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502 Ontario St 8 Unit Apartment Building Offered at $1,500,000 at a 6.70% Cap Rate Bethlehem, PA 18015
Executive Summary
Investment Opportunity with immediate income and could be turn key depending on your needs. 2 buildings and a large lot give this property a few possibilities. Very little to do in the 6 unit building with most units having recent updates and are below market value on month to month leases. The 2 unit building is currently owner occupied and has been slightly modified for easy access between the units but could be returned to its original state, substantially raising income. The 6 unit building has 3-2bed/1bath and 3-1bed/1bath units. The 2 unit building has many updates on the first floor and is currently a 3 bed/2bath but returning to its original state will give you a 2bed/1bath and 1bed/1bath. With 8 rentable units at market value, NOI at full occupancy could be in excess of $100k giving you a projected 7% CAP rate. The large lot has plenty of parking and open space for tenant activities. Convenient location for tenants to St Lukes, Steel Stacks, public transportation, eateries and major travel routes. This property will give that portfolio the boost you have been looking for!
Financial Summary (Pro Forma - 2027) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$124,800
|
$26.27
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$6,240
|
$1.31
|
| Effective Gross Income |
$118,560
|
$24.96
|
| Taxes |
$6,400
|
$1.35
|
| Operating Expenses |
$11,170
|
$2.35
|
| Total Expenses |
$17,570
|
$3.70
|
| Net Operating Income |
$100,990
|
$21.26
|
Financial Summary (Pro Forma - 2027)
| Gross Rental Income | |
|---|---|
| Annual | $124,800 |
| Annual Per SF | $26.27 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $6,240 |
| Annual Per SF | $1.31 |
| Effective Gross Income | |
|---|---|
| Annual | $118,560 |
| Annual Per SF | $24.96 |
| Taxes | |
|---|---|
| Annual | $6,400 |
| Annual Per SF | $1.35 |
| Operating Expenses | |
|---|---|
| Annual | $11,170 |
| Annual Per SF | $2.35 |
| Total Expenses | |
|---|---|
| Annual | $17,570 |
| Annual Per SF | $3.70 |
| Net Operating Income | |
|---|---|
| Annual | $100,990 |
| Annual Per SF | $21.26 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,150 | - |
| 2+1 | 4 | $1,150 | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Limited public transit
30/100
Moderately bikeable
60/100
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502 Ontario St
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