Brick Apartment Building Under
For Sale
$599,900
431 W Union Boulevard, Bethlehem, PA 18018
MULTI_FAMILY - Bethlehem City, PA
Property Size4,082 SF
Lot Size0.29 Acres
Price / SF$146.96
Days on Market219
Property Features for 431 W Union Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Rt-Residential
Parking
12
Subdivision
Not in Development
Elementary school district
Bethlehem
Middle school district
Bethlehem
High school district
Bethlehem
Directions
Corner of Union Blvd and 4th Ave
Standard status
Active
APN
642739721641 001
Size
4,082 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
7623
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall Unit(s), Central Air
Water source
Public
Building Details
Year built
1910
Number of units
5
Building materials
Brick
Listing Agency:
Century 21 Ramos Realty · Century 21 Real Estate
(610) 866-4423
Listed By:
Anthony Ramos · License #AB068035
(610) 866-4423
Added: Jan 2
Changed: Jul 28
Last Checked: Aug 9 at 4:06AM
MLS# 769868
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.
Brick apartment building over 4,000 square feet located in North Bethlehem. The property is currently under construction and was previously utilized as a club/fraternal association. The main level features a spacious open area for commercial use, while the second floor includes multiple rooms and bathrooms. The third floor is described as loft style in the current concept being discussed.
The site includes a rear parking lot plus a detached storage building and a garage with water and electric. A large side lot adds additional outdoor space. Construction materials are brick, and the building was built in 1910.
Utilities are public, with public water and public sewer. The property is heated with natural gas and features wall units and central air cooling. Zoning is Rt-Residential, supporting a range of possible configurations as the current redevelopment concept progresses.
The site includes a rear parking lot plus a detached storage building and a garage with water and electric. A large side lot adds additional outdoor space. Construction materials are brick, and the building was built in 1910.
Utilities are public, with public water and public sewer. The property is heated with natural gas and features wall units and central air cooling. Zoning is Rt-Residential, supporting a range of possible configurations as the current redevelopment concept progresses.
Key Highlights
- 4,082 SF brick apartment building currently under construction
- 0.286‑acre lot with rear parking lot
- Second floor has multiple rooms and bathrooms
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
$27,821
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
4.64%
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%
$556,420
$556.4K
Cap Rate 7%
$397,443
$397.4K
Cap Rate 9%
$309,122
$309.1K
Market Conditions
NOI Build-Up for 4,082 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
$43.1K $10.56/SF
− Vacancy
−$3.4K −$0.82/SF
EGI
$39.7K $9.74/SF
− OpEx
−$11.9K −$2.92/SF
NOI
$27.8K $6.82/SF
Area
Lehigh County, PA
Vacancy
7.80%
Lease Rate
$10.56 /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%
$556,420
Cap Rate 7%
$397,443
Cap Rate 9%
$309,122
Alternative Uses
Best Use
Retail
$397.4K
$347.8K – $463.7K
NOI $27,821 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$340.7K
$298.1K – $397.4K
NOI $23,846 @ 7.0% cap · market cap 3.97%
Theoretical Best
Mixed Use
$600.3K
$525.2K – $700.3K
NOI $42,019 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,674
Businesses Nearby
Explore this area
Business Placement
Demographics for 18018, PA
32,388
Population
14,669
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
92%
High-School Grad
5.2 sq mi
ZIP Area
6,228
Density / Sq Mi
$71,968
Median Household Income
$43,471
Median Earnings
$1,261
Median Rent
$224,000
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 - Brick apartment building with public utilities, natural gas heating, central air, and zoning Rt-Residential.
Where is this apartment building located?
The property is located at 431 W Union Boulevard Bethlehem, PA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 4,082 SF brick apartment building currently under construction; 0.286‑acre lot with rear parking lot; Second floor has multiple rooms and bathrooms
