Two-Unit Duplex with Student Housing
For Sale
$339,900
560 Hillside Ave, Bethlehem, PA 18015
Separate utility metering and updated mechanical systems support distinct apartment operations near Lehigh University.
Property Size1,737 SF
Price / SF$195.68
Days on Market20
Property Features for 560 Hillside Ave
General Information
Standard status
Active
Size
1,737 SF
Property subtype
Residential Income
Zoning
Student Overlay District
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,630
Amenities
in-unit washer/dryer
washer/dryer hookups
storage
bicycle storage
Building Details
Buildings
1
Listing Agency:
RE/MAX Central - Center Valley
(484) 239-4753
Listed By:
Walt Keiper
(484) 239-4753
Source:
Exprealty
Added: Aug 4
Changed: Aug 21
Last Checked: Aug 22 at 11:21AM
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 RE/MAX Central - Center Valley
Investment Insights
Based on property information with market context.
This 1,737-square-foot duplex contains two apartments: a first-floor one-bedroom, one-bath unit and a second- and third-floor apartment with three bedrooms and one bath. The property includes a mostly above-grade basement with substantial storage and dedicated bicycle storage. The first-floor apartment has an updated kitchen and in-unit laundry, while the upper apartment includes washer and dryer hookups.
Building systems include three electric meters, two natural gas meters, two natural gas boilers installed in 2022, and two natural gas water heaters. Additional improvements include newer shingle and rubber roofing and select replacement windows. The property is located at 560 Hillside Ave in Bethlehem, within the City of Bethlehem's Student Overlay District and near Lehigh University.
The existing two-unit configuration may offer the possibility of conversion to a single-family student rental with up to five bedrooms and two full baths, subject to buyer verification of permitted use and conversion requirements with the City of Bethlehem.
Building systems include three electric meters, two natural gas meters, two natural gas boilers installed in 2022, and two natural gas water heaters. Additional improvements include newer shingle and rubber roofing and select replacement windows. The property is located at 560 Hillside Ave in Bethlehem, within the City of Bethlehem's Student Overlay District and near Lehigh University.
The existing two-unit configuration may offer the possibility of conversion to a single-family student rental with up to five bedrooms and two full baths, subject to buyer verification of permitted use and conversion requirements with the City of Bethlehem.
Key Highlights
- Two‑unit layout with a 1‑bedroom, 1‑bath first‑floor apartment and 3‑bedroom, 1‑bath upper apartment
- 1,737 square feet with a mostly above‑grade basement and secure tenant bicycle storage
- Three electric meters, two natural gas meters, and two natural gas water heaters
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
$11,618
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
3.42%
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%
$232,360
$232.4K
Cap Rate 7%
$165,971
$166.0K
Cap Rate 9%
$129,089
$129.1K
Market Conditions
NOI Build-Up for 1,737 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
$17.9K $10.32/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$16.6K $9.56/SF
− OpEx
−$5.0K −$2.87/SF
NOI
$11.6K $6.69/SF
Area
Lehigh County, PA
Vacancy
7.41%
Lease Rate
$10.32 /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%
$232,360
Cap Rate 7%
$165,971
Cap Rate 9%
$129,089
Alternative Uses
Best Use
Multifamily LT 5
$166.0K
$145.2K – $193.6K
NOI $11,618 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$145.0K
$126.8K – $169.1K
NOI $10,147 @ 7.0% cap · market cap 2.99%
Theoretical Best
Mixed Use
$255.4K
$223.5K – $298.0K
NOI $17,880 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 18015, PA
33,286
Population
12,867
Households
2.6
Avg Household Size
32
Median Age
31%
College-Educated
87%
High-School Grad
23.2 sq mi
ZIP Area
1,435
Density / Sq Mi
$58,470
Median Household Income
$32,703
Median Earnings
$1,310
Median Rent
$243,100
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?
Duplex - Separate utility metering and updated mechanical systems support distinct apartment operations near Lehigh University.
Where is this duplex located?
The property is located at 560 Hillside Ave Bethlehem, PA.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Two‑unit layout with a 1‑bedroom, 1‑bath first‑floor apartment and 3‑bedroom, 1‑bath upper apartment; 1,737 square feet with a mostly above‑grade basement and secure tenant bicycle storage; Three electric meters, two natural gas meters, and two natural gas water heaters
