Flex Space with Warehouse and
For Sale
$3,400,000
622 Union Boulevard, Allentown, PA 18109
ResidentialIncome, Allentown City, PA
Property Size18,219 SF
Lot Size1.00 Acres
Price / SF$186.62
Days on Market51
Property Features for 622 Union Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
B-3
Parking
45
Parking features
Parking Lot
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
From Tilghman St. over Tilghman St bridge to Union Blvd. to property on the right.
Standard status
Active
APN
640778020334
Size
18,219 SF
Lot size
1.00 Acres
Taxes and HOA fees
Tax Annual Amount
45094
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
conference room
kitchenette
Building Details
Year built
1987
Floors in Building
2
Number of units
6
Building materials
SteelSiding
Listing Agency:
Howard Hanna TheFrederickGroup
(610) 398-0411
Listed By:
Carrie C. Ward · License #AB069092
(610) 398-0411
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 20 at 9:06PM
MLS# 780095
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.
This flex space includes a two-story building with a front retail space and a medical suite on the ground floor, plus two separated office areas on the upper floor. The ground-floor office/amenity setup includes shared amenities such as a conference room, kitchenette, and two bathrooms. The medical suite has its own entrances, HVAC, security systems, and bathrooms and is self-contained for security reasons. The back half is a two-story, 5,500 SF clear span warehouse with two drive-in doors, one loading dock, a small office, and a leased basement storage area with its own entrance and drive-in door. The property also has dedicated bathrooms on the ground floor for the retail space and the warehouse. The property is under construction, and the building is steel siding with natural gas heating and central air cooling.
The site is 1.001 acres, zoned B-3 Highway Business, and located at a signalized corner. The property offers 45 lined parking spots and is served by public water and public sewer.
Lease details include over 90% leased on multi-year NNN leases, with the retail space and the medical suite leased. One of the two upper office areas is leased, while the other area is listed for lease. The warehouse portion is leased, and the basement storage space is leased to a separate tenant. Built in 1987, the property totals 18,219 SF.
The site is 1.001 acres, zoned B-3 Highway Business, and located at a signalized corner. The property offers 45 lined parking spots and is served by public water and public sewer.
Lease details include over 90% leased on multi-year NNN leases, with the retail space and the medical suite leased. One of the two upper office areas is leased, while the other area is listed for lease. The warehouse portion is leased, and the basement storage space is leased to a separate tenant. Built in 1987, the property totals 18,219 SF.
Key Highlights
- Two‑story flex space combining retail, a medical suite, office areas, warehouse, and basement storage
- Front ground‑floor retail and medical suite are leased; upper floors have two separated office areas (one leased, one listed)
- Medical suite features its own entrances, HVAC, security systems, and dedicated bathrooms for a self‑contained setup
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
$159,445
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
4.69%
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%
$3,188,900
$3.2M
Cap Rate 7%
$2,277,786
$2.3M
Cap Rate 9%
$1,771,611
$1.8M
Market Conditions
NOI Build-Up for 18,219 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
$284.2K $15.60/SF
− Vacancy
−$18.5K −$1.01/SF
EGI
$265.7K $14.59/SF
− OpEx
−$106.3K −$5.83/SF
NOI
$159.4K $8.75/SF
Area
Allentown, PA
Vacancy
6.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
40.00%
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%
$3,188,900
Cap Rate 7%
$2,277,786
Cap Rate 9%
$1,771,611
Alternative Uses
Best Use
Healthcare Medical
$2.28M
$1.99M – $2.66M
NOI $159,445 @ 7.0% cap · market cap 4.69%
Second Best
Warehouse
$1.61M
$1.41M – $1.88M
NOI $112,630 @ 7.0% cap · market cap 3.31%
Theoretical Best
Specialty Retail
$3.58M
$3.13M – $4.18M
NOI $250,548 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
3
Drive-in doors
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 18109, PA
18,915
Population
7,395
Households
2.6
Avg Household Size
37
Median Age
19%
College-Educated
80%
High-School Grad
8.2 sq mi
ZIP Area
2,307
Density / Sq Mi
$55,437
Median Household Income
$36,632
Median Earnings
$1,239
Median Rent
$180,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex space on a signalized corner with a clear-span warehouse, retail and medical suite, and central air plus public utilities.
Where is this flex space located?
The property is located at 622 Union Boulevard Allentown, PA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Two‑story flex space combining retail, a medical suite, office areas, warehouse, and basement storage; Front ground‑floor retail and medical suite are leased; upper floors have two separated office areas (one leased, one listed); Medical suite features its own entrances, HVAC, security systems, and dedicated bathrooms for a self‑contained setup
