Brick Residential Income
For Sale
$599,900
431 W Union Boulevard, Bethlehem, PA 18018
COMMERCIAL - Bethlehem City, PA
Property Size4,082 SF
Lot Size0.29 Acres
Price / SF$146.96
Days on Market222
Property Features for 431 W Union Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street, On Street
Directions
Corner of Union Blvd and 4th Ave
Subdivision
Bethlehem-West
Standard status
Active
APN
642739721641 001
Size
4,082 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
7623
Utilities
Heating system
Natural Gas
Cooling system
Wall Unit(s), Central Air
Building Details
Year built
1910
Building materials
Brick
Listing Agency:
Century 21 Ramos Realty · Century 21 Real Estate
(610) 866-4423
Listed By:
Anthony Ramos · License #AB068035
(484) 695-4887
Added: Jan 2
Changed: Aug 5
Last Checked: Aug 12 at 6:06PM
MLS# 769870
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 commercial-to-residential income building totaling 4,082 square feet on a 0.286-acre lot in North Bethlehem. Built in 1910, the property has been designed with a main level featuring a spacious open area and an upper level layout with multiple rooms and bathrooms. Cooling includes wall unit(s) and central air, and heating is provided by natural gas.
The site includes rear off-street parking plus on-street parking, along with a detached storage building and a garage that has water and electric. There is also a large side lot.
The building is currently under construction, and the stated development concept includes commercial space on the first floor, three one-bedroom apartments on the second floor, and a loft-style apartment on the third floor.
The site includes rear off-street parking plus on-street parking, along with a detached storage building and a garage that has water and electric. There is also a large side lot.
The building is currently under construction, and the stated development concept includes commercial space on the first floor, three one-bedroom apartments on the second floor, and a loft-style apartment on the third floor.
Key Highlights
- 4,082 sq ft brick building on a 0.286‑acre lot
- Built in 1910 with natural gas heat
- Main level open area 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
$29,808
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
4.97%
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%
$596,160
$596.2K
Cap Rate 7%
$425,829
$425.8K
Cap Rate 9%
$331,200
$331.2K
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
−$9.9K −$2.43/SF
NOI
$29.8K $7.30/SF
Area
Lehigh County, PA
Vacancy
7.80%
Lease Rate
$10.56 /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%
$596,160
Cap Rate 7%
$425,829
Cap Rate 9%
$331,200
Alternative Uses
Best Use
Office B
$425.8K
$372.6K – $496.8K
NOI $29,808 @ 7.0% cap · market cap 4.97%
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 Office 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?
Residential income property - Brick mixed-use building offers a spacious open main level, multi-room second floor, and rear parking with detached storage and garage.
Where is this residential income property 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 sq ft brick building on a 0.286‑acre lot; Built in 1910 with natural gas heat; Main level open area for commercial use
