Approved 55+ Multifamily Redevelopment
For Sale
$3,330,000
659 Broad Street Emmaus, Emmaus, PA 18049
Vacant three-story structure with approvals for conversion to 55+ age-restricted housing, supported by major systems already in place.
Property Size22,718 SF
Lot Size0.71 Acres
Price / SF$188.58
Days on Market48
Property Features for 659 Broad Street Emmaus
General Information
Standard status
Active
Size
22,718 SF
Total Parking Spaces
31
Lot size
0.71 Acres
Zoning
R-HO - HIGH DENSITY
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Multifamily Units
28
Taxes and HOA fees
Annual Taxes
$62,704
Building Details
Building Size
22,718 SF
Year Built
1922
Year Renovated
2004
Stories
3
Listing Agency:
(609) 881-2414
Listed By:
Carl SanFilippo
(609) 881-2414
Source:
Mercercountyhomesforsale
Added: Jun 30
Changed: Aug 8
Last Checked: Jul 16 at 1:50AM
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 Carl SanFilippo
Investment Insights
Based on property information with market context.
Redevelopment opportunity at 659 Broad Street in Emmaus, featuring an existing three-story structure built in 1922 and 2004 on an approximately 0.71-acre site. The property was formerly an assisted living facility and is currently vacant and mid-construction. Interior demolition is almost entirely complete, and subfloor and framing work has progressed substantially. Electrical demo and temporary service are in place, and major plumbing is already installed. Several building systems and key infrastructure components are included, such as an elevator, sprinkler system, and smoke system control. Large-scale electrical upgrades are also part of the scope, including a new pole, custom meter bank, CT box, apartment panels, service cable, and extensive wiring and controls. New flooring for half of the apartments is included, damaged windows have been replaced, and a burglar system is installed and active.
Approvals are in place for conversion to a 55+ age-restricted multifamily apartment building under the applicable borough overlay/conditional use framework. The project supports 28 approved residential units totaling 34 beds, including studio, one-bedroom, and two-bedroom apartment layouts.
This offering suits an experienced multifamily operator or redevelopment group seeking an already-approved age-restricted housing product in an established Emmaus residential setting. The property is positioned minutes from I-78, Route 29, and the PA Turnpike (476), supporting regional access to Allentown, Bethlehem, and surrounding employment corridors. Architectural and engineering plans, approval documentation, and additional project materials are available to qualified buyers, and the construction manager, electrical and HVAC contractors, and construction crew are available to assist with completion.
Approvals are in place for conversion to a 55+ age-restricted multifamily apartment building under the applicable borough overlay/conditional use framework. The project supports 28 approved residential units totaling 34 beds, including studio, one-bedroom, and two-bedroom apartment layouts.
This offering suits an experienced multifamily operator or redevelopment group seeking an already-approved age-restricted housing product in an established Emmaus residential setting. The property is positioned minutes from I-78, Route 29, and the PA Turnpike (476), supporting regional access to Allentown, Bethlehem, and surrounding employment corridors. Architectural and engineering plans, approval documentation, and additional project materials are available to qualified buyers, and the construction manager, electrical and HVAC contractors, and construction crew are available to assist with completion.
Key Highlights
- Approvals in place to convert a former assisted living facility into a 55+ age‑restricted multifamily building with 28 residential units (34 beds).
- Vacant, mid‑construction three‑story structure on ~0.71 acres (30,971 SF lot), with the original building built in 1922 and an additional 2004 structure.
- Interior demolition is nearly complete, and subfloor and framing are almost entirely complete.
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
3.10%
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 3.10%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$2.60M
$2.27M – $3.03M
NOI $181,767 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28
Residential units
Yes
Sprinkler system
Yes
Highway access
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 - Vacant three-story structure with approvals for conversion to 55+ age-restricted housing, supported by major systems already in place.
Where is this apartment building located?
The property is located at 659 Broad Street Emmaus Emmaus, PA.
What is the asking price?
The asking price for this property is $3,330,000.
What are key features of this property?
This property features: Approvals in place to convert a former assisted living facility into a 55+ age‑restricted multifamily building with 28 residential units (34 beds).; Vacant, mid‑construction three‑story structure on ~0.71 acres (30,971 SF lot), with the original building built in 1922 and an additional 2004 structure.; Interior demolition is nearly complete, and subfloor and framing are almost entirely complete.
