Renovated Four-Unit
New
For Sale
$699,900
349 Hanover Ave, Allentown, PA 18109
Four private-entry apartments with updated interiors, in-unit laundry, mini-split systems, and rear off-street parking.
Property Size3,976 SF
Price / SF$176.03
Days on Market4
Property Features for 349 Hanover Ave
General Information
Standard status
Active
Size
3,976 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,478
Amenities
hardwood flooring
recessed lighting
updated kitchens
updated bathrooms
newer appliances
dishwasher
in-unit laundry
energy-efficient mini-split systems
private entrance
Building Details
Year Renovated
2023
Listing Agency:
Coldwell Banker Hearthside
(610) 751-8280
Listed By:
Nick Smith
(610) 751-8280
Source:
Exprealty
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 9:59AM
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 Coldwell Banker Hearthside
Investment Insights
Based on property information with market context.
This four-unit residential income property was rebuilt from the studs in late 2023, with completed improvements to electrical, plumbing, drywall, and windows. The apartments include hardwood flooring, recessed lighting, refreshed kitchens and bathrooms, newer appliances, dishwashers, in-unit laundry, and energy-efficient mini-split systems for heating and cooling. Each unit has a separate private entrance rather than access through a shared interior corridor.
The property at 349 Hanover Ave in Allentown, PA, includes a rear parking lot with off-street parking for all four apartments. Unit 3 is currently vacant and contains one bedroom and two bathrooms. Tenants are responsible for their own utilities, and all required city permits for the renovation work have been completed and closed.
The property at 349 Hanover Ave in Allentown, PA, includes a rear parking lot with off-street parking for all four apartments. Unit 3 is currently vacant and contains one bedroom and two bathrooms. Tenants are responsible for their own utilities, and all required city permits for the renovation work have been completed and closed.
Key Highlights
- Four‑unit property rebuilt from the studs in late 2023
- 3,976‑square‑foot property at 349 Hanover Ave, Allentown, PA
- Each apartment has a private entrance with no shared interior hallways
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
$41,706
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
5.96%
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%
$834,120
$834.1K
Cap Rate 7%
$595,800
$595.8K
Cap Rate 9%
$463,400
$463.4K
Market Conditions
NOI Build-Up for 3,976 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
$64.4K $16.20/SF
− Vacancy
−$4.8K −$1.22/SF
EGI
$59.6K $14.99/SF
− OpEx
−$17.9K −$4.50/SF
NOI
$41.7K $10.49/SF
Area
Allentown, PA
Vacancy
7.50%
Lease Rate
$16.20 /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%
$834,120
Cap Rate 7%
$595,800
Cap Rate 9%
$463,400
Alternative Uses
Best Use
Multifamily LT 5
$595.8K
$521.3K – $695.1K
NOI $41,706 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$524.1K
$458.6K – $611.4K
NOI $36,686 @ 7.0% cap · market cap 5.24%
Theoretical Best
Specialty Retail
$781.1K
$683.5K – $911.3K
NOI $54,678 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
695
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four private-entry apartments with updated interiors, in-unit laundry, mini-split systems, and rear off-street parking.
Where is this quadplex located?
The property is located at 349 Hanover Ave Allentown, PA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Four‑unit property rebuilt from the studs in late 2023; 3,976‑square‑foot property at 349 Hanover Ave, Allentown, PA; Each apartment has a private entrance with no shared interior hallways
