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Key Details
Sold Price $700,000
Property Type Commercial
Sub Type Five Or More Units
Listing Status Sold
Purchase Type For Sale
Square Footage 3,945 sqft
Price per Sqft $177
MLS Listing ID PALH2007740
Sold Date 06/28/24
Originating Board BRIGHT
Year Built 1870
Annual Tax Amount $4,264
Tax Year 2022
Lot Size 1,661 Sqft
Acres 0.04
Lot Dimensions 23.00 x 72.23
Property Description
NEW LOOK AND COMPLETED CITY CO INSPECTIONS! NEWLY PAINTED OUTSIDE. $79,200 Gross Income, $65450 Net Income, 9% Cap at new price. Will have a clear CO for sale form Allentown--so Nothing to do here! These prideful owners have invested hundreds of thousands to modernize this 5-unit apartment building. All 5 units have been FULLY RENOVATED from top to bottom with fresh paint, new HARDWOOD flooring, energy-efficient windows, newly tiled bathrooms, and all-new kitchens with GRANITE countertops, & DISHWASHERS. The building features ALL-BRICK construction and has a well-maintained roof. The property is fully occupied with tenants paying all utilities including reimbursement for water/sewer. These are great tenants who treat their apartments beautifully. Rare to find this type of property so close to the city center, in downtown with many properties being purchased by out-of-state (NYC) investors. Located in downtown Allentown, next to the city center, and within walking distance of all attractions, restaurants, sports games, and near all interstates. Owners are in the process of installing coin-operated washers/dryers which create additional revenue. The ownership group is listing over 25 multi-family units available in addition to this property. *Seller is a licensed real estate agent. **
Location
State PA
County Lehigh
Area Allentown City (12302)
Zoning R-MH
Interior
Hot Water Electric
Heating Baseboard - Electric
Cooling None
Heat Source Electric
Exterior
Garage Spaces 6.0
Waterfront N
Water Access N
Accessibility 2+ Access Exits
Parking Type On Street, Driveway
Total Parking Spaces 6
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Allentown
Others
Tax ID 640711063389-00001
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Bought with james J Reardon • eXp Commercial