Mixed-Use Apartment Building with
For Sale
$3,470,000
230 Ferry Street, Easton, PA 18042
MULTI_FAMILY - Easton, PA
Property Size32,434 SF
Lot Size0.32 Acres
Price / SF$106.99
Days on Market789
Property Features for 230 Ferry Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-RT-BUSINESS/REGIONAL TR
Parking
6
Parking features
On Street, Off Street
Subdivision
Not in Development
Elementary school district
Easton
Middle school district
Easton
High school district
Easton
Directions
From Centre Sq, left on Ferry St.
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, Forced Air
Cooling system
Wall Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1857
Number of units
16
Building materials
Brick, Frame, Stone
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: Aug 2
Last Checked: Aug 11 at 8:06PM
MLS# 739581
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 mixed-use apartment building was developed as a regional arts center and offers approximately 40,000 sq ft of space. Interior tenant uses described include gallery space, artist workshops, business offices, photography studios, fashion design space, and a florist, along with a full fitness gym. Residential units within the building include two 3-bedroom apartments and an efficiency apartment, plus a top-floor penthouse that was previously occupied by the owner. The building also includes wide open workshop/gallery areas on the upper level.
Operationally, the property features a full sprinkler system throughout, including the basement, and a fully serviced freight elevator. Several loading docks support deliveries. Parking includes six off-street spaces and an interior courtyard, with an Easton parking deck less than one block away. The building is served by public water and public sewer.
Constructed in 1857, the property includes brick, frame, and stone construction and is zoned B-RT-BUSINESS/REGIONAL TR.
Operationally, the property features a full sprinkler system throughout, including the basement, and a fully serviced freight elevator. Several loading docks support deliveries. Parking includes six off-street spaces and an interior courtyard, with an Easton parking deck less than one block away. The building is served by public water and public sewer.
Constructed in 1857, the property includes brick, frame, and stone construction and is zoned B-RT-BUSINESS/REGIONAL TR.
Key Highlights
- Approximately 40,000 sq ft mixed‑use arts center with two 3‑bedroom apartments plus an efficiency apartment
- Full sprinkler system throughout, including the basement
- Fully serviced freight elevator plus several loading docks
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
3
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 a full fitness gym, gallery spaces, and serviced freight elevator in B-RT-Business/Regional TR zoning.
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 mixed‑use arts center with two 3‑bedroom apartments plus an efficiency apartment; Full sprinkler system throughout, including the basement; Fully serviced freight elevator plus several loading docks
