Cape Cod Duplex with
New
For Sale
$850,000
429 Riverview Drive, Walnutport, PA 18088
MULTI_FAMILY - Cape Cod - Walnutport, PA
Property Size4,503 SF
Lot Size14.85 Acres
Price / SF$188.76
Days on Market2
Property Features for 429 Riverview Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Commercial
Bedrooms
8
Full bathrooms
16
Rooms
Bathroom 13, Bathroom 2, Basement, Bathroom 6, Bathroom 14, Bathroom 10, Bathroom 11, Bathroom 8, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 7, Bedroom 8, Bathroom 4, Bedroom 2, Bathroom 16, Bathroom 9, Bathroom 15, Bathroom 7, Bedroom 1, Bathroom 5, Bedroom 6, Bedroom 4, Bathroom 12, Bedroom 5
Subdivision
Lehigh Township
Standard status
Active
APN
5157-17-8514-2800
Size
4,503 SF
Lot size
14.85 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4918
Amenities
greenhouse
scenic walking trails
Lehigh River access
historic canal lock system and remnants
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Architectural style
Cape Cod
Listing Agency:
Keller Williams Real Estate - Palmerton · Keller Williams Realty
(610) 826-8100
Listed By:
James A Christman
(570) 421-2890
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 8 at 6:06PM
MLS# PM-143739
Copyright © 2026 Pocono Mountains Association of 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 Cape Cod-style duplex includes two residential units, each configured with three bedrooms. The apartments are currently leased, and the property also includes a 150' x 32' greenhouse that was previously used commercially. The residence was built in 1900 and sits within a larger two-parcel holding.
The property encompasses 14.85 acres, with nearly 1,300 ft of frontage on 145. 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. Direct Lehigh River access, open fields, wooded areas, walking trails, and remnants of historic Lockport—including portions of the Lehigh Canal lock system and the former Lockport Hotel—add substantial physical and historical context.
The property encompasses 14.85 acres, with nearly 1,300 ft of frontage on 145. 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. Direct Lehigh River access, open fields, wooded areas, walking trails, and remnants of historic Lockport—including portions of the Lehigh Canal lock system and the former Lockport Hotel—add substantial physical and historical context.
Key Highlights
- 14.85‑acre holding across two parcels with nearly 1,300 ft of frontage on 145
- Two‑unit Cape Cod residence; each apartment has 3 bedrooms
- 150' x 32' greenhouse previously leased for commercial use
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
Lease Details
100%
Occupancy
Yes
Paved road access
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 - Leased two-unit residence with a commercial greenhouse, river access, and mixed zoning across two 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‑acre holding across two parcels with nearly 1,300 ft of frontage on 145; Two‑unit Cape Cod residence; each apartment has 3 bedrooms; 150' x 32' greenhouse previously leased for commercial use
