Updated Quadplex with
New
For Sale
$425,000
437 W Allen Street, Allentown, PA 18102
ResidentialIncome, Allentown City, PA
Property Size2,112 SF
Lot Size0.04 Acres
Price / SF$201.23
Days on Market6
Property Features for 437 W Allen Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
R-Mh-Medium High Density
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 4
Parking
1
Parking features
On Street, Off Street, Garage
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
West on Tilghman - Right on 5th - Left on Allen - Property on Left
Standard status
Active
APN
640713198921001
Size
2,112 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4630
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
4
Building materials
Brick
Listing Agency:
BHHS Regency Real Estate · Prudential Real Estate
(610) 432-5252
Listed By:
Andrew A. Ginsburg
(610) 349-6644
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 16 at 6:06AM
MLS# 784369
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.
Located at 437 W Allen Street in Allentown City, Pennsylvania, this 2,112-square-foot brick quadplex sits on 0.041 acres and was built in 1900. The property includes four rentable units: two two-bedroom apartments, an updated third-floor studio, and a separate first-floor office or storefront. Apartment improvements include updated kitchens, hardwood flooring, quartz countertops, and tile bathrooms. A detached rear garage provides an additional rentable component, while off-street and on-street parking are available.
The building has updated electrical service and separate utilities, with public water and public sewer. Heating is provided by electric baseboard systems. The property is zoned R-Mh-Medium High Density and offers a 10% CAP rate. Its location in Allentown City places the asset within the 18102 postal area of Lehigh County.
The building has updated electrical service and separate utilities, with public water and public sewer. Heating is provided by electric baseboard systems. The property is zoned R-Mh-Medium High Density and offers a 10% CAP rate. Its location in Allentown City places the asset within the 18102 postal area of Lehigh County.
Key Highlights
- Four rentable units, including two 2‑bedroom apartments, a studio, and a first‑floor office/storefront
- 2,112 square feet on a 0.041‑acre lot
- Detached rear garage offers an additional rentable component
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
$26,013
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
6.12%
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%
$520,260
$520.3K
Cap Rate 7%
$371,614
$371.6K
Cap Rate 9%
$289,033
$289.0K
Market Conditions
NOI Build-Up for 2,112 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
$39.3K $18.60/SF
− Vacancy
−$2.1K −$1.00/SF
EGI
$37.2K $17.60/SF
− OpEx
−$11.1K −$5.28/SF
NOI
$26.0K $12.32/SF
Area
Allentown, PA
Vacancy
5.40%
Lease Rate
$18.60 /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%
$520,260
Cap Rate 7%
$371,614
Cap Rate 9%
$289,033
Alternative Uses
Best Use
Retail
$371.6K
$325.2K – $433.6K
NOI $26,013 @ 7.0% cap · market cap 6.12%
Second Best
Multifamily LT 5
$316.5K
$276.9K – $369.2K
NOI $22,154 @ 7.0% cap · market cap 5.21%
Theoretical Best
Specialty Retail
$414.9K
$363.1K – $484.1K
NOI $29,044 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,610
Businesses Nearby
Explore this area
Business Placement
Demographics for 18102, PA
51,567
Population
18,788
Households
2.7
Avg Household Size
32
Median Age
11%
College-Educated
76%
High-School Grad
3.0 sq mi
ZIP Area
17,189
Density / Sq Mi
$40,681
Median Household Income
$29,501
Median Earnings
$1,224
Median Rent
$146,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Brick income property with separately metered utilities, modern apartment finishes, and a detached garage with additional rental potential.
Where is this quadplex located?
The property is located at 437 W Allen Street Allentown, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four rentable units, including two 2‑bedroom apartments, a studio, and a first‑floor office/storefront; 2,112 square feet on a 0.041‑acre lot; Detached rear garage offers an additional rentable component
