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Property profile & analytics
FOR LEASE
Grocery and convenience stores
2323 Lehigh St Allentown, PA 18103
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US73-2323794
For Lease
1 / 2
$6,940,000
2323 Lehigh St, Allentown, PA 18103
View Listing →
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
1967
Total area
81,324 SF
Lot
8.33 ac (362,855 SF)
Zoning code
B-3
APN
549588867220-1
UPID
US73-2323794
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Redner's Grocery & Convenience Store Food Market
-
Primo Water Refill & Exchange Big Box & Wholesale Store
-
Coinstar Kiosk | Bitcoin ATM Atm Currency Exchange Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.98M
Blend (final)
Blend
$6.94M
Owner & transaction history
Milelli Realty Lehigh Street LLC · 2 yrs held
Milelli Realty Lehigh Street LLC
since 2024
4 recorded transactions
Zoning & alternative use
B-3 · Allentown, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$11.0M
+21.9%
Commercial (general)
$10.1M
+11.5%
Apartment house (5+ units)
$9.4M
+4.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Allentown submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Allentown submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$9,035,000
Current use
OFFICE BUILDING
$11,010,000
Change: +22% · Conversion: Easy
COMMERCIAL (GENERAL)
$10,070,000
Change: +11% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$9,415,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$6.94M
Range $6.25M – $7.63M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$85 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$215,426
Tax year 2024
Assessed value
$6,250,000
Assessed 2024
Previous assessed
$6,250,000
+0.0% YoY
Effective rate
3.45%
On assessed value
Assessed land
$1,176,400
Assessed improvement
$5,073,600
Land market value
$1,176,400
Improvement market value
$5,073,600
Total market value
$6,250,000
Applied tax rate
12.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
For Lease
Year built
1967
Heating
YES
Cooling
YES
Buildings
2
Stories
1
Total area
81,324 SF
Lot
8.33 ac (362,855 SF)
Zoning code
B-3
APN
549588867220-1
UPID
US73-2323794
Jurisdiction
LEHIGH
Zoning & alternative use
B-3 · Allentown, PA
Zoning B-3 · permitted uses
B-3 · Allentown, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Allentown. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$9.0M
OFFICE BUILDING
Est. value
$11.0M
COMMERCIAL (GENERAL)
Est. value
$10.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$9.4M
RETAIL STORES Current
OFFICE BUILDING
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1967
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Lot
8.33 ac
Current owner
From public records · entity-resolved
Milelli Realty Lehigh Street LLC
Entity
Mailing address
PO BOX 2229, MORRISTOWN, NJ 07962-2229
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 21, 2024
—
Milelli Realty Lehigh Street LLC
—
Deed
related
$1,500,000 · American Bank
Jul 19, 2023
—
Mililli Realty Lehigh Street LLC
—
Deed
related
$7,000,000 · American Bank
—
—
Realty-lehigh Street L Milelli
—
Deed Of Trust
related
$4,900,000 · National Penn Bank
—
—
Realty-lehigh Street L Milelli
—
Deed Of Trust
related
$650,000 · National Penn Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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