6,302 SqFt
6,302 SqFt
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 6,302 sqft
Price per Sqft $230
MLS Listing ID PALH2011420
Originating Board BRIGHT
Year Built 1875
Annual Tax Amount $9,023
Tax Year 2022
Lot Size 0.700 Acres
Acres 0.7
Lot Dimensions 145.00 x 209.50
Property Sub-Type Five Or More Units
Property Description
Cash Flow: Generates $184,164 in annual gross rent, with a Year 1 net operating income (NOI) of $91,586.
Below-Market Rents: Current rents average $1,279/unit/month, while local comps suggest $1,342-$1,550/unit/month. Raising rents by 5%-10% could increase gross rent to $193,372-$202,584 annually, boosting NOI by $9,208-$18,420 with no added costs.
Annual expenses of $92,578 include property taxes, insurance, and management, common area electric, maintenance, landscaping & snow removal, oil heat, sewer, water, trash.
Property Details:
211-215 1st St: 6-unit, 3-story low-rise (6,300 sq.ft., built 2001) with oil heating and public water/sewer. Lot: 62x80 (4,960 sq.ft.).
203 1st St: 6-unit residential conversion (6 apts, 6,302 sq.ft. total, built 1875) on a sprawling 33,000 sq.ft. lot Features a garage for extra income potential.
Upside Opportunities:
Revenue Growth: Increasing rents to market rates for an annual gross of $193,372, increasing NOI to $100,800.
Cost Efficiency: Reduce the expense ratio by optimizing landscaping/snow removal or billing tenants for sewer, water, & trash. Convert 6 units at 211-215 1st St. to tenant paid electric baseboard heat eliminating the oil heat. This turnkey asset delivers immediate cash flow, a 6.32% cap rate, and a clear path to scale returns.
Location
State PA
County Lehigh
Area Slatington Boro (12318)
Zoning TR
Interior
Hot Water Electric
Heating Hot Water & Baseboard - Electric, Baseboard - Electric
Cooling None
Heat Source Electric, Oil
Exterior
Garage Spaces 14.0
Water Access N
Accessibility None
Total Parking Spaces 14
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Northern Lehigh
Others
Tax ID 556213544409-00001
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
1619 Walnut St 4th FL, Philadelphia, PA, 19103, United States