Three-Story Office
For Sale
$299,900
523 West Linden Street, Allentown, PA 18101
Three-story office building with reception area, private offices, central air, and off-street parking.
Property Size3,003 SF
Days on Market73
Property Features for 523 West Linden Street
General Information
Standard status
Active
Size
3,003 SF
Total Parking Spaces
4
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$4,678
Amenities
reception area
flex space
powder room
kitchen
full bath
storage area
central air conditioning
energy-efficient lighting
ethernet connectivity
high efficiency gas boiler
Building Details
Building Size
3,003 SF
Year Built
1856
Stories
3
Listing Agency:
BetterHomes&GardensRE/Cassidon
(610) 882-3135
Listed By:
Jessie Cevallos
Source:
Bhhspaulfordrealtors
Added: Jun 12
Changed: Aug 23
Last Checked: Aug 23 at 6:57AM
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 BetterHomes&GardensRE/Cassidon
Investment Insights
Based on property information with market context.
This three-story office building offers a reception area on the first floor along with multiple private offices, flex space, and a powder room. The second floor includes four offices with inlaid hardwood flooring, as well as a kitchen, full bath, and storage areas. The third floor provides additional office space and storage.
The property is described as being in the heart of Center City Allentown, steps from the Lehigh County Courthouse and near PPL Center and the Arts Walk, with cafes, restaurants, and shops in the surrounding area. The building also includes central air conditioning, energy-efficient lighting, ethernet connectivity, and a side service entrance with four off-street parking spaces.
Zoning is stated to allow for mixed-use or residential conversion, and the building has a high-efficiency gas boiler noted as installed in 2026.
The property is described as being in the heart of Center City Allentown, steps from the Lehigh County Courthouse and near PPL Center and the Arts Walk, with cafes, restaurants, and shops in the surrounding area. The building also includes central air conditioning, energy-efficient lighting, ethernet connectivity, and a side service entrance with four off-street parking spaces.
Zoning is stated to allow for mixed-use or residential conversion, and the building has a high-efficiency gas boiler noted as installed in 2026.
Key Highlights
- Three‑story office building in Center City Allentown, steps from the Lehigh County Courthouse and PPL Center
- Flexible office layouts with a first‑floor reception area, multiple private offices, flex space, and powder room
- Second floor features four offices with inlaid hardwood flooring, plus a kitchen, full bath, and storage areas
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
$16,303
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
5.44%
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%
$326,060
$326.1K
Cap Rate 7%
$232,900
$232.9K
Cap Rate 9%
$181,144
$181.1K
Market Conditions
NOI Build-Up for 3,003 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
$23.4K $7.80/SF
− Vacancy
−$1.7K −$0.56/SF
EGI
$21.7K $7.24/SF
− OpEx
−$5.4K −$1.81/SF
NOI
$16.3K $5.43/SF
Area
Allentown, PA
Vacancy
7.20%
Lease Rate
$7.80 /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%
$326,060
Cap Rate 7%
$232,900
Cap Rate 9%
$181,144
Alternative Uses
Best Use
Office B
$232.9K
$203.8K – $271.7K
NOI $16,303 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$590.0K
$516.2K – $688.3K
NOI $41,297 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,151
Businesses Nearby
Explore this area
Business Placement
Demographics for 18101, PA
5,108
Population
2,686
Households
1.9
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
0.3 sq mi
ZIP Area
17,027
Density / Sq Mi
$41,542
Median Household Income
$34,397
Median Earnings
$1,337
Median Rent
$153,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story office building with reception area, private offices, central air, and off-street parking.
Where is this office building located?
The property is located at 523 West Linden Street Allentown, PA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Three‑story office building in Center City Allentown, steps from the Lehigh County Courthouse and PPL Center; Flexible office layouts with a first‑floor reception area, multiple private offices, flex space, and powder room; Second floor features four offices with inlaid hardwood flooring, plus a kitchen, full bath, and storage areas
