Apartment Buildings with
For Sale
$749,900
529 North 2nd Street, Allentown, PA 18102
Separate electric and gas metering is provided, with electric baseboard heat serving the lower level.
Property Size6,192 SF
Days on Market12
Property Features for 529 North 2nd Street
General Information
Standard status
Active
Size
6,192 SF
Total Parking Spaces
6
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$6,538
Building Details
Building Size
6,192 SF
Listing Agency:
Reinvest Real Estate LLC
(484) 619-8394
Listed By:
Dean F. Alk
Source:
Bhhspaulfordrealtors
Added: Aug 12
Changed: Aug 21
Last Checked: Aug 23 at 9:12AM
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 Reinvest Real Estate LLC
Investment Insights
Based on property information with market context.
This multifamily property includes 6,192 square feet of living space arranged across the buildings, with 12 bedrooms and 6 full baths. The improvements include 2-car garages and four additional parking spaces. Separate electric and gas meters are provided for the units, while the lower level uses electric baseboard heat.
The property is located at 529 North 2nd Street in Allentown City, near Downtown Allentown and local attractions. Its combination of residential living area, garage capacity, on-site parking, individual metering, and multiple full bathrooms provides a substantial physical configuration for multifamily ownership.
The property is located at 529 North 2nd Street in Allentown City, near Downtown Allentown and local attractions. Its combination of residential living area, garage capacity, on-site parking, individual metering, and multiple full bathrooms provides a substantial physical configuration for multifamily ownership.
Key Highlights
- 6,192 square feet of living space
- 12 bedrooms and 6 full baths
- 2‑car garages included
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
$57,132
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
7.62%
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%
$1,142,640
$1.1M
Cap Rate 7%
$816,171
$816.2K
Cap Rate 9%
$634,800
$634.8K
Market Conditions
NOI Build-Up for 6,192 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
$111.5K $18.00/SF
− Vacancy
−$7.6K −$1.22/SF
EGI
$103.9K $16.78/SF
− OpEx
−$46.7K −$7.55/SF
NOI
$57.1K $9.23/SF
Area
Allentown, PA
Vacancy
6.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,142,640
Cap Rate 7%
$816,171
Cap Rate 9%
$634,800
Alternative Uses
Best Use
Apartment 5plus
$816.2K
$714.2K – $952.2K
NOI $57,132 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.22M
$1.06M – $1.42M
NOI $85,152 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,356
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?
Apartment building - Separate electric and gas metering is provided, with electric baseboard heat serving the lower level.
Where is this apartment building located?
The property is located at 529 North 2nd Street Allentown, PA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 6,192 square feet of living space; 12 bedrooms and 6 full baths; 2‑car garages included
