Emmaus Redevelopment Opportunity: 55+
For Sale
Contact for pricing
659 Broad St, Emmaus, PA 18049
Approved for 28 units, partially renovated, ideal for redevelopment.
Property Size17,658 SF
Lot Size0.71 Acres
Price / SF$167.06
Days on Market163
Property Features for 659 Broad St
General Information
Standard status
Active
Size
17,658 SF
Class
C
Total Parking Spaces
31
Lot size
0.71 Acres
Property subtype
Multifamily, Senior Living
Zoning
R-HO
Investment Type
Redevelopment
Building Details
Year Built
1922
Year Renovated
2025
Buildings
1
Stories
2
Units
28
Listing Agency:
Serhant Real Estate
(215) 383-0117
Listed By:
Sam Del Rosario · License #PA AB069329
Source:
Crexi
Added: Mar 1
Changed: Aug 8
Last Checked: Aug 8 at 2:39PM
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 Serhant Real Estate
Investment Insights
Based on property information with market context.
This property presents a redevelopment opportunity in Emmaus, approved for conversion into a 55+ age-restricted multifamily apartment building. Situated on approximately 0.71 acres (30,971 square feet), the site features a three-story structure originally constructed in 1922, with an addition built in 2004. Approvals are in place for 28 residential units, accommodating 34 beds in studio, one-bedroom, and two-bedroom apartments, in accordance with the borough overlay and conditional use framework. The property, formerly an assisted living facility, is currently vacant and in mid-construction. Interior demolition, subflooring, and framing are largely complete. Electrical demolition and temporary service are established, and major plumbing has been installed. Existing systems include an elevator, sprinkler system, and smoke control. Major electrical components are included, such as a new pole, custom meter bank, CT box, apartment panels, service cable, and extensive wiring. New flooring for approximately half of the units is included, and damaged windows have been replaced. A burglar system is installed and active. The property is located in Emmaus, a supply-constrained Lehigh Valley submarket with limited new multifamily inventory and high barriers to entry. It offers convenient access to I-78, Route 29, and the PA Turnpike (476), providing connectivity to Allentown and Bethlehem. A construction manager and trades are available to assist the buyer in completing the renovation and stabilization. Plans and approvals are available to qualified buyers.
Key Highlights
- Approved redevelopment for 28 residential units (55+ age‑restricted multifamily apartment building).
- Located in Emmaus, a supply‑constrained Lehigh Valley submarket with limited multifamily inventory.
- Existing infrastructure includes elevator, sprinkler system, smoke control, and significant electrical components.
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
$103,154
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
3.50%
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%
$2,063,080
$2.1M
Cap Rate 7%
$1,473,629
$1.5M
Cap Rate 9%
$1,146,156
$1.1M
Market Conditions
NOI Build-Up for 17,658 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
$203.4K $11.52/SF
− Vacancy
−$15.9K −$0.90/SF
EGI
$187.6K $10.62/SF
− OpEx
−$84.4K −$4.78/SF
NOI
$103.2K $5.84/SF
Area
Lehigh County, PA
Vacancy
7.80%
Lease Rate
$11.52 /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%
$2,063,080
Cap Rate 7%
$1,473,629
Cap Rate 9%
$1,146,156
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,154 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$2.60M
$2.27M – $3.03M
NOI $181,767 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
804
Businesses Nearby
Explore this area
Business Placement
Demographics for 18049, PA
18,440
Population
7,659
Households
2.4
Avg Household Size
43
Median Age
38%
College-Educated
94%
High-School Grad
15.0 sq mi
ZIP Area
1,229
Density / Sq Mi
$93,924
Median Household Income
$44,310
Median Earnings
$1,316
Median Rent
$282,500
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 - Approved for 28 units, partially renovated, ideal for redevelopment.
Where is this apartment building located?
The property is located at 659 Broad St Emmaus, PA.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Approved redevelopment for **28 residential units** (55+ age‑restricted multifamily apartment building).; Located in Emmaus, a supply‑constrained Lehigh Valley submarket with limited multifamily inventory.; Existing infrastructure includes **elevator, sprinkler system, smoke control**, and significant electrical components.
