Two-Unit Duplex with Flexible
For Sale
$276,000
229 Main St, Bethlehem, PA 18017
Each residence includes two bedrooms, one bathroom, a living room, and a spacious kitchen.
Property Size2,362 SF
Price / SF$116.85
Days on Market23
Property Features for 229 Main St
General Information
Standard status
Active
Size
2,362 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
BHHS Regency Real Estate
Listed By:
Brandon J. Carrigan
(610) 393-0892
Source:
Jennysoldmine
Added: Aug 11
Changed: Aug 31
Last Checked: Sep 1 at 9:43PM
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 BHHS Regency Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this 2,362-square-foot duplex contains two separate residential units with practical layouts. Each residence offers a living room, kitchen, two bedrooms, and one bathroom, creating a consistent configuration across the property. The building accommodates both rental operations and an owner-occupant arrangement, with one unit available for personal use and the other producing rental income.
The property is located in Freemansburg Borough at 229 Main St, with access to Southside Bethlehem, downtown Bethlehem, major commuter routes, the D&L Trail, and nearby parks. Current rents are below market levels, providing an identified opportunity for future income adjustments when the property changes ownership.
The property is located in Freemansburg Borough at 229 Main St, with access to Southside Bethlehem, downtown Bethlehem, major commuter routes, the D&L Trail, and nearby parks. Current rents are below market levels, providing an identified opportunity for future income adjustments when the property changes ownership.
Key Highlights
- Two‑unit duplex with 2,362 SF of total property size
- Both units include 2 bedrooms and 1 bathroom
- Each residence has a living room and kitchen
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
$15,799
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
5.72%
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%
$315,980
$316.0K
Cap Rate 7%
$225,700
$225.7K
Cap Rate 9%
$175,544
$175.5K
Market Conditions
NOI Build-Up for 2,362 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
$24.4K $10.32/SF
− Vacancy
−$1.8K −$0.76/SF
EGI
$22.6K $9.56/SF
− OpEx
−$6.8K −$2.87/SF
NOI
$15.8K $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%
$315,980
Cap Rate 7%
$225,700
Cap Rate 9%
$175,544
Alternative Uses
Best Use
Multifamily LT 5
$225.7K
$197.5K – $263.3K
NOI $15,799 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$197.1K
$172.5K – $230.0K
NOI $13,798 @ 7.0% cap · market cap 5.00%
Theoretical Best
Mixed Use
$347.3K
$303.9K – $405.2K
NOI $24,314 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Explore this area
Business Placement
Demographics for 18017, PA
39,663
Population
16,773
Households
2.4
Avg Household Size
46
Median Age
40%
College-Educated
93%
High-School Grad
16.8 sq mi
ZIP Area
2,361
Density / Sq Mi
$88,946
Median Household Income
$45,618
Median Earnings
$1,535
Median Rent
$310,600
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 - Each residence includes two bedrooms, one bathroom, a living room, and a spacious kitchen.
Where is this duplex located?
The property is located at 229 Main St Bethlehem, PA.
What is the asking price?
The asking price for this property is $276,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,362 SF of total property size; Both units include 2 bedrooms and 1 bathroom; Each residence has a living room and kitchen
