Riverfront Duplex with
New
For Sale
$850,000
429 Riverview Drive, Walnutport, PA 18088
Two leased apartments accompany a commercial-use greenhouse and substantial riverfront acreage across two separately zoned parcels.
Property Size4,503 SF
Days on Market5
Property Features for 429 Riverview Drive
General Information
Standard status
Active
Size
4,503 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$4,917
Building Details
Building Size
4,503 SF
Year Built
1900
Listing Agency:
Keller Williams Real Estate - Palmerton
(610) 349-6851
Listed By:
James A Christman
(610) 349-6851
Source:
Dpcomgroup
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 11 at 4:37AM
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 Keller Williams Real Estate - Palmerton
Investment Insights
Based on property information with market context.
This two-unit residential property includes approximately 3,003 square feet across two apartments. Each unit is arranged with three bedrooms; one has 1.5 baths and the other has one full bath. Both apartments are currently leased. Built in 1900, the residence is complemented by a 150' x 32' greenhouse that was previously leased for commercial use.
The property spans 14.85 acres across two parcels with nearly 1,300 feet of frontage on 145 and direct access to the Lehigh River. The approximately 10.85-acre front parcel carries Highway Commercial zoning, while the separate 4-acre rear parcel is zoned Agricultural. Deeded railroad crossing access connects the parcels. Open fields, mature woods, walking trails, and remnants associated with historic Lockport, including portions of the Lehigh Canal lock system and the former Lockport Hotel, are also present.
The property spans 14.85 acres across two parcels with nearly 1,300 feet of frontage on 145 and direct access to the Lehigh River. The approximately 10.85-acre front parcel carries Highway Commercial zoning, while the separate 4-acre rear parcel is zoned Agricultural. Deeded railroad crossing access connects the parcels. Open fields, mature woods, walking trails, and remnants associated with historic Lockport, including portions of the Lehigh Canal lock system and the former Lockport Hotel, are also present.
Key Highlights
- 14.85 acres across two parcels with nearly 1,300 ft of frontage on 145
- Approximately 3,003 sq ft two‑unit residential building
- Two 3‑bedroom apartments; one has 1.5 baths and the other has 1 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
$29,769
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
3.50%
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%
$595,380
$595.4K
Cap Rate 7%
$425,271
$425.3K
Cap Rate 9%
$330,767
$330.8K
Market Conditions
NOI Build-Up for 4,503 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
$45.9K $10.20/SF
− Vacancy
−$3.4K −$0.76/SF
EGI
$42.5K $9.44/SF
− OpEx
−$12.8K −$2.83/SF
NOI
$29.8K $6.61/SF
Area
Northampton County, PA
Vacancy
7.41%
Lease Rate
$10.20 /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%
$595,380
Cap Rate 7%
$425,271
Cap Rate 9%
$330,767
Alternative Uses
Best Use
Multifamily LT 5
$425.3K
$372.1K – $496.2K
NOI $29,769 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$391.5K
$342.5K – $456.7K
NOI $27,402 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$854.1K
$747.3K – $996.4K
NOI $59,785 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 18088, PA
8,603
Population
3,612
Households
2.4
Avg Household Size
48
Median Age
19%
College-Educated
94%
High-School Grad
19.1 sq mi
ZIP Area
450
Density / Sq Mi
$76,025
Median Household Income
$46,269
Median Earnings
$1,236
Median Rent
$241,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased apartments accompany a commercial-use greenhouse and substantial riverfront acreage across two separately zoned parcels.
Where is this duplex located?
The property is located at 429 Riverview Drive Walnutport, PA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 14.85 acres across two parcels with nearly 1,300 ft of frontage on 145; Approximately 3,003 sq ft two‑unit residential building; Two 3‑bedroom apartments; one has 1.5 baths and the other has 1 full bath
