Apartment Building with Freight
For Sale
$3,470,000
230 Ferry Street, Easton, PA 18042
SINGLE_FAMILY - Easton, PA
Property Size40,000 SF
Lot Size0.32 Acres
Price / SF$106.99
Days on Market790
Property Features for 230 Ferry Street
General Information
Property type
Residential
Property subtype
Office
Zoning
DD Downtown District
Parking
6
Parking features
On Street, Off Street
Elementary school district
Easton
Middle school district
Easton
High school district
Easton
Directions
From Centre Sq, left on Ferry St.
Subdivision
Easton
Standard status
Active
APN
L9SE2B 13 1 0310
Size
32,434 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
25765
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall Unit(s), Window Unit(s)
Water source
Public
Amenities
interior courtyard
Building Details
Year built
1857
Number of units
16
Building materials
Brick, Block, Frame, Concrete, Stone
Roof type
Flat
Listing Agency:
BHHS Paul Ford Easton · Prudential Real Estate
(610) 253-6123
Listed By:
Clay R. Mitman · License #RM046330A
(610) 253-6123
Added: Jun 14, 2024
Changed: Jul 28
Last Checked: Aug 12 at 8:06PM
MLS# 739580
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.
Located at 230 Ferry Street in Easton, this mixed-use apartment building was developed as a regional arts center by artist Karl Stirner. The property includes approximately 40,000 sq ft of mixed use space with wide-open gallery and studio areas, artist workshops, business offices, photography studios, fashion design space, and a florist, alongside fitness gym space. Residential components include two 3-bedroom residential apartments and an efficiency apartment.
The building is set up for both service and operations, with a full sprinkler system throughout (including the basement), a fully serviced freight elevator, and several loading docks. Built in 1857, the construction includes brick, block, frame, concrete, and stone, with natural gas heating and wall and window air-conditioning units. The roof is flat, and utilities include public water and public sewer. Six off-street parking spaces plus an interior courtyard are provided, with additional city parking deck access less than one block away.
Zoned DD Downtown District, the property also features an interior layout that includes an owner-occupied top-floor penthouse area (previously used as personal workshop and gallery space) and broad flexibility across the upper levels.
The building is set up for both service and operations, with a full sprinkler system throughout (including the basement), a fully serviced freight elevator, and several loading docks. Built in 1857, the construction includes brick, block, frame, concrete, and stone, with natural gas heating and wall and window air-conditioning units. The roof is flat, and utilities include public water and public sewer. Six off-street parking spaces plus an interior courtyard are provided, with additional city parking deck access less than one block away.
Zoned DD Downtown District, the property also features an interior layout that includes an owner-occupied top-floor penthouse area (previously used as personal workshop and gallery space) and broad flexibility across the upper levels.
Key Highlights
- Approximately 40,000 sq ft of mixed use space with galleries, artist workshops, business offices, and a fitness gym
- Two 3‑bedroom apartments plus an efficiency apartment
- Full sprinkler system throughout, including the basement, and a fully serviced freight elevator
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
$197,367
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
5.69%
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%
$3,947,340
$3.9M
Cap Rate 7%
$2,819,529
$2.8M
Cap Rate 9%
$2,192,967
$2.2M
Market Conditions
NOI Build-Up for 32,434 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
$389.2K $12.00/SF
− Vacancy
−$30.4K −$0.94/SF
EGI
$358.8K $11.06/SF
− OpEx
−$161.5K −$4.98/SF
NOI
$197.4K $6.09/SF
Area
Northampton County, PA
Vacancy
7.80%
Lease Rate
$12.00 /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%
$3,947,340
Cap Rate 7%
$2,819,529
Cap Rate 9%
$2,192,967
Alternative Uses
Best Use
Office B
$4.81M
$4.21M – $5.61M
NOI $336,422 @ 7.0% cap · market cap 9.70%
Second Best
Apartment 5plus
$2.82M
$2.47M – $3.29M
NOI $197,367 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$6.15M
$5.38M – $7.18M
NOI $430,620 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,571
Businesses Nearby
Explore this area
Business Placement
Demographics for 18042, PA
44,026
Population
17,932
Households
2.5
Avg Household Size
36
Median Age
27%
College-Educated
89%
High-School Grad
22.1 sq mi
ZIP Area
1,992
Density / Sq Mi
$75,806
Median Household Income
$40,015
Median Earnings
$1,245
Median Rent
$205,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use apartment building with gallery, workshop, office, and fitness spaces, plus two 3-bedroom units and an efficiency unit.
Where is this apartment building located?
The property is located at 230 Ferry Street Easton, PA.
What is the asking price?
The asking price for this property is $3,470,000.
What are key features of this property?
This property features: Approximately 40,000 sq ft of mixed use space with galleries, artist workshops, business offices, and a fitness gym; Two 3‑bedroom apartments plus an efficiency apartment; Full sprinkler system throughout, including the basement, and a fully serviced freight elevator
