For Sale
$535,000

29 2Nd StCatasauqua, PA 18032

10-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity in Catasauqua, Pennsylvania presents a 10-unit apartment building with significant value-add potential. The property, located at 29 2nd St, boasts 3,500 square feet on a 4,530 square foot lot and is zoned R2 - MDR. Currently generating over $65,000 in gross rental income and a Net Operating Income (NOI) of $39,406, the property offers a 7.37% cap rate with a pro-forma cap rate of 8.80% and a pro-forma NOI of $47,085. The building, constructed in 1870 and comprised of two buildings across three stories, includes a mix of unit types: four units feature private kitchens and bathrooms, while others share bathrooms. Three additional garage spaces generate supplemental rental income. The property also benefits from the recent installation of a new roof (within the last two years), mitigating significant capital expenditure concerns. Several units already utilize Ratio Utility Billing Systems (RUBS), presenting a clear path to increase revenue by implementing RUBS across remaining units and utilities. The asking price is $535,000, or $53,500 per unit. This property represents a compelling opportunity for investors seeking strong returns and value-add potential in a desirable location. The Halyard Group currently owns the property.

Highlights

  • 10-unit apartment building in Catasauqua, PA, offering significant value-add potential.
  • 3,500 sq ft building on a 4,530 sq ft lot, zoned R2 - MDR.
  • Currently generates over $65,000 gross annual income and $39,406 NOI, with a 7.37% cap rate.
  • Pro-forma cap rate of 8.80% and pro-forma NOI of $47,085.
  • Features a mix of unit types, including four units with private kitchens and baths, and three additional garage spaces.
  • New roof installed within the last two years.

Property Details for 29 2Nd St

Property type
Apartment buildings
Square Feet
3,500 SF
Class
B
Year Built
1870
Buildings
2
Stories
3
Units
10

Location Insight

City
Catasauqua
County
Lehigh
State
Pennsylvania
Latitude
40.650447519138
Longitude
-75.468026162135
29 2Nd St, Catasauqua, Pennsylvania

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29 2Nd St
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