Mixed-Use Property with Medical
For Sale
$617,000
42 N 3rd St, Easton, PA 18042
Three-level building combines a medical office with two residential apartments and dedicated off-street parking.
Property Size4,189 SF
Price / SF$147.29
Days on Market26
Property Features for 42 N 3rd St
General Information
Standard status
Active
Size
4,189 SF
Total Parking Spaces
8
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Office Units
1
Taxes and HOA fees
Annual Taxes
$6,924
Building Details
Buildings
1
Stories
3
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
BHHS Paul Ford Easton
(610) 390-6752
Listed By:
Clay R. Mitman · License #RM046330A
(610) 390-6752
Source:
Exprealty
Added: Jul 30
Changed: Aug 23
Last Checked: Aug 23 at 8:34AM
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 BHHS Paul Ford Easton
Investment Insights
Based on property information with market context.
This three-unit mixed-use building, constructed in 1920, places a professional medical office on the first floor with a reception and waiting area, nurse’s station, private physician’s office, four examination/operatories, half bath, and central air conditioning. The space is currently owner-occupied and is suited to medical, professional, or office use. Two residential apartments occupy the upper floors: the second level includes two bedrooms, one full bath, a living area, and a bay window, while the third floor offers one bedroom, one full bath, and a living room.
The property includes a separate parcel at 64 North Bank Street with seven off-street parking spaces, plus one additional space beside the main building. In total, the property provides eight off-street parking spaces in downtown Easton, near North Third Street. The residential units provide income-producing components alongside the first-floor commercial space.
The property includes a separate parcel at 64 North Bank Street with seven off-street parking spaces, plus one additional space beside the main building. In total, the property provides eight off-street parking spaces in downtown Easton, near North Third Street. The residential units provide income-producing components alongside the first-floor commercial space.
Key Highlights
- Three‑unit mixed‑use building with a first‑floor medical office and two upper‑floor apartments
- First‑floor office includes reception, nurse’s station, physician’s office, four examination/operatories, half bath, and central air
- Second‑floor apartment offers two bedrooms and one full bath
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
$43,450
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
7.04%
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%
$869,000
$869.0K
Cap Rate 7%
$620,714
$620.7K
Cap Rate 9%
$482,778
$482.8K
Market Conditions
NOI Build-Up for 4,189 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
$62.8K $15.00/SF
− Vacancy
−$4.9K −$1.17/SF
EGI
$57.9K $13.83/SF
− OpEx
−$14.5K −$3.46/SF
NOI
$43.5K $10.37/SF
Area
Northampton County, PA
Vacancy
7.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$869,000
Cap Rate 7%
$620,714
Cap Rate 9%
$482,778
Alternative Uses
Best Use
Office B
$620.7K
$543.1K – $724.2K
NOI $43,450 @ 7.0% cap · market cap 7.04%
Second Best
Mixed Use
$605.9K
$530.2K – $706.9K
NOI $42,414 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$794.5K
$695.2K – $927.0K
NOI $55,617 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,623
Businesses Nearby
Explore this area
Business Placement
Demographics for 18042, PA
44,026
Population
17,932
Households
2.5
Avg Household Size
36
Median Age
27%
College-Educated
89%
High-School Grad
22.1 sq mi
ZIP Area
1,992
Density / Sq Mi
$75,806
Median Household Income
$40,015
Median Earnings
$1,245
Median Rent
$205,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level building combines a medical office with two residential apartments and dedicated off-street parking.
Where is this mixed-use property located?
The property is located at 42 N 3rd St Easton, PA.
What is the asking price?
The asking price for this property is $617,000.
What are key features of this property?
This property features: Three‑unit mixed‑use building with a first‑floor medical office and two upper‑floor apartments; First‑floor office includes reception, nurse’s station, physician’s office, four examination/operatories, half bath, and central air; Second‑floor apartment offers two bedrooms and one full bath
