floors with 3 bedrooms and 1.5 baths
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
$20,140
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
4.58%
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%
$402,800
$402.8K
Cap Rate 7%
$287,714
$287.7K
Cap Rate 9%
$223,778
$223.8K
Market Conditions
NOI Build-Up for 1,920 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
$31.1K $16.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$28.8K $14.99/SF
− OpEx
−$8.6K −$4.50/SF
NOI
$20.1K $10.49/SF
Area
Allentown, PA
Vacancy
7.50%
Lease Rate
$16.20 /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%
$402,800
Cap Rate 7%
$287,714
Cap Rate 9%
$223,778
Alternative Uses
Best Use
Multifamily LT 5
$287.7K
$251.8K – $335.7K
NOI $20,140 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$253.1K
$221.4K – $295.3K
NOI $17,715 @ 7.0% cap · market cap 4.03%
Theoretical Best
Specialty Retail
$377.2K
$330.1K – $440.1K
NOI $26,404 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,673
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated units feature premium finishes, outdoor space, and flexible owner-occupancy potential.
Where is this duplex located?
The property is located at 225 N Fulton St Allentown, PA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 2‑unit duplex with 1,920 SF of living area; First‑floor unit offers 2 bedrooms and 1 full bath; Upper unit spans the second and third floors with 3 bedrooms and 1.5 baths
