Renovated Mixed-Use
For Sale
$480,000
438 N 7th St, Allentown, PA 18102
Three-unit property combining residential apartments with ground-floor commercial space and rear parking.
Property Size2,878 SF
Price / SF$166.78
Days on Market38
Property Features for 438 N 7th St
General Information
Standard status
Active
Size
2,878 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
still require finishing touches
Units
Unit Mix
1 x 1BR studio, 1 x 2BR
Multifamily Units
2
Additional Details
Floor
Ground
Utilities to Site
Yes
Amenities
private restroom
kitchenette
storage
rear parking
Building Details
Year Built
1843
Year Renovated
2020
Buildings
1
Listing Agency:
Keller Williams Allentown
(610) 435-1800
Listed By:
Ayon A. Codner · License #RS324477
Source:
Jennysoldmine
Added: Jul 23
Changed: Aug 28
Last Checked: Aug 28 at 9:52AM
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 Allentown
Investment Insights
Based on property information with market context.
This 2,878-square-foot mixed-use property contains three units: a ground-level commercial space of approximately 800 SF and two apartments. The retail component includes a private restroom, kitchenette, and storage area. One apartment has one bedroom, while the other offers two bedrooms with separate living and dining rooms. The two-bedroom unit is tenant-occupied with approximately four months remaining on its lease.
Renovation work was completed in 2020, including updates to the electrical and plumbing systems. Rear parking is included, and approved plans are in place for an ADA ramp serving the commercial space. The retail unit and select areas still require finishing work, with the seller offering either completion of the remaining improvements or an as-is transaction.
Renovation work was completed in 2020, including updates to the electrical and plumbing systems. Rear parking is included, and approved plans are in place for an ADA ramp serving the commercial space. The retail unit and select areas still require finishing work, with the seller offering either completion of the remaining improvements or an as-is transaction.
Key Highlights
- Three‑unit mixed‑use property with two apartments and one ground‑level commercial space
- 2,878 SF building renovated in 2020
- Approximately 800 SF retail unit with private restroom, kitchenette, and storage
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
$35,448
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
7.39%
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%
$708,960
$709.0K
Cap Rate 7%
$506,400
$506.4K
Cap Rate 9%
$393,867
$393.9K
Market Conditions
NOI Build-Up for 2,878 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
$53.5K $18.60/SF
− Vacancy
−$2.9K −$1.00/SF
EGI
$50.6K $17.60/SF
− OpEx
−$15.2K −$5.28/SF
NOI
$35.4K $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%
$708,960
Cap Rate 7%
$506,400
Cap Rate 9%
$393,867
Alternative Uses
Best Use
Retail
$506.4K
$443.1K – $590.8K
NOI $35,448 @ 7.0% cap · market cap 7.39%
Second Best
Mixed Use
$401.5K
$351.3K – $468.4K
NOI $28,104 @ 7.0% cap · market cap 5.85%
Theoretical Best
Specialty Retail
$565.4K
$494.7K – $659.6K
NOI $39,578 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,349
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit property combining residential apartments with ground-floor commercial space and rear parking.
Where is this mixed-use property located?
The property is located at 438 N 7th St Allentown, PA.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Three‑unit mixed‑use property with two apartments and one ground‑level commercial space; 2,878 SF building renovated in 2020; Approximately 800 SF retail unit with private restroom, kitchenette, and storage
