Eight-Unit Apartment
For Sale
Contact for pricing
682-684 Hayes Street, Bethlehem, PA 18015
Fully occupied multifamily property with a two-car garage and established utility payment arrangements.
Property Size5,532 SF
Price / SF$179.86
Days on Market41
Property Features for 682-684 Hayes Street
General Information
Standard status
Active
Size
5,532 SF
Class
C
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
04RM
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$95,728
Additional Details
Multifamily Units
8
Building Details
Year Built
1905
Buildings
1
Stories
3
Units
8
Tenancy
Multi
Listing Agency:
Steel City Realty
(484) 895-9005
Listed By:
Jennifer DeJesus · License #PA RM423820
Source:
Crexi
Added: Jul 23
Changed: Aug 30
Last Checked: Sep 1 at 6:12AM
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 Steel City Realty
Investment Insights
Based on property information with market context.
This 5,532-square-foot apartment building contains 8 units and was constructed in 1905. The property is fully occupied and includes a 2-car garage, providing dedicated accessory space for the asset. Zoning is designated 04RM.
Utility responsibilities are divided between ownership and residents. The landlord currently pays water, sewer, and trash, while tenants pay electric. Several units have already transitioned to tenant-paid utilities, creating a documented operating structure that can be evaluated across the remaining units.
The property is located at 682-684 Hayes Street in Bethlehem, Pennsylvania, within ZIP Code 18015.
Utility responsibilities are divided between ownership and residents. The landlord currently pays water, sewer, and trash, while tenants pay electric. Several units have already transitioned to tenant-paid utilities, creating a documented operating structure that can be evaluated across the remaining units.
The property is located at 682-684 Hayes Street in Bethlehem, Pennsylvania, within ZIP Code 18015.
Key Highlights
- 8‑unit apartment property with full occupancy
- 5,532 square feet, built in 1905
- 2‑car garage included
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
$32,317
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
3.25%
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%
$646,340
$646.3K
Cap Rate 7%
$461,671
$461.7K
Cap Rate 9%
$359,078
$359.1K
Market Conditions
NOI Build-Up for 5,532 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
$63.7K $11.52/SF
− Vacancy
−$5.0K −$0.90/SF
EGI
$58.8K $10.62/SF
− OpEx
−$26.4K −$4.78/SF
NOI
$32.3K $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%
$646,340
Cap Rate 7%
$461,671
Cap Rate 9%
$359,078
Alternative Uses
Best Use
Apartment 5plus
$461.7K
$404.0K – $538.6K
NOI $32,317 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$813.5K
$711.8K – $949.1K
NOI $56,945 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Explore this area
Business Placement
Demographics for 18015, PA
33,286
Population
12,867
Households
2.6
Avg Household Size
32
Median Age
31%
College-Educated
87%
High-School Grad
23.2 sq mi
ZIP Area
1,435
Density / Sq Mi
$58,470
Median Household Income
$32,703
Median Earnings
$1,310
Median Rent
$243,100
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 - Fully occupied multifamily property with a two-car garage and established utility payment arrangements.
Where is this apartment building located?
The property is located at 682-684 Hayes Street Bethlehem, PA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 8‑unit apartment property with full occupancy; 5,532 square feet, built in 1905; 2‑car garage included
