Allentown, PA
Property Type: MultifamilySize: 32 Units
Price: $6,400,000
CAP: 4.84%
Highlights:
- Historic Factory Building Converted to Luxury Apartments by Current Owner
- Large One-Bedroom Loft-Style Units
- Units Feature High-End Finishes with Vintage Details, Stainless Steel Appliances, & Hardwood Flooring
- Substantial Value-Add Opportunity - Entire First Floor Fitted out for Eight Additional Units
- Located in the Lehigh Valley - One of the Strongest Rental Markets in the State
Description:
Marcus & Millichap is pleased to present for sale the Rittersville Lofts - A 24-unit apartment building located in the Lehigh Valley in Allentown, PA. The current owner has transformed the building from an old factory into what it is today. The entire property is gated, and the off-street parking lot has more than a 2:1 parking ratio. The hallways and common areas are exceptionally well maintained and feature high end finishes along with a freight elevator. The building contains all one-bedroom units that have lofts with many having an extra half bathroom. The units feature stainless steel appliances, hardwood flooring throughout, very large windows, and ceiling fans. The apartments are above-average in size with all the units measuring over 1,000 square feet and many around 1,300 to 1,400 square feet. This combination of size and exquisite finishes allows for top of the market rents to be achieved.
There is a large value-add component to the property with the entire first floor remaining unfinished by current ownership. The first floor has been fitted out for eight units which are currently in shell condition but have all utilities mapped out. Current ownership has stated that one-bedroom flats are the best use for the to be completed apartments and are much less expensive to build. In addition, there is another building connected to the property that comes with the sale and could be used for a variety of different applications. As of now, it is a workshop to complete the remaining units but can be converted to office space or even additional apartments if the zoning is achieved.
The Lehigh Valley is becoming one of the strongest rental markets not only in Eastern Pennsylvania, but in the entire state. Allentown, along with the neighboring towns of Bethlehem and Easton, have seen high occupancy rates and strong rent growth over the past several years. The property is situated right in the heart of the Lehigh Valley and provides tenants easy access to the major thoroughfares as well as many nearby amenities.
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