Two-Unit Residential Income
For Sale
Contact for pricing
24 North 13th Street, Easton, PA 18042
Two-unit setup with a recently renovated studio and an occupied 3-bedroom apartment, plus paid parking income potential.
Property Size1,447 SF
Price / SF$206.63
Days on Market98
Property Features for 24 North 13th Street
General Information
Standard status
Active
Size
1,447 SF
Class
B
Property subtype
Multifamily
Zoning
10RMD
Occupancy
50%
Investment Type
Value Add
Net Operating Income
$26,991
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
EXP Realty
Listed By:
Akinlana Popoola · License #RS379206
(412) 925-5551
Source:
Crexi
Added: Jun 15
Changed: Sep 6
Last Checked: Sep 19 at 10:08AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This two-unit investment property features a large 3-bedroom, 1-bath apartment with attic space and a recently updated studio apartment. The 3-bedroom unit is currently occupied, providing immediate in-place rental income, while the studio has been renovated and can support either continued rental leasing or owner-occupant use. The layout offers flexible occupancy options, including a potential owner-occupant approach where one unit can be lived in while the other unit provides rental support.
The property is located at 24 North 13th Street in Easton, Pennsylvania, described as being in a core Lehigh Valley location with strong walkability. In addition to the residential income, the property offers paid parking spaces to generate an additional revenue stream.
From an expense perspective, landlord costs include taxes, insurance, and water/sewer/trash, while electric is the tenant’s responsibility. The reported gross and net income figures are $35,040 and $26,991, respectively, supporting a straightforward, buy-and-hold oriented profile for investors, or a house-hack style fit for owner-occupants seeking rental assistance while living on-site.
The property is located at 24 North 13th Street in Easton, Pennsylvania, described as being in a core Lehigh Valley location with strong walkability. In addition to the residential income, the property offers paid parking spaces to generate an additional revenue stream.
From an expense perspective, landlord costs include taxes, insurance, and water/sewer/trash, while electric is the tenant’s responsibility. The reported gross and net income figures are $35,040 and $26,991, respectively, supporting a straightforward, buy-and-hold oriented profile for investors, or a house-hack style fit for owner-occupants seeking rental assistance while living on-site.
Key Highlights
- Two‑unit property with $35,040 gross income and $26,991 net income
- Large 3‑bedroom, 1‑bath apartment has attic space and is currently occupied for immediate rental income
- Studio apartment was recently renovated and can be leased at market rent or used for owner‑occupant/house‑hack living
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
$9,566
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
3.20%
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%
$191,320
$191.3K
Cap Rate 7%
$136,657
$136.7K
Cap Rate 9%
$106,289
$106.3K
Market Conditions
NOI Build-Up for 1,447 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
$14.8K $10.20/SF
− Vacancy
−$1.1K −$0.76/SF
EGI
$13.7K $9.44/SF
− OpEx
−$4.1K −$2.83/SF
NOI
$9.6K $6.61/SF
Area
Northampton County, PA
Vacancy
7.41%
Lease Rate
$10.20 /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%
$191,320
Cap Rate 7%
$136,657
Cap Rate 9%
$106,289
Alternative Uses
Best Use
Multifamily LT 5
$136.7K
$119.6K – $159.4K
NOI $9,566 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$125.8K
$110.1K – $146.8K
NOI $8,805 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$274.5K
$240.2K – $320.2K
NOI $19,212 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,134
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit setup with a recently renovated studio and an occupied 3-bedroom apartment, plus paid parking income potential.
Where is this duplex located?
The property is located at 24 North 13th Street Easton, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit property with $35,040 gross income and $26,991 net income; Large 3‑bedroom, 1‑bath apartment has attic space and is currently occupied for immediate rental income; Studio apartment was recently renovated and can be leased at market rent or used for owner‑occupant/house‑hack living
