Fully-Leased Industrial Investment
For Sale
$1,400,000
365 Whitehall Street, Allentown, PA 18102
COMMERCIAL - Allentown City, PA
Property Size15,844 SF
Lot Size0.89 Acres
Price / SF$88.36
Days on Market552
Property Features for 365 Whitehall Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B/Li
Parking features
Parking Lot
Interior features
Storage
Exterior features
Storage
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
Rt 22 to Fullerton Avenue exit, south on Fullerton to west on Fairmont Ave, make left on 5th St, left on Whitehall St, property on left.
Subdivision
Allentown-Central
Standard status
Active
APN
640716225681001
Size
15,844 SF
Lot size
0.89 Acres
Taxes and HOA fees
Tax Annual Amount
7864
Utilities
Utilities
Propane
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1900
Building materials
Brick
Roof type
Flat
Additional Structures
Storage
Listing Agency:
CENTURY 21 Keim Realtors · Century 21 Real Estate
(610) 395-0393
Listed By:
Loren K. Keim Jr. · License #RB-045762-L
(877) 208-4158
Added: Feb 2, 2025
Changed: Aug 4
Last Checked: Aug 8 at 3:06PM
MLS# 751963
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 fully-tenanted, income-producing industrial property is located in a growth corridor near Allentown's Waterfront redevelopment and American Parkway. The all-brick, corner-lot building offers excellent visibility and features 14' ceilings, making it suitable for warehousing, wholesaling, light manufacturing, or storage. The property is 100% leased with a diversified tenant mix, generating a gross annual income of $121,000. The first floor is divided into three leased spaces of 3,500 SF, 2,000 SF, and 2,500 SF, while the upper level is leased to a single tenant. The second floor, at dock height with direct access, is ideal for logistics and provides flexibility. The property is secure and well-maintained, offering solid upside potential. Plans are available for an additional 8,000 SF expansion, subject to City approval. The strategic location is minutes from Route 22, I-78, and the Lehigh Valley's major distribution routes, near the fast-developing Waterfront District. The property, with a lot size of 0.889 acres and a building size of 15,844 square feet, is zoned B/Li. It is located near the Waterfront District, making it an ideal long-term hold.
Key Highlights
- Fully‑leased industrial building generating $121,000 gross annual income.
- Located near Allentown's Waterfront development and major transportation routes (Route 22, I‑78).
- Potential for 8,000 SF expansion (subject to City approval).
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
$97,948
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
7.00%
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%
$1,958,960
$2.0M
Cap Rate 7%
$1,399,257
$1.4M
Cap Rate 9%
$1,088,311
$1.1M
Market Conditions
NOI Build-Up for 15,844 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
$121.7K $7.68/SF
− Vacancy
−$6.4K −$0.41/SF
EGI
$115.2K $7.27/SF
− OpEx
−$17.3K −$1.09/SF
NOI
$97.9K $6.18/SF
Area
Allentown, PA
Vacancy
5.30%
Lease Rate
$7.68 /SF/Yr
Expense Ratio
15.00%
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%
$1,958,960
Cap Rate 7%
$1,399,257
Cap Rate 9%
$1,088,311
Alternative Uses
Best Use
Warehouse
$1.40M
$1.22M – $1.63M
NOI $97,948 @ 7.0% cap · market cap 7.00%
Second Best
Industrial
$1.02M
$891.4K – $1.19M
NOI $71,309 @ 7.0% cap · market cap 5.09%
Theoretical Best
Specialty Retail
$3.11M
$2.72M – $3.63M
NOI $217,887 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
889
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Azamin Storage Units — 719-723 Liberty St, Allentown, PA 18102
- Budget Store & Lock Self Storage — 184 Mickley Rd, Whitehall, PA 18052
- Budget Store & Lock Self Storage — 1090 MacArthur Rd, Whitehall, PA 18052
Frequently Asked Questions
What type of property is this?
Warehouse - 15,467 SF industrial building, 100% leased, $121,000 gross income.
Where is this warehouse located?
The property is located at 365 Whitehall Street Allentown, PA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Fully‑leased industrial building generating $121,000 gross annual income.; Located near Allentown's Waterfront development and major transportation routes (Route 22, I‑78).; Potential for 8,000 SF expansion (subject to City approval).
