Three-Story Apartment
New
For Sale
$975,000
3 S 2nd St, Coplay, PA 18037
Vacant property with garages, parking, storage, and outdoor space for redevelopment planning.
Property Size7,718 SF
Days on Market3
Property Features for 3 S 2nd St
General Information
Standard status
Active
Size
7,718 SF
Total Parking Spaces
6
Elevators
No
Property subtype
Low Rise Multifamily or Rooming House
Additional Details
Multifamily Units
21
Amenities
ample storage
outdoor space
Building Details
Building Size
7,718 SF
Buildings
1
Stories
3
Listing Agency:
NAI Summit
Listed By:
Jennifer Kennedy · License #PA #AB068755
(610) 217-9454
Source:
Naisummit
Added: Sep 18
Last Checked: Sep 19 at 7:43AM
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 NAI Summit
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.
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 = 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
$45,087
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
4.62%
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%
$901,740
$901.7K
Cap Rate 7%
$644,100
$644.1K
Cap Rate 9%
$500,967
$501.0K
Market Conditions
NOI Build-Up for 7,718 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
$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 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%
$901,740
Cap Rate 7%
$644,100
Cap Rate 9%
$500,967
Alternative Uses
Best Use
Apartment 5plus
$644.1K
$563.6K – $751.5K
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
NOI $79,447 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
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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?
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
