Well-Maintained Office Building in
For Sale
$1,200,000
667 Union Blvd, Allentown, PA 18109
Single-tenant office building suitable for owner occupancy or investment.
Property Size7,356 SF
Price / SF$163.13
Days on Market174
Property Features for 667 Union Blvd
General Information
Standard status
Active
Size
7,356 SF
Class
C
Property subtype
Office
Building Details
Building Size
7,356 SF
Year Built
1961
Listing Agency:
NAI Summit
Listed By:
Sarah Finney Miller · License #PA #AB067520
(610) 554-5695
Source:
Naisummit
Added: Mar 26
Changed: Sep 14
Last Checked: Sep 15 at 10:02AM
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 NAI Summit
Investment Insights
Based on property information with market context.
This well-maintained single-tenant office building, located on Union Blvd in Allentown, PA, presents an opportunity for either an owner-user or an investor. The property's location offers convenient access to downtown amenities and Route 22. The building's layout allows for the possibility of dividing the facility into a multi-tenant occupancy. The first floor features an open lobby, two large open office areas suitable for workstations, three conference rooms of varying sizes, two private offices, ample storage space, a kitchenette, and multiple restrooms. The second floor provides a range of private, small, and large office areas, as well as restrooms. A small basement is available for storage. The property includes an on-site lot with the potential for up to 14 parking spaces, supplemented by additional on-street parking. The building has a size of 7356 square feet.
Key Highlights
- Convenient location on Union Blvd in Allentown, PA, close to downtown and Route 22.
- Flexibility for owner/user occupancy or multi‑tenant conversion.
- Ample parking with up to 14 on‑site spaces plus on‑street parking.
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
$39,934
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
3.33%
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%
$798,680
$798.7K
Cap Rate 7%
$570,486
$570.5K
Cap Rate 9%
$443,711
$443.7K
Market Conditions
NOI Build-Up for 7,356 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
$57.4K $7.80/SF
− Vacancy
−$4.1K −$0.56/SF
EGI
$53.2K $7.24/SF
− OpEx
−$13.3K −$1.81/SF
NOI
$39.9K $5.43/SF
Area
Allentown, PA
Vacancy
7.20%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
25.00%
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%
$798,680
Cap Rate 7%
$570,486
Cap Rate 9%
$443,711
Alternative Uses
Best Use
Office B
$570.5K
$499.2K – $665.6K
NOI $39,934 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.45M
$1.26M – $1.69M
NOI $101,160 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Single-tenant office building suitable for owner occupancy or investment.
Where is this office building located?
The property is located at 667 Union Blvd Allentown, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Convenient location on Union Blvd in Allentown, PA, close to downtown and Route 22.; Flexibility for owner/user occupancy or multi‑tenant conversion.; Ample parking with up to 14 on‑site spaces plus on‑street parking.
