Description
OPEN HOUSE 12/19 11-1 $131K Gross, $83K Net, PROJECTED 9.82% CAP @ ask. This property is a Class B, FOUR (4) - unit, mix with THREE luxury res units and ONE 4,500 SQFT storefront including a massive basement. The owner is in process of re-renting at market rents, but the prop is currently fully occupied, cash flowing, and turnkey with limited to no renovation needed. Building spans 230' X 21' feet with frontage on Hamilton, city center, next to PPL. PROPERTY could be REDEVELOPED with Sizable NIZ/OPP ZONE fed/state tax benefits, combined with Allentown's downtown revitalization & LIMITED HEIGHT RESTRICTION, this is an optimal site for a hotel, apartment building, corporate center, restaurant, or venue space. This property is also perfect to be rented as an Airbnb as there is not enough overnight supply in the area. Airbnb numbers could be between $300/$500 per unit during PPL event nights (Based on Comps). OWNER is willing to sell the pawn shop license/business. Sold "AS IS."
-
8BEDS
-
0.15ACRES
-
5BATHS
-
01/2 BATHS
-
9,681SQFT
-
$88$/SQFT
Description
OPEN HOUSE 12/19 11-1 $131K Gross, $83K Net, PROJECTED 9.82% CAP @ ask. This property is a Class B, FOUR (4) - unit, mix with THREE luxury res units and ONE 4,500 SQFT storefront including a massive basement. The owner is in process of re-renting at market rents, but the prop is currently fully occupied, cash flowing, and turnkey with limited to no renovation needed. Building spans 230' X 21' feet with frontage on Hamilton, city center, next to PPL. PROPERTY could be REDEVELOPED with Sizable NIZ/OPP ZONE fed/state tax benefits, combined with Allentown's downtown revitalization & LIMITED HEIGHT RESTRICTION, this is an optimal site for a hotel, apartment building, corporate center, restaurant, or venue space. This property is also perfect to be rented as an Airbnb as there is not enough overnight supply in the area. Airbnb numbers could be between $300/$500 per unit during PPL event nights (Based on Comps). OWNER is willing to sell the pawn shop license/business. Sold "AS IS."
© 2022 Greater Lehigh Valley REALTORS® All Rights Reserved. Based on information from the Greater Lehigh Valley REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Smart Way America Realty. Data last updated 2022-01-20T12:12:57.147.