Discover the potential of a lifetime in the heart of the bustling business district of Center City Allentown! This remarkable 8,500 sq. ft. mixed-use facility, strategically positioned at the corner of South 9th Street & Maple Street, offers unparalleled visibility and access to a city on the rise.
Situated on an entire corner of South 9th Street, just one block south of Hamilton Street, this property is immersed in the vibrant energy of Center City Allentown. Surrounded by iconic landmarks such as the Allentown Sports Arena Complex, the majestic Art Deco PPL tower, and the bustling Butz Corporate Center, this location is a prime epicenter of growth and development.
Across the street, you'll find The Nines at City Place, an upscale 5-story, 78-unit apartment building, and Walnut View, a newly constructed, five-story, 57-unit apartment building. Moreover, the former PPL Plaza is set to transform into 118 luxury apartments, showcasing the skyrocketing demand for housing in Center City Allentown, where two to three-bedroom apartments rent for $1,800-$2,000+ per month.
The 3865 square foot commercial space is in a phenomenal location with enormous visibility and potential due to the massive amount of daily foot and vehicle traffic directly in front of this property via one of the city's largest parking facilities directly across the street and the 8th street bridge is only two blocks away. Any business enterprise at this location will benefit tremendously from the vast amount of commerce that is generated by the proximity to Allentown Sports Arena Complex, the established and growing business district, and the large number of apartment facilities in the area.
This South 9th Street property consists of:
- 3865 square feet ground floor commercial facility with two basements
- Above the commercial space are two apartments:
- A 3-bedroom apartment in the front of approximately 1200 square feet, with separate hot water and electric
- 2-bedroom apartment in the rear - approximately 1150 square feet with separate hot water and electric
- There are existing architectural plans and City permits/approvals (which merely need to be renewed and updated) for a 3rd, approximately 1000 square foot 2-bedroom apartment on the 2nd-floor front of the facility, which already has an electric service panel.
- There's a facility on the ground floor, underneath the 2-bedroom apt in the rear with its own separate basement and entrance that can be converted into a one-bedroom apartment with minor alterations to the building and existing architectural plans.
- Projected yearly rent with updating existing units and adding two additional units is $86,400.00.
- The rent for the commercial space has limitless possibilities with the right operator in place.
EXPENSES
City of Allentown Taxes = $2450.00
County Taxes = $ 844.00
School taxes = $4609.00
Water = $ 678.00
Electric = $ 658.00
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TOTAL EXPENSES = $ 9239.00
Numerous improvements have already been made, including the construction of two apartments, roof replacements, plumbing and electrical upgrades, and miscellaneous repairs. Plans are in place to renovate the building exteriors, update the facade, and complete two additional units, making this property truly shine.
This property's prime ground-floor commercial space, zoned for a restaurant, boasts approximately 3,865+ sq. ft. It's poised for success with its central location, making it an ideal spot for various businesses. The commercial facility would be excellent for a buffet-style Restaurant, Sports Bar, New York Style Deli, Mini-Market, Grocery Store, and the like. Other area improvements and developments include:
- Since 2012, City Center Investment Corp. has spent nearly $400 million to build four office buildings, more than 300 apartments, dozens of shops, and the Renaissance Hotel. The company projected spending to total $1 billion by 2022.
- The six-story 615 Waterfront Drive includes five stories of Class A office space with first-floor retail and restaurant suites.
- Riverfront Lofts at 207 North Front Street. Consists of 25 residential dwelling units on the upper two floors, several offices of about 10,500 square feet, and other commercial uses.
- The Hive Residences a 240,000-square-foot, four-story, 258-unit residential development in two buildings at 7th and Linden Streets.
- The Da Vinci Science Center. A new science center and STEAM education facility at 18 N. 8th Street in the city, consisting of 67,000 square feet, including 30,000 square feet of exhibition space and a 9,800 STEAM learning center.
- A six-story, 107-unit apartment building at 932 Hamilton Street called The Gallery at Cityplace. The project includes nearly 114,000 square feet of space, including an ultra-large rooftop deck for outdoor gatherings, co-working areas, and first-floor retail space.
- A 1,400-capacity concert hall as part of Five City Center. Under the plans, the hall opens onto a new city park, allowing another 1,100 people to attend a concert in warm weather.
- 1010 Apartments is a four-story walkup building located on 1010 Hamilton Street with 125 units and a mixture of studio, one-bedroom, and two-bedroom apartments.
- 2022 saw the opening of a People First solutions center, AblePay Health's new office, Maple Street Parking Deck, the Downtown Allentown Market, Ciao Sandwich Shoppe, Khanisa's Pudding Bar, and The Loaded Plantain.
This is truly a once-in-a-lifetime investment opportunity! There are no other properties with these qualities and characteristics available on the market within a 4-5 block radius of the Hamilton Street Complex Sports Arena in this price range. The possibilities for this property are endless!
The time to invest in downtown Allentown is now. Don't miss this once-in-a-lifetime chance to own an entire corner of South 9th Street. The possibilities are endless, and the value of this property is poised to soar beyond the million-dollar mark. Get in on the ground floor of this thriving community today!
