The subject property, formally known as: Abbe Hall - Assisted Living Facility, is a well located, recently vacated, Assisted Senior Living facility situated within close proximity to thriving Business center, highway corridors, and hospital and is poised to take advantage of the projected forecast. Data indicates that the population for the 50+ age category is expected to increase at an annual rate of approximately 1.0 percent, which is greater than the ±0.5 percent overall population growth expected for the market area. Additionally, it is noted that the percent of households aged 55 years and older has been steadily increasing since 2010 and currently represents approximately 46.5 percent of the households within the market area.
Data indicates that income levels for those aged 55 years and older in the defined market area is projected to increase by an annual rate of 2.2% over the next five years. Strong demographics and the added bonus of being located in a Qualified Opportunity Zone, make this an attractive investment for an investor looking to capitalize on the tax benefits and strong growth of this area.
Found in the heart of Bethlehem's Business District, the property was originally constructed in 1940 and 1920 and renovated for its current use circa 2007 and 2014. Building 111-113 West 4th Street was originally built in 1940 and renovated and converted into an assisted living facility in 2007. Until recently, this portion of the subject property was the only part that was licensed to operate as a personal care facility, with a license for 56 beds.
Building 109 West 4th Street was originally built in 1920 and was reportedly originally utilized as a single-family residence. This 6,312 square foot building was reportedly recently (circa late 2014) renovated to serve as an extension of the then existing assisted living facility at 111-113 West 4th Street. According to the Pennsylvania Department of Human Services, the subject property was licensed for an additional 24 beds in December 2016.
The property is located on the north side of West 4th Street, west of Vine Street and south of Rink Street, in Bethlehem City, Northampton County, Pennsylvania. The property is located in close proximity to State Route 378, and roughly three miles from the interchange of Interstate 78 and State Route 412 (Interchange 67), and, roughly only five miles south of US Route 22.
Overall, the subject is optimally located for senior housing use in Bethlehem, with close proximity to Lehigh University, St. Luke’s Hospital, and the Sands Casino and Resort.
