Three-Unit Residential Income
For Sale
$414,000
322 RIDGE Avenue, Allentown, PA 18102
MULTI_FAMILY - ALLENTOWN, PA
Property Size3,978 SF
Lot Size0.12 Acres
Price / SF$104.07
Days on Market51
Property Features for 322 RIDGE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
2
Parking features
On Street, Garage - Detached
Elementary school district
ALLENTOWN
Middle school district
ALLENTOWN
High school district
ALLENTOWN
Standard status
Active
Size
3,978 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
6001
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1863
Number of units
3
Building materials
Stucco
Listing Agency:
Keller Williams Real Estate - Allentown · Keller Williams Realty
(610) 435-1800
Listed By:
AYON Abraham CODNER · License #RS324477
(610) 435-1800
Added: Jul 6
Changed: Jul 9
Last Checked: Aug 25 at 9:06AM
MLS# PALH2016114
Copyright © 2026 Bright MLS. 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 three-unit residential income triplex includes occupied living space on the second and third floors by long-term tenants. The property also has approved plans to create an additional third three-bedroom apartment within the existing retail space, supporting a transition to a larger residential layout.
Located at 322 Ridge Avenue in Allentown, PA, the property sits in a residential area on Ridge Avenue. It is described as being about three blocks from the newly constructed Jaindl Enterprise Waterfront mixed-use Class A building. The area is also referenced alongside Allentown’s Vision 2030 Initiative, which includes plans for neighborhood revitalization.
For buyers or operators seeking a multi-unit asset, the current configuration provides established upper-floor occupancy, while the approved plans offer a clear path to expand the residential unit count within the structure. This makes the property most relevant for investors or owner-occupants evaluating both existing rental income and the feasibility of converting the retail space to an additional apartment under the approved scope.
Located at 322 Ridge Avenue in Allentown, PA, the property sits in a residential area on Ridge Avenue. It is described as being about three blocks from the newly constructed Jaindl Enterprise Waterfront mixed-use Class A building. The area is also referenced alongside Allentown’s Vision 2030 Initiative, which includes plans for neighborhood revitalization.
For buyers or operators seeking a multi-unit asset, the current configuration provides established upper-floor occupancy, while the approved plans offer a clear path to expand the residential unit count within the structure. This makes the property most relevant for investors or owner-occupants evaluating both existing rental income and the feasibility of converting the retail space to an additional apartment under the approved scope.
Key Highlights
- Three‑unit investment property in Allentown, PA
- Second and third floors are occupied by long‑term tenants
- Approved plans to create a third three‑bedroom apartment in the retail space
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
$36,704
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
8.87%
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%
$734,080
$734.1K
Cap Rate 7%
$524,343
$524.3K
Cap Rate 9%
$407,822
$407.8K
Market Conditions
NOI Build-Up for 3,978 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
$71.6K $18.00/SF
− Vacancy
−$4.9K −$1.22/SF
EGI
$66.7K $16.78/SF
− OpEx
−$30.0K −$7.55/SF
NOI
$36.7K $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%
$734,080
Cap Rate 7%
$524,343
Cap Rate 9%
$407,822
Alternative Uses
Best Use
Multifamily LT 5
$596.1K
$521.6K – $695.5K
NOI $41,727 @ 7.0% cap · market cap 10.08%
Second Best
Apartment 5plus
$524.3K
$458.8K – $611.7K
NOI $36,704 @ 7.0% cap · market cap 8.87%
Theoretical Best
Specialty Retail
$781.5K
$683.8K – $911.8K
NOI $54,705 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,978
Businesses Nearby
Explore this area
Business Placement
Demographics for 18102, PA
51,567
Population
18,788
Households
2.7
Avg Household Size
32
Median Age
11%
College-Educated
76%
High-School Grad
3.0 sq mi
ZIP Area
17,189
Density / Sq Mi
$40,681
Median Household Income
$29,501
Median Earnings
$1,224
Median Rent
$146,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with long-term tenants on the upper floors and approved plans to add a third three-bedroom apartment.
Where is this triplex located?
The property is located at 322 RIDGE Avenue Allentown, PA.
What is the asking price?
The asking price for this property is $414,000.
What are key features of this property?
This property features: Three‑unit investment property in Allentown, PA; Second and third floors are occupied by long‑term tenants; Approved plans to create a third three‑bedroom apartment in the retail space
