Two-Unit Duplex with
For Sale
$276,000
229 Main Street, Bethlehem, PA 18017
ResidentialIncome, Freemansburg Boro, PA
Property Size2,362 SF
Lot Size0.06 Acres
Price / SF$116.85
Days on Market49
Property Features for 229 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
12R44
Parking features
Garage
Subdivision
Not in Development
Elementary school district
Bethlehem
Middle school district
Bethlehem
High school district
Bethlehem
Directions
I-78, take Route 412 north towards Bethlehem, stay straight where Route 412 heads left. Make left on bridge, property on right
Standard status
Active
APN
P7NW2B-10-5-0212
Size
2,362 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3243
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating), Hot Water(Heating), Baseboard
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Building materials
AluminumSiding
Listing Agency:
BHHS Regency Real Estate · Prudential Real Estate
(610) 432-5252
Listed By:
Brandon J. Carrigan
(610) 704-8843
Added: Jul 16
Changed: Sep 2
Last Checked: Sep 2 at 8:06AM
MLS# 780545
Copyright © 2026 Greater Lehigh Valley REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1900-built duplex contains two residential units, each arranged with a living room, kitchen, two bedrooms, and one bathroom. The property offers 2,362 square feet of building area on a 0.064-acre parcel, with aluminum siding and garage parking. Public water and public sewer serve the property, and zoning is designated 12R44.
The duplex is located in Freemansburg Boro, with access to Southside Bethlehem, downtown Bethlehem, major commuter routes, the D&L Trail, parks, and other Lehigh Valley destinations. The two-unit layout supports an owner-occupancy arrangement or continued residential rental use, subject to applicable requirements.
The duplex is located in Freemansburg Boro, with access to Southside Bethlehem, downtown Bethlehem, major commuter routes, the D&L Trail, parks, and other Lehigh Valley destinations. The two-unit layout supports an owner-occupancy arrangement or continued residential rental use, subject to applicable requirements.
Key Highlights
- Two‑unit duplex with 2,362 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- Garage parking included
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
Property Profile
Current Use
Lease Details
2
Residential units
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 - Two residential units provide flexible occupancy for an owner occupant or rental operation.
Where is this duplex located?
The property is located at 229 Main Street 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 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; Garage parking included
