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523-535 2nd Ave 18 Unit Apartment Building $4,500,000 ($250,000/Unit) 6.61% Cap Rate Bethlehem, PA 18018
Investment Highlights
- Positioned in a high-growth submarket with limited new supply and strong rental demand.
- Close proximity to major employers such as St. Luke’s University Health Network, Amazon, and Lehigh University.
- Spacious two-bedroom layouts with modernized interiors and multiple bath configurations.
- Located near Bethlehem’s historic downtown, offering dining, retail, and cultural amenities.
- Immediate access to major transportation routes, including I-78, I-476, Routes 33 and 378, and U.S. 22.
- Fully stabilized 18-unit multifamily community with 100% occupancy.
Executive Summary
523 2nd Avenue and 526 3rd Avenue present an exceptional opportunity to acquire an 18-unit multifamily community in the heart of Bethlehem, Pennsylvania. Located within the thriving Lehigh Valley, one of the fastest-growing regions in the Northeast, this property benefits from a strong economic base, major employment anchors, and a vibrant cultural environment. The community features spacious two-bedroom units with a mix of 1.5, 2, and 2.5 baths, many offering layouts approaching or exceeding 1,000 square feet. Modernized interiors, efficient floor plans, and stable occupancy underscore the property’s appeal to renters seeking comfort and functionality.
Currently 100% occupied, the property demonstrates strong in-place income and proven rent performance, with additional upside potential through loss-to-lease capture. Its strategic location provides immediate access to Interstates 78 and 476, Routes 33 and 378, and U.S. Highway 22, ensuring seamless connectivity to major employers such as St. Luke’s University Health Network, Lehigh Valley Health Network, Wind Creek Casino & Resort, Amazon, and Lehigh University. Proximity to Bethlehem’s historic downtown further enhances the property’s desirability, offering residents convenient access to dining, retail, and entertainment options.
With limited new multifamily supply in the region and consistent demand from working professionals and households, this stabilized core-plus asset offers durable long-term cash flows and strong appreciation potential. Investors will benefit from the property’s solid fundamentals, desirable unit mix, and the continued growth trajectory of the Lehigh Valley market.
Currently 100% occupied, the property demonstrates strong in-place income and proven rent performance, with additional upside potential through loss-to-lease capture. Its strategic location provides immediate access to Interstates 78 and 476, Routes 33 and 378, and U.S. Highway 22, ensuring seamless connectivity to major employers such as St. Luke’s University Health Network, Lehigh Valley Health Network, Wind Creek Casino & Resort, Amazon, and Lehigh University. Proximity to Bethlehem’s historic downtown further enhances the property’s desirability, offering residents convenient access to dining, retail, and entertainment options.
With limited new multifamily supply in the region and consistent demand from working professionals and households, this stabilized core-plus asset offers durable long-term cash flows and strong appreciation potential. Investors will benefit from the property’s solid fundamentals, desirable unit mix, and the continued growth trajectory of the Lehigh Valley market.
Property Facts
| Price | $4,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $250,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 6.61% | Building Size | 34,628 SF |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | Parking Ratio | 0.75/1,000 SF |
| Zoning | RT - General commercial zoning district for high-traffic areas that are intended for retail, office, and service uses | ||
| Price | $4,500,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 6.61% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 34,628 SF |
| No. Stories | 2 |
| Year Built | 1930 |
| Parking Ratio | 0.75/1,000 SF |
| Zoning | RT - General commercial zoning district for high-traffic areas that are intended for retail, office, and service uses |
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Very walkable
80/100
Fairly drivable
40/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 642748303909-1 | Improvements Assessment | $1,156,700 |
| Land Assessment | $144,000 | Total Assessment | $1,300,700 |
Property Taxes
Parcel Number
642748303909-1
Land Assessment
$144,000
Improvements Assessment
$1,156,700
Total Assessment
$1,300,700
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523-535 2nd Ave
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