404 MECHANIC | DEVELOPMENT OPPORTUNITY 404 3rd st 80 Unit Apartment Building $3,000,000 ($37,500/Unit) Bethlehem, PA 18015

GREA (Global Real Estate Advisors) exclusively offers to qualified investors the opportunity to acquire the fee-simple interest in a prime development site at 404 East Third Street in the South Side neighborhood of Bethlehem, Pennsylvania. The property allows for the “by-right” construction of 80 residential units complemented by 7,695 square feet of commercial space. Situated in a vibrant and strategically advantageous location, the site seamlessly integrates residential and retail components catering to Lehigh University students, professionals in the Lehigh Valley, and the broader community.
The 0.39-acre parcel is situated in one of South Side Bethlehem’s most desirable areas, offering exceptional access to academic, professional, and recreational amenities. Within an 8-minute walk to most of Lehigh University’s facilities, the property provides a convenient living experience for students. Additionally, the vibrant 3rd Street Corridor, with daily traffic counts exceeding 22,000 vehicles, ensures excellent visibility for the retail spaces while offering residents a wide range of dining, shopping, and entertainment options. The central location allows the flexibility to curate a tenant base, catering to students, professionals, or other demographics seeking premium housing in a thriving urban environment.
The project’s design leverages the site’s 10-foot elevation difference to create efficient and accessible spaces. Retail components are easily accessible from 3rd Street, while a private entrance on Mechanic Street ensures secure access for residents living on the upper floors. This separation between residential and commercial spaces enhances security and functionality, catering to both tenant types.
To maximize the site’s development potential, current ownership secured nine waivers from the City of Bethlehem’s Planning Commission. These waivers addressed setbacks, parking requirements, impervious surface ratios, and unit counts, enabling the project to achieve optimal density and functionality while meeting local regulations.
The 404 East Third Street Development Site presents a rare opportunity to invest in a highly desirable mixed-use project in South Side Bethlehem. Its prime location and thoughtful design cater to a broad tenant base allowing a new owner to tailor leasing strategies to maximize returns. By seamlessly blending historical inspiration with modern innovation, this development is poised to deliver strong returns while enhancing Bethlehem’s cultural and economic landscape.