Finished Attic Multi-Family
For Sale
$234,900
274 E Elm Street, Allentown, PA 18109
MULTI_FAMILY - Allentown City, PA
Property Size1,281 SF
Lot Size0.03 Acres
Price / SF$183.37
Days on Market138
Property Features for 274 E Elm Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-Mh-Medium High Density
Bedrooms
3
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2
Parking
1
Parking features
Garage
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
From Fullerton Ave, turn right onto American Pkwy, left on Hamilton St, slight right onto W Hamilton St, right onto S Carlisle St, right on E Elm St, property will be on left hand side.
Standard status
Active
APN
640781263518 001
Size
1,281 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
2392
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
1
Building materials
Brick
Listing Agency:
Howard Hanna TheFrederickGroup
(610) 398-0411
Listed By:
Heather Kidd
(610) 398-0411
Added: Mar 30
Changed: Aug 1
Last Checked: Aug 14 at 12:06PM
MLS# 772601
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 multi-family residence includes comfortable living areas supported by an updated, functional kitchen and well-proportioned bedrooms. A finished attic adds flexible space for occupants, and recent improvements along with efficient mechanical systems are in place to support day-to-day ownership. Outside, the property offers a manageable yard and off-street parking options.
Located on Allentown’s East Side, the property is identified under R-Mh-Medium High Density zoning. The site is sized at approximately 0.033 acres, with the home totaling about 1,281 square feet.
For buyers seeking a multi-family setup with practical interior flexibility, the finished attic and updated kitchen provide immediate utility. The presence of a yard and off-street parking can improve tenant convenience and ease of upkeep, while the recent improvements and efficient mechanical systems may support a straightforward move-in or operating plan.
Located on Allentown’s East Side, the property is identified under R-Mh-Medium High Density zoning. The site is sized at approximately 0.033 acres, with the home totaling about 1,281 square feet.
For buyers seeking a multi-family setup with practical interior flexibility, the finished attic and updated kitchen provide immediate utility. The presence of a yard and off-street parking can improve tenant convenience and ease of upkeep, while the recent improvements and efficient mechanical systems may support a straightforward move-in or operating plan.
Key Highlights
- Brick home built in 1900 with public water and public sewer
- 3 bedrooms and 1 bathroom, with a finished attic adding extra flexible space
- Updated kitchen as part of the home’s interior layout
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
$11,820
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
5.03%
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%
$236,400
$236.4K
Cap Rate 7%
$168,857
$168.9K
Cap Rate 9%
$131,333
$131.3K
Market Conditions
NOI Build-Up for 1,281 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
$23.1K $18.00/SF
− Vacancy
−$1.6K −$1.22/SF
EGI
$21.5K $16.78/SF
− OpEx
−$9.7K −$7.55/SF
NOI
$11.8K $9.23/SF
Area
Allentown, PA
Vacancy
6.80%
Lease Rate
$18.00 /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%
$236,400
Cap Rate 7%
$168,857
Cap Rate 9%
$131,333
Alternative Uses
Best Use
Apartment 5plus
$168.9K
$147.8K – $197.0K
NOI $11,820 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$251.7K
$220.2K – $293.6K
NOI $17,616 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Explore this area
Business Placement
Demographics for 18109, PA
18,915
Population
7,395
Households
2.6
Avg Household Size
37
Median Age
19%
College-Educated
80%
High-School Grad
8.2 sq mi
ZIP Area
2,307
Density / Sq Mi
$55,437
Median Household Income
$36,632
Median Earnings
$1,239
Median Rent
$180,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Multi-family home with an updated kitchen, finished attic, yard, and off-street parking in Allentown’s East Side.
Where is this single family property located?
The property is located at 274 E Elm Street Allentown, PA.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Brick home built in 1900 with public water and public sewer; 3 bedrooms and 1 bathroom, with a finished attic adding extra flexible space; Updated kitchen as part of the home’s interior layout
