Two-Unit Brick
New
For Sale
$219,900
67 West Union Boulevard, Bethlehem, PA 18018
Both residences are occupied under month-to-month tenancies.
Property Size1,384 SF
Days on Market4
Property Features for 67 West Union Boulevard
General Information
Standard status
Active
Size
1,384 SF
Property subtype
Apartment
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Additional Details
Gross Income
$21,900
Taxes and HOA fees
Annual Taxes
$3,238
Building Details
Building Size
1,384 SF
Year Built
1900
Construction
brick
Listing Agency:
Coldwell Banker Hearthside
Listed By:
Nick Smith
(610) 465-5600
Source:
Bhhspaulfordrealtors
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 2:22PM
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 Coldwell Banker Hearthside
Investment Insights
Based on property information with market context.
Built in 1900, this brick duplex contains two one-bedroom residences and a full basement. The first-floor apartment measures roughly 490 square feet. The second spans two levels and roughly 900 square feet, with its upper floor currently used for storage.
Each apartment has its own gas meter, water heater, and electric panel. Residents pay for heat, trash, and electricity; the owner covers water, sewer, and insurance. Parking is on the street. Both residences can be viewed by appointment with 24 hours’ notice.
Each apartment has its own gas meter, water heater, and electric panel. Residents pay for heat, trash, and electricity; the owner covers water, sewer, and insurance. Parking is on the street. Both residences can be viewed by appointment with 24 hours’ notice.
Key Highlights
- Two one‑bedroom apartments in a brick duplex built in 1900
- First‑floor residence measures roughly 490 square feet
- Two‑level residence spans roughly 900 square feet; upper level used for storage
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
$9,257
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
4.21%
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%
$185,140
$185.1K
Cap Rate 7%
$132,243
$132.2K
Cap Rate 9%
$102,856
$102.9K
Market Conditions
NOI Build-Up for 1,384 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
$14.3K $10.32/SF
− Vacancy
−$1.1K −$0.76/SF
EGI
$13.2K $9.56/SF
− OpEx
−$4.0K −$2.87/SF
NOI
$9.3K $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%
$185,140
Cap Rate 7%
$132,243
Cap Rate 9%
$102,856
Alternative Uses
Best Use
Multifamily LT 5
$132.2K
$115.7K – $154.3K
NOI $9,257 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$115.5K
$101.1K – $134.8K
NOI $8,085 @ 7.0% cap · market cap 3.68%
Theoretical Best
Mixed Use
$203.5K
$178.1K – $237.5K
NOI $14,247 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,267
Businesses Nearby
Explore this area
Business Placement
Demographics for 18018, PA
32,388
Population
14,669
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
92%
High-School Grad
5.2 sq mi
ZIP Area
6,228
Density / Sq Mi
$71,968
Median Household Income
$43,471
Median Earnings
$1,261
Median Rent
$224,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Both residences are occupied under month-to-month tenancies.
Where is this duplex located?
The property is located at 67 West Union Boulevard Bethlehem, PA.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Two one‑bedroom apartments in a brick duplex built in 1900; First‑floor residence measures roughly 490 square feet; Two‑level residence spans roughly 900 square feet; upper level used for storage
