UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 6,300 sqft
Price per Sqft $230
MLS Listing ID PALH2011462
Originating Board BRIGHT
Year Built 2001
Annual Tax Amount $9,905
Tax Year 2022
Lot Size 1,656 Sqft
Acres 0.04
Lot Dimensions 62.00 x 80.00
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 Baseboard - Hot Water
Cooling None
Flooring Luxury Vinyl Plank, Partially Carpeted
Heat Source Oil
Exterior
Garage Spaces 14.0
Water Access N
Accessibility 2+ Access Exits, 36\"+ wide Halls
Total Parking Spaces 14
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Northern Lehigh
Others
Tax ID 556213439858-00001
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
