Multifamily Property with
For Sale
Contact for pricing
915 Hamilton St, Allentown, PA 18101
Five-building corner property with 21 units, including four storefronts, on Hamilton and Fountain in Allentown.
Property Size18,124 SF
Price / SF$413.82
Days on Market407
Property Features for 915 Hamilton St
General Information
Standard status
Active
Size
18,124 SF
Property subtype
OFFICE
Additional Details
Gross Income
$269,700
Corner Location
Yes
Multifamily Units
17
Building Details
Buildings
5
Tenancy
Multi
Listing Agency:
CENTURY 21 Keim Realtors
(610) 657-5095
Listed By:
Loren Keim Jr. · License #RB-045762-L
(610) 657-5095
Source:
Moodyscre
Added: Jul 1, 2025
Changed: Aug 8
Last Checked: Aug 11 at 11:36AM
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 CENTURY 21 Keim Realtors
Investment Insights
Based on property information with market context.
This five-building property occupies a nearly half-acre corner at Hamilton and Fountain, in the same block as PPL Tower. The site currently contains 21 units, including four storefronts and 17 residential units. Reported gross income is $269,700, with an NOI over $200,000.
The property is described as being located in the NIZ tax opportunity zone. Renderings are available for a major redevelopment concept, including an 11-story, 300-unit hotel with underground parking, as well as alternative redevelopment approaches such as an office building or mixed-use project.
For investors or developers seeking an assemblage-like redevelopment platform with existing income-producing units and multiple structures on one corner site, this property offers a clear starting point with room for future repositioning options supported by available renderings.
The property is described as being located in the NIZ tax opportunity zone. Renderings are available for a major redevelopment concept, including an 11-story, 300-unit hotel with underground parking, as well as alternative redevelopment approaches such as an office building or mixed-use project.
For investors or developers seeking an assemblage-like redevelopment platform with existing income-producing units and multiple structures on one corner site, this property offers a clear starting point with room for future repositioning options supported by available renderings.
Key Highlights
- Five‑building corner property on Hamilton and Fountain in Allentown (same block as PPL Tower).
- Currently has 21 units total, including 4 storefronts and 17 residential units.
- Gross Income of $269,700 based on current configuration.
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
Location Intelligence
Trade Area within ½ mile
529
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-building corner property with 21 units, including four storefronts, on Hamilton and Fountain in Allentown.
Where is this apartment building located?
The property is located at 915 Hamilton St 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‑building corner property on Hamilton and Fountain in Allentown (same block as PPL Tower).; Currently has 21 units total, including 4 storefronts and 17 residential units.; Gross Income of $269,700 based on current configuration.
