Turnkey Six-Unit Apartment
For Sale
$1,395,000
732 W Tilghman Street, Allentown, PA 18102
MULTI_FAMILY - Allentown City, PA
Property Size7,076 SF
Lot Size0.08 Acres
Price / SF$197.15
Days on Market96
Property Features for 732 W Tilghman Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-MH
Bedrooms
14
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 9, Bedroom 6, Bedroom 5, Bathroom 3, Bathroom 1, Bathroom 6, Bathroom 5, Bedroom 7, Bedroom 8, Bedroom 12, Bathroom 2, Bedroom 11, Bedroom 10, Bedroom 14, Bedroom 13
Parking
6
Parking features
Garage
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
South on 7th street - Right on Tilghman - Building on Left
Standard status
Active
APN
549793368631 1
Size
7,076 SF
Lot size
0.08 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Amenities
in-unit washer/dryers
security cameras
Building Details
Floors in Building
3
Number of units
6
Building materials
Brick
Listing Agency:
BHHS Regency Real Estate · Prudential Real Estate
(610) 432-5252
Listed By:
Andrew A. Ginsburg
(610) 393-0892
Added: May 5
Changed: Aug 1
Last Checked: Aug 8 at 1:06PM
MLS# 774455
Copyright © 2026 Greater Lehigh Valley REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
732 W Tilghman Street is a turnkey six-unit apartment building built with brick construction and positioned for low-maintenance operations. The property was fully gut renovated down to the brick walls and rebuilt with new interior construction, including a new roof, new windows, new drywall, new trim and doors, recessed lighting, and updated interiors throughout. Unit features include hardwood flooring, white shaker cabinetry, quartz countertops, and in-unit washer/dryers. Heating is electric baseboard, and hot water is electric, with separate electric utilities for the apartments.
The building is served by public water and public sewer. Parking is provided with a garage, and the property also includes security cameras.
Set on a 0.076-acre lot with a total property size of 7,076 square feet, this R-MH zoned multifamily asset is designed to support stable day-to-day management with the major renovation work already completed.
The building is served by public water and public sewer. Parking is provided with a garage, and the property also includes security cameras.
Set on a 0.076-acre lot with a total property size of 7,076 square feet, this R-MH zoned multifamily asset is designed to support stable day-to-day management with the major renovation work already completed.
Key Highlights
- Six‑unit apartment building with brick construction
- Fully gut renovated down to the brick walls and rebuilt with new interiors
- New roof and new windows plus updated interiors and recessed lighting
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
$65,289
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
4.68%
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%
$1,305,780
$1.3M
Cap Rate 7%
$932,700
$932.7K
Cap Rate 9%
$725,433
$725.4K
Market Conditions
NOI Build-Up for 7,076 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
$127.4K $18.00/SF
− Vacancy
−$8.7K −$1.22/SF
EGI
$118.7K $16.78/SF
− OpEx
−$53.4K −$7.55/SF
NOI
$65.3K $9.23/SF
Area
Allentown, PA
Vacancy
6.80%
Lease Rate
$18.00 /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%
$1,305,780
Cap Rate 7%
$932,700
Cap Rate 9%
$725,433
Alternative Uses
Best Use
Apartment 5plus
$932.7K
$816.1K – $1.09M
NOI $65,289 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.39M
$1.22M – $1.62M
NOI $97,309 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,574
Businesses Nearby
Explore this area
Business Placement
Demographics for 18102, PA
51,567
Population
18,788
Households
2.7
Avg Household Size
32
Median Age
11%
College-Educated
76%
High-School Grad
3.0 sq mi
ZIP Area
17,189
Density / Sq Mi
$40,681
Median Household Income
$29,501
Median Earnings
$1,224
Median Rent
$146,600
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 - R-MH zoned, brick six-unit building with public water and sewer and renovated interiors, including in-unit washer/dryers.
Where is this apartment building located?
The property is located at 732 W Tilghman Street Allentown, PA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Six‑unit apartment building with brick construction; Fully gut renovated down to the brick walls and rebuilt with new interiors; New roof and new windows plus updated interiors and recessed lighting
