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Property profile & analytics
OFF-MARKET
Estimated value
$15,550,000
Office buildings
605 Waterfront Dr 631 Allentown, PA 18102-5549
Entity Owned
6-yr Hold
Free & Clear
Property ID
US73-4296412
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2023
Total area
133,912 SF
Lot
0.79 ac (34,282 SF)
Zoning code
I-3
APN
640755150613-1
UPID
US73-4296412
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$11.93M
Comparable Approach
Comparable
$18.83M
Blend (final)
Blend
$15.55M
Owner & transaction history
Waterfront 615 LP · 6 yrs held
Waterfront 615 LP
since 2020
Last sale
$28,690
7 recorded transactions
Zoning & alternative use
I-3 · Allentown, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$25.5M
+80.4%
Apartment house (5+ units)
$15.3M
+8.1%
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%
$12,925,000
6.5%
$11,930,000
7%
$11,080,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$14,110,000
Current use
AUTO REPAIR, GARAGE
$25,450,000
Change: +80% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$15,250,000
Change: +8% · Conversion: Easy
COMMERCIAL (GENERAL)
$13,570,000
Change: -4% · Conversion: Easy
RETAIL STORES
$12,740,000
Change: -10% · Conversion: Moderate
Blend value · Realmo final
$15.55M
Range $14.00M – $17.11M · ±10% · vs last sale $29k (Jan 8 2020)
Last sale anchor
$29k
Jan 8 2020
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
$116 / 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
$592,460
Tax year 2024
Assessed value
$19,168,900
Assessed 2024
Previous assessed
$31,500
+60,753.7% YoY
Effective rate
3.09%
On assessed value
Assessed land
$31,500
Assessed improvement
$19,137,400
Land market value
$31,500
Improvement market value
$19,137,400
Total market value
$19,168,900
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2023
Heating
YES
Cooling
YES
Stories
6
Total area
133,912 SF
Lot
0.79 ac (34,282 SF)
Zoning code
I-3
APN
640755150613-1
UPID
US73-4296412
Jurisdiction
LEHIGH
Zoning & alternative use
I-3 · Allentown, PA
Zoning I-3 · permitted uses
I-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
OFFICE BUILDING Current
Est. value
$14.1M
AUTO REPAIR, GARAGE
Est. value
$25.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$15.3M
COMMERCIAL (GENERAL)
Est. value
$13.6M
RETAIL STORES
Est. value
$12.7M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
RETAIL STORES
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
2023
Heating
YES
Cooling
Yes
Stories
6
Lot
0.79 ac
Current owner
From public records · entity-resolved
Waterfront 615 LP
Entity
Free & Clear · 6 yrs held
Mailing address
1519 HAMILTON ST, ALLENTOWN, PA 18102-4211
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 22, 2024
—
Waterfront 615 LP
—
Deed
related
$7,500,000 · Fulton Bank NA
Feb 9, 2022
—
Waterfront 615 LP
—
Deed
related
$2,149,219 · Fulton Bank NA
Jan 8, 2020
—
Waterfront 615 LP
Waterfront 615 LP
Quit Claim Deed
related
—
Sep 19, 2019
—
Waterfront Plazas LP
Waterfront 615 LP
Quit Claim Deed
—
Sep 19, 2019
$28,690
Waterfront 560 LP
Wharf Street Parking LP
Grant Deed
—
Sep 16, 2016
—
Waterfront 615 LP
Waterfront Redev Ptrs LP
Quit Claim Deed
related
—
Sep 12, 2016
—
Waterfront 615 LP
Owner Name Unavailable
Grant Deed
related
—
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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