Brick Masonry Residential Income
For Sale
$7,500,000
915 921 W Hamilton Street, Allentown, PA 18101
SINGLE_FAMILY - Allentown City, PA
Property Size18,124 SF
Lot Size0.46 Acres
Price / SF$413.82
Days on Market431
Property Features for 915 921 W Hamilton Street
General Information
Property type
Residential
Property subtype
Office
Zoning
B-2-CENTRAL BUSINESS
Parking
40
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
: Route 22 to Route 145 S, Right on Linden St, Left on N Fountain St, Left on Hamilton St.
Subdivision
Allentown-Central
Standard status
Active
APN
549790706678001
Size
18,124 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Annual Amount
38863
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall Unit(s), Central Air
Water source
Public
Building Details
Year built
1900
Building materials
Brick, Masonry
Roof type
Flat
Listing Agency:
CENTURY 21 Keim Realtors · Century 21 Real Estate
(610) 395-0393
Listed By:
Loren K. Keim Jr. · License #RB-045762-L
(877) 208-4158
Added: Jun 9, 2025
Changed: Jul 28
Last Checked: Aug 13 at 7:06AM
MLS# 759010
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.
This brick and masonry, five-building residential income property sits on a 0.458-acre corner lot and includes 21 total units, comprised of 17 residential units and 4 storefront units. The building is served by public water and public sewer, with natural gas heat and a mix of wall unit(s) and central air cooling. The property was built in 1900 and features a flat roof.
The site is located at the corner of Hamilton and Fountain in the same block as PPL Tower. Zoned B-2-CENTRAL BUSINESS, it is also identified in the NIZ tax opportunity zone. The property backs up to an Allentown Authority parking garage.
Renderings are available for redevelopment concepts including an 11-story, 300-unit hotel with underground parking, an office building, or a mixed-use project with retail on the first floor, office on the second floor, and 7 to 10 stories of apartments above.
The site is located at the corner of Hamilton and Fountain in the same block as PPL Tower. Zoned B-2-CENTRAL BUSINESS, it is also identified in the NIZ tax opportunity zone. The property backs up to an Allentown Authority parking garage.
Renderings are available for redevelopment concepts including an 11-story, 300-unit hotel with underground parking, an office building, or a mixed-use project with retail on the first floor, office on the second floor, and 7 to 10 stories of apartments above.
Key Highlights
- Five buildings on a 0.458‑acre corner lot
- 21 units total: 17 residential units and 4 storefronts
- Zoned B‑2‑CENTRAL BUSINESS and located in the NIZ tax opportunity zone
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
$223,232
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
2.98%
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%
$4,464,640
$4.5M
Cap Rate 7%
$3,189,029
$3.2M
Cap Rate 9%
$2,480,356
$2.5M
Market Conditions
NOI Build-Up for 18,124 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
$337.1K $18.60/SF
− Vacancy
−$18.2K −$1.00/SF
EGI
$318.9K $17.60/SF
− OpEx
−$95.7K −$5.28/SF
NOI
$223.2K $12.32/SF
Area
Allentown, PA
Vacancy
5.40%
Lease Rate
$18.60 /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%
$4,464,640
Cap Rate 7%
$3,189,029
Cap Rate 9%
$2,480,356
Alternative Uses
Best Use
Retail
$3.19M
$2.79M – $3.72M
NOI $223,232 @ 7.0% cap · market cap 2.98%
Second Best
Apartment 5plus
$2.39M
$2.09M – $2.79M
NOI $167,227 @ 7.0% cap · market cap 2.23%
Theoretical Best
Specialty Retail
$3.56M
$3.12M – $4.15M
NOI $249,241 @ 7.0% cap · market cap 3.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,738
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 94%
Apparel 6%
Sunoco
Shops & Services
12,060 visits/mo
0.1 miles
Family Dollar
Shops & Services
7,924 visits/mo
0.4 miles
Clean Rite Center
Shops & Services
3,209 visits/mo
0.0 miles
Truist
Shops & Services
2,830 visits/mo
0.1 miles
Bank of America
Shops & Services
2,611 visits/mo
0.1 miles
Demographics for 18101, PA
5,108
Population
2,686
Households
1.9
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
0.3 sq mi
ZIP Area
17,027
Density / Sq Mi
$41,542
Median Household Income
$34,397
Median Earnings
$1,337
Median Rent
$153,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Five-building residential income site with 21 units, including four storefronts, plus central air and natural gas heating.
Where is this residential income property located?
The property is located at 915 921 W Hamilton Street Allentown, PA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Five buildings on a 0.458‑acre corner lot; 21 units total: 17 residential units and 4 storefronts; Zoned B‑2‑CENTRAL BUSINESS and located in the NIZ tax opportunity zone
