39-Unit Multifamily
For Sale
$1,390,000
3948 Portland Street, Coplay, PA 18037
CommercialSale, Coplay Boro, PA
Property Size13,524 SF
Lot Size4.07 Acres
Price / SF$102.78
Days on Market31
Property Features for 3948 Portland Street
General Information
Property type
Commercial Sale
Property subtype
Apartment
Property condition
Under Construction
Zoning
ME-I
Parking
98
Parking features
Parking Lot
Elementary school district
Parkland
Middle school district
Parkland
High school district
Parkland
Directions
From PPL: Head toward Linden St Turn left onto Tilghman St Take S Roth Ave and N 14th St to 15th St Take Mauch Chunk Rd to Portland St in North Whitehall Township. Turn left onto Portland St. Destination will be on the left
Subdivision
North Whitehall
Standard status
Active
APN
547984619922-1
Size
13,524 SF
Lot size
4.07 Acres
Taxes and HOA fees
Tax Annual Amount
7715
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Public
Building Details
Year built
2027
Number of units
39
Listing Agency:
Steel City Realty
(484) 895-9005
Listed By:
Jennifer L. DeJesus · License #RM423820
(610) 217-6330
Added: Jul 23
Changed: Aug 19
Last Checked: Aug 22 at 8:06AM
MLS# 781339
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 under-construction multifamily development is planned for 39 units on a 4.07-acre site, with 13,524 square feet of property area identified. Final approvals are in place, a builder has been selected, and the project is positioned to proceed through the remaining recording and construction steps. NPDES approval and Act 2 environmental clearance are complete, while the demolition permit can be obtained immediately. The property is zoned ME-I and includes a parking lot, public water, and public sewer. Ductless systems are specified for heating and cooling, with a 2027 construction year indicated.
The site is near Route 22, Route 309, and I-78, providing access to major Lehigh Valley transportation corridors. Power-line relocation has been approved at no project cost, and the construction budget includes contingency funding with additional value-engineering and rebidding opportunities identified.
The site is near Route 22, Route 309, and I-78, providing access to major Lehigh Valley transportation corridors. Power-line relocation has been approved at no project cost, and the construction budget includes contingency funding with additional value-engineering and rebidding opportunities identified.
Key Highlights
- 39‑unit multifamily development on 4.07 acres
- 13,524 square feet of property area identified
- Final approvals in place; builder selected and project described as shovel‑ready
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
$79,004
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
5.68%
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%
$1,580,080
$1.6M
Cap Rate 7%
$1,128,629
$1.1M
Cap Rate 9%
$877,822
$877.8K
Market Conditions
NOI Build-Up for 13,524 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
$155.8K $11.52/SF
− Vacancy
−$12.2K −$0.90/SF
EGI
$143.6K $10.62/SF
− OpEx
−$64.6K −$4.78/SF
NOI
$79.0K $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%
$1,580,080
Cap Rate 7%
$1,128,629
Cap Rate 9%
$877,822
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$987.6K – $1.32M
NOI $79,004 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$1.99M
$1.74M – $2.32M
NOI $139,213 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
39
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
49
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Approved, shovel-ready residential development with public water and sewer service and planned ductless heating and cooling.
Where is this apartment building located?
The property is located at 3948 Portland Street Coplay, PA.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: 39‑unit multifamily development on 4.07 acres; 13,524 square feet of property area identified; Final approvals in place; builder selected and project described as shovel‑ready
