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Location:


Allentown, PA

Property Type: Multifamily
Size: 68 Units
Price: $8,500,000
CAP: 4.88%

Highlights:

  • 68-Unit, 3-Property Portfolio Located in Allentown, Lehigh County, Pennsylvania
  • Attractive Site in the Lehigh Valley
  • Well-Maintained Portfolio with Recent Capital Improvements
  • Excellent Unit Mix and Tenant-Paid Utilities
  • Significant Rental Upside due to Strength of Submarket

Description:

THE OPPORTUNITY
Marcus & Millichap is pleased to present the opportunity to purchase the Longview Apartments - A 68-unit, 3-property portfolio located in Allentown, Lehigh County, Pennsylvania. All three properties are located within a half-mile of each other. The portfolio is being offered at a list price of $8,500,000.

THE PROPERTIES
• 807-827 East Turner St - 32 Units Built in 1968
• 801-809 North Halstead St - 20 Units Built in 1978
• 949-969 East Linden St - 16 Units Built in 1975

ATTRACTIVE SITE IN THE LEHIGH VALLEY
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 Lehigh Valley is the third most populated Metropolitan Area in Pennsylvania. The area’s proximity to Philadelphia and New York draws high investor demand.

WELL-MAINTAINED PORTFOLIO
The current owner has kept the properties in great condition, thanks to the keen attention to detail shown over the seven years of their ownership. In the past few years, ownership has completed a variety of capital improvements:
• Select Parking Lots, Sidewalks, and Steps Redone
• New Landscaping Installed
• Washing Machines Updated
• New Property Signage
• Kitchens and Floors Renovated in Select Units

EXCELLENT UNIT MIX & TENANT-PAID UTILITIES
The Longview Apartments features a wide variety of units, from studios to three-bedroom residences. More than 67% of the units at the properties are two- and three-bedrooms. Tenants are responsible for electric, which includes baseboard heat.

SIGNIFICANT RENTAL UPSIDE
Comparable properties in the submarket have experienced significant rental growth throughout the last few years. An incoming investor has the opportunity to renovate the units, and capture the rental upside that is estimated to be more than 10% greater than current rents.

CLICK HERE TO VIEW THE OFFERING MEMORANDUM


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