Building Details

Building Size 7,718 SF

Buildings 1

Stories 3

Listing Agency: NAI Summit

Listed By: Jennifer Kennedy · License #PA #AB068755 Show Phone

Source: Naisummit

Added: Sep 18 Changed: Nov 3 Last Checked: Nov 3 at 4:39AM

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Investment Insights

Based on property information with market context.

The three-story building is currently arranged as a 21-unit rooming house and will be delivered vacant. Its existing structure spans up to three floors and may support conversion to apartments, subject to applicable zoning and municipal approvals. An elevator is not installed.

The property includes 2 garages and 4 additional parking spaces, along with storage areas and outdoor space. Located at 3 S 2nd St in Coplay, Pennsylvania, the asset offers an existing residential building framework for evaluating a future multifamily configuration.

Key Highlights

• 21‑unit rooming house delivered vacant
• Three‑story building with up to three floors of existing area
• Apartment conversion potential subject to zoning and municipal approvals

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,087

Cap Rate

4.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$901,740 $901.7K

Cap Rate 7%

$644,100 $644.1K

Cap Rate 9%

$500,967 $501.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,718 SF

Gross rent

$88.9K $11.52/SF

− Vacancy

−$6.9K −$0.90/SF

EGI

$82.0K $10.62/SF

− OpEx

−$36.9K −$4.78/SF

NOI

$45.1K $5.84/SF

Area

Lehigh County, PA

Vacancy

7.80%

Lease Rate

$11.52 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$901,740

Cap Rate 7%

$644,100

Cap Rate 9%

$500,967

Alternative Uses

Best Use

Apartment 5plus

$644.1K

$563.6K – $751.5K (±1% cap)

NOI $45,087 @ 7.0% cap · market cap 4.62%

Second Best

—

—

no second resolved use

Theoretical Best

Mixed Use

$1.13M

$993.1K – $1.32M (±1% cap)

NOI $79,447 @ 7.0% cap · market cap 8.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

21

Residential units

Location Intelligence

Trade Area within ½ mile

356

Businesses Nearby

Explore this area Business Placement

Demographics for 18037, PA

7,444

Population

3,263

Households

2.3

Avg Household Size

45

Median Age

30%

College-Educated

95%

High-School Grad

7.6 sq mi

ZIP Area

979

Density / Sq Mi

$82,710

Median Household Income

$54,589

Median Earnings

$1,152

Median Rent

$240,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

See more

Renovated Office Building with Solar Panels

41 South 2nd Street, Coplay, PA 18037

$465,000

7,400 SF

View details

Former Research Facility

3948 PORTLAND STREET, Coplay, PA 18037

$1,390,000

9,873 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Vacant property with garages, parking, storage, and outdoor space for redevelopment planning.

Where is this apartment building located?

The property is located at 3 S 2nd St Coplay, PA.

What is the asking price?

The asking price for this property is $975,000.

What are key features of this property?

This property features: 21‑unit rooming house delivered vacant; Three‑story building with up to three floors of existing area; Apartment conversion potential subject to zoning and municipal approvals