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    1824-1826 Hanover Ave Allentown, PA 18109

    For Sale
    $2,800,000

    Landmark Restaurant, Apartments, & Parking

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional Allentown, PA investment opportunity presents a unique blend of commercial and residential real estate. The property, located at 1824-1826 Hanover Ave, encompasses a long-standing (56 years) landmark restaurant and bar with a seating capacity of 240, complete with a liquor license. The sale includes the restaurant/bar business, along with three income-producing apartments and four on-site garages. Adding to the value, two additional parcels (1902 Hanover Ave and 1810 Hanover Ave) are included, totaling over one acre of land. 1902 Hanover Ave is a two-unit residential building currently used for additional restaurant parking, while 1810 Hanover Ave serves as overflow parking. This turnkey property offers significant cash flow potential and substantial room for expansion. The combined property, classified as retail and multifamily, sits on a one-acre lot in Lehigh County, PA (zip code 18109). This is a rare chance to acquire a thriving, established business and a valuable real estate portfolio in a prime location. The asking price is $2,800,000.

    Property Features for 1824-1826 Hanover Ave

    General Information

    Property type
    Restaurants
    Lot Size
    43,560 SF

    Building Details

    Units
    2

    HighLights

    • Established landmark restaurant/bar, 56 years in operation, liquor license included.
    • 240‑seat capacity.
    • Three income‑producing apartments and four garages on‑site.
    • Three parcels totaling approximately one acre included.
    • Adjacent two‑unit building provides additional restaurant parking.
    • Separate overflow parking lot included.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Allentown
    County
    Lehigh
    State
    Pennsylvania
    Longitude
    -75.4277866
    Latitude
    40.6211767

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    FAQs

    What type of property is this?
    Restaurant - Landmark Restaurant, Apartments, & Parking
    Where is this restaurant located?
    The property is located at 1824-1826 Hanover Ave Allentown, PA.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: Established landmark restaurant/bar, 56 years in operation, liquor license included.; 240-seat capacity.; Three income-producing apartments and four garages on-site.
    Request Owner's contact information
    1824-1826 Hanover Ave Allentown, PA 18109
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1824-1826 Hanover Ave Allentown, PA 18109
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